I have prepared a YouTube video that explains the new reporting requirements for “beneficial ownership” of all state registered entities.

We are preparing a step-by-step YouTube video on filling out the reporting online. The reporting process is actually really simple, but there are a couple of questions that can’t seem to be answered.

1. What needs to be reported if a living revocable trust owns the stock in the company or the membership interests in the LLC?

2. What needs to be reported if an IRA owns the interests?

You do not have to report for living revocable trusts, land trusts, insurance trusts, or irrevocable trusts in general, because they are not entities that are registered with a state.

You have all year to report entities that were in existence prior to January 1, 2024. You have 90 days to report entities that are created in 2024.

This is a big deal and the penalties are huge if you don’t comply.

I suggest that you wait a little longer for entity reporting on preexisting entities and let’s see how they address the trust and IRA issues. I have an idea what they will do, but they haven’t published that yet.

We will do two videos. Reporting for preexisting entities is a little different than reporting for new entities, so we will do one for each.

Watch for our email announcing the new videos.

Thanks,