NEW: Beneficial Ownership Information required by Jan. 13

**UPDATE**
Dec. 23, 2024

The U.S. Court of Appeals for the Fifth Circuit reinstated beneficial ownership reporting requirements. The new deadline for small businesses to submit their report is Jan. 13, 2025. Failure to comply could result in fines and criminal penalties.

The U.S. Chamber of Commerce has more information including how to file a report.

**UPDATE**
Dec. 5, 2024

A federal court issued a preliminary injunction blocking the implementation of the Corporate Transparency Act. We will share more information with members as it becomes available.

Visit the U.S. Treasury Department’s Beneficial Ownership Information website for the latest updates.

Original story published Nov. 20, 2024

New rules under the Corporate Transparency Act require most small businesses to file a Beneficial Ownership Information report to the U.S. Treasury Department by January 1, 2025.

According to the U.S. Chamber of Commerce, a beneficial owner is any individual who owns or controls at least 25% of an organization, or directly or indirectly exercises substantial control in any of the following roles:

They serve as a senior officer, such as a president, CEO, or general counsel.
They have the authority to appoint or remove senior officers, board members, or other similar roles.
They make important decisions concerning the company’s business, finances, and/or structure.

Failure to comply with the reporting requirements could put business owners at risk of civil penalties and imprisonment.

We have compiled a list of helpful resources that contain additional information and reporting guidance below.

And don’t forget, members of the Washington Hospitality Association are entitled to one complimentary 30-minute consultation with each of our Advisory Network experts each year. At an average cost of $200 per hour, that is a $2,000 value. Reach out to your territory manager if you’d like to connect with one of our Advisory Network experts. Members can also search our Buyer’s Guide allied member directory to connect with a CPA to receive assistance with filing requirements.