Small businesses with 20 employees or fewer are now required to file a beneficial ownership information report with the U.S. Treasury Department. The Jan. 1, 2025 deadline is currently voluntary due to pending litigation.
Reporting started last New Year’s Day but two lawsuits out of Texas and Alabama put enforcement of the 2025 deadline to file on hold, temporarily.
Some business advisors have told their clients that they will need to submit the information and have done some education on the program, but that’s as far as they go…