Small Businesses

WWWOK Secretary of State Web site

WWWOK Department of Commerce

WWWWomen Owned Business Certification

WWWTulsa County Assessor’s Office

WWWQuickBooks Homepage

WWW Beneficial Ownership Information Report (FinCen)

Beneficial Ownership Information Reporting

There is a new federal reporting requirement for incorporated businesses and certain state registered entities that goes into effect January 1, 2024.

This new report, the Business Ownership Report, to be filed with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), and is part of the Federal government’s attempt to crack down on non-reporting and other financial crimes.

While the form requirements and instructions are not yet complete, the failure to file these forms timely will result in MASSIVE fines, so I wanted you to be aware that it exists.

This reporting requirement includes all corporations, all entities registered with the state, such as LLCs and other certain entities. Entities which are not actively engaged in business, such as LLCs formed to hold a lease or property, or LLCs s that have been formed but are not yet doing business are not excluded from this requirement.

For entities existing as of 12/31/2023, the reports have to be filed by January 1, 2025, so there is plenty of time to gather the information and complete the forms, but for new businesses formed in 2024, the reports are due within 90 days of formation, whether or not any business is being done. The reporting requirement drops to 30 days for businesses formed after 2024.

A potential pitfall in all of this is that I may not be able to complete this form for you because there is currently a position taken by several State CPA Societies and professional liability carriers that this form may constitute “practicing law” which I am not licensed to do.

The American Institute of CPAs has requested clarification and prompt rule-making, but nothing has been published as of yet. I will keep you informed of the developments as they arise and will certainly assist you to the extent that I am able.