New Corp – English

% of ownership, name and address for each one.
This rule will go into effect on January 1, 2024. This new rule will require business owners with 25 percent or more ownership in a company to provide personal identifiable information to FinCEN, which is a bureau within the U.S. Treasury Department. As per FINCEN, "FinCEN will not be accepting any beneficial ownership information before January 1, 2024. Information on how to submit beneficial ownership information to FinCEN will be forthcoming." o
If S Corp, Please be advised that shareholders of S Corps are required to be on a W-2 “reasonable salary” per IRS regulations. We especially recommend this for those who want to contribute to a retirement plan. We recommend using ADP to handle your payroll because they will handle all quarterly and annual payroll tax filings for you and take on the liability if they make any mistakes (which they rarely do). Please let us know if you’d like ADP to provide you with a quote to handle. If S Corp or C Corp, you should file a tax return annually even if there was no activity during the year.
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