As a business owner, there is a very important reporting requirement you do not want to miss. In 2024, it has become mandatory for businesses to register beneficial ownership information with FinCEN. Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company. FinCEN, a department of the US Treasury, began accepting registrations for existing businesses on January 1, 2024. Existing businesses covered by the rule have until January 1, 2025 to complete registration of their beneficial ownership information report. From January 1, 2024 to January 1, 2025, newly-formed businesses will have 90 days after registration with the SD Secretary of State to register with the federal government at fincen.gov. After January 1, 2025, newly-formed businesses will only have 30 days to register beneficial ownership information. Your business will be subject to severe daily penalties for non-registration.
