On January 1, 2024, new federal reporting requirements took effect that affect most U.S. business entities. This new rule is promulgated by the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) with the purpose of fighting criminal activity, including terrorism and human trafficking. Entities created after January 1, 2024, will make their first report within 90 days of their registration. Entities created after January 1, 2025, will make their first report within 30 days of their registration.

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