If you own more than 25% of a corporation, limited liability company, or limited partnership, or if you exercise substantial control over one, you will be required to report certain personal information to the Financial Crimes Enforcement Network, a bureau of the United States Department of the Treasury, effective in 2024.
This is not a rule that will affect only large companies. In fact, it probably won't affect publicly traded companies. It will, however, affect every privately held corporation and LLC that has at least one 25% owner.
Get the basics on this far-reaching new requirement in my latest Tax Law Special Report, posted at the web site of my firm, DeConcini McDonald.
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The contents of this blog, this web site, and any writings by me that are linked here, are all my personal commentary. None of it is intended to be legal advice for your situation.