There are new filing requirements under the Corporate Transparency Act mandating that LLCs and other entities (corporations or LPs) and their beneficial owners register with FinCEN, the federal agency charged with investigating and reducing financial crimes. If your existing LLCs, “C” or “S” corporations or LPs do not qualify for an exemption, then you must file a report with FinCEN by January 1, 2025. Companies must prepare and file their own reports directly online with FinCEN. However, law firms may provide advice and analysis on the CTA and its reporting requirements and exemptions. Applicable exemptions for automotive group entities will include the “large operating company”, “securities reporting issuer” and “subsidiary” exemptions. An entity-by-entity analysis is required to verify eligibility for any exemption.
There is also more information on the FinCEN website: Beneficial Ownership Information Reporting | FinCEN.gov