Entity Ownership Treasury Reporting – Will It Get Repealed?

As a reminder, business entities (S-corporation, Corporation, LLCs which include single member LLCs) have a new US Treasury requirement to report owners that was effective January 1. It’s a one-time filing unless ownership changes.

See the blog post for more info

https://www.richardponcpa.com/news/hb6g8dr55xft7r9cyjdtzgmfgxfhfa

In March, a district court ruled the new law unconstitutional to the members of the National Small Business Association. [National Small Business United et al v. Yellen et al, No. 5:2022cv01448 - Document 51 (N.D. Ala. 2024)]

The ruling only impacts the association and its members.

The US Treasury has already filed an appeal to this ruling.

So unless the law is revoked, keep in mind the deadline to file is January 1, 2025 (for old businesses). It’s 90 days for a new business formed in 2024.