INDIANAPOLIS – Secretary of State Diego Morales wants Hoosier business owners to be aware of new federal reporting requirements going into effect over the next two years. Starting in January, new businesses registered in Indiana must report beneficial ownership information to the Federal government within 90 days of formation. Businesses registered in Indiana before January 2024 must report beneficial ownership to the Federal Government starting in 2025.
The Indiana Secretary of State’s Office has deployed a webpage with resources to guide businesses on complying with new requirements under the Federal Corporate Transparency Act (“CTA”).
Enacted by Congress in 2021 as part of the National Defense Authorization Act, the CTA includes reforms to anti-money laundering laws and is intended to help prevent and combat money laundering, terrorist financing, corruption, and tax fraud. The CTA establishes a beneficial ownership reporting requirement for corporations, limited liability companies, and similar entities formed or registered to do business in the United States. Beneficial ownership reports must be filed with the Financial Crimes Enforcement Network (FinCEN), a U.S. Department of Treasury bureau.
FinCEN has a comprehensive website, tools, and a call center to help businesses determine their filing requirements. Businesses registered in Indiana are advised to check with a corporation service company, accountant, CPA, or Attorney for individual guidance on the reporting requirements.
Federal lawmakers are currently discussing the implementation date and deadlines. The Indiana Secretary of State’s office will update Hoosier businesses.
