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New Federal Reporting Requirements for Business Entities

by | Feb 5, 2024 | Firm News |

In 2021, Congress enacted the Corporate Transparency Act. This law creates a beneficial ownership information reporting requirement to combat money laundering, tax evasion, and other illicit financial activities. Failure to comply with the reporting requirements carries the potential of civil and criminal penalties.

Effective January 1, 2024, certain corporations, limited liability companies, limited partnerships, and similar entities must disclose certain information for each beneficial owner, member, or partner. Typically, beneficial ownership means owning at least 25% or otherwise exercising significant control over the entity.  An updated report will need to be filed with each change in beneficial ownership. Some exemptions to registration exist, but they are very limited in scope. Electronic reporting can be completed at: The type of information that needs to be reported will depend, in part, on when the entity was created. The information being reported can be corrected within 30 calendar days after the entity becomes aware or has reason to know of the need for correction. In general, you will need the following information to complete the report:

Full Legal Name Full Legal Name Full Legal Name
Address Date of Birth Date of Birth
Jurisdiction Address Address
Tax Identification Number Government Issued Photo ID Government Issued Photo ID


According to the Treasury Department, reported information will be stored in a secure, non-public database using rigorous information security methods and controls typically used by the Federal government to protect non-classified yet sensitive information systems.

Our team at Ohnstad Twichell, P.C. is prepared and ready to assist with the completion of this new reporting requirement. If you would like our team to prepare and report the required information on your behalf or if you have any questions or concerns, please contact our office at (701) 282–3249 and ask to speak with either Samantha Shulda, Amy White, or Gayle Henderson.