Beneficial Owner Reporting Due Jan 1

The January 1 due date for beneficial owner reporting is fast approaching.

The Corporate Transparency Act requires many business entities to report information about their beneficial owners in a brand-new government database. Search our tax news archive for “beneficial owner” to see our numerous earlier posts on this topic.

Registration reports for entities that existed prior to January 1, 2024, are due by January 1, 2025. For entities that were created on or after January 1, 2024, the due date is much sooner, as discussed in our post on December 5, 2023.

Practitioners need to make sure that affected clients are aware of the due date. If they are assisting clients with meeting this filing requirement, they need to make sure that the reporting is done by January 1. Substantial penalties (both civil and criminal) can apply to those who do not comply with the requirements of this law.

The Tax Year 2023 M+O=CPE Individual Tax Year-End Workshop Reference Book has a detailed discussion of the registration requirement on pages 60 to 67.

Are you registered for one of our upcoming seminars in December and January? If you are not already registered, register here so you’ll be fully prepared!