You Better Watch Out: 2024 to introduce new federal reporting requirement for most US businesses, with penalties of up to $10,000 and 2 years in prison

Attention business owners! A significant regulatory change is on the horizon, and it’s one you can’t afford to ignore. Starting January 1, 2024, nearly all businesses operating in the United States will be required to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN). What is Beneficial Ownership? Simply put, …