Reporting Requirements and Deadlines for Corporations and LLCs

The Corporate Transparency Act (CTA) has new federal reporting requirements that affects most small businesses. Starting January 1, 2024, small businesses will have to report information about their beneficial owners, the individuals who own or control the business, to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury.

Does your company need to report?

Reporting companies include corporations, limited liability companies (LLCs), or other entities created or registered by filing a document with a secretary of state or similar state office.

Those exempt from reporting are twenty-three types of entities, including publicly traded companies and nonprofits, and certain large operating companies with more than 20 full-time employees, more than $5 million in annual gross receipts or sales, and a physical operating presence in the United States.

When does my company need to report?

• An existing company created before January 1, 2024, will need to report by January 1, 2025.
• A new company created during 2024 has 90 days after the creation of the entity.
• A new company created after 2024 has 30 days after the creation of the entity.

If you have any questions about whether or not you need to report, give our office a call at (605) 275-5665.