Advocacy News – Nov. 25, 2024
What’s new: By January 1, 2025, U.S. small businesses need to file beneficial ownership information reports (BOIR) with the Federal Department of Treasury. The new requirement is the result of the sweeping new Corporate Transparency Act, a law that went into effect earlier this January, to combat illicit activity, including tax fraud, money laundering and terrorism financing by capturing more ownership information for specific U.S. businesses.
What’s required: Businesses must provide their legal name and trademarks, their current U.S. address, their taxpayer identification number and the jurisdiction where they were formed or registered.
For help: The U.S. Chamber of Commerce, although hoping to delay implementation, has created a free step-by-step guide to help businesses complete the reports. View the guide for compliance tools and more information.