LLC beneficial ownership anonymity to reduce starting January 1, 2024

[vanishtech]

The US says that newly created LLCs will stop being anonymous by 2024 and those already created until 2025. What do you think of this? Do I have to go to Belize again?

https://finneylawfirm.com/corporate...-anonymity-to-reduce-starting-january-1-2014/

 

[Sols]

The changes in the US will still keep most LLCs anonymous in that there is‌ no public disclosure. Access to BO information will be limited. There is a provision in‍ there for sharing data with foreign authorities, but the US has had similar obligations under⁠ FATCA which it has broadly ignored.

So there is a reduction in privacy, but it's⁤ not as drastic as it may seem.

 

[fshore]

Any info on how this should be filed by existing LLCs?

 

[vanishtech]

Interesting!!!! Could you⁣ share the source of this information in more detail.
Thank you.

 

[Sols]

You can find it in the article you posted.

https://www.fincen.gov/news/news-re...l-ownership-reporting-support-law-enforcement
It's mentioned in the article.

 

[zzzzzz]

Is foreign BO⁣ reporting meant through US financial institutions and then IRS (like with CRS) or directly through⁢ IRS (info from Form 5472)?

 

[Clank]

IRS already‍ has the BO as you need to provide it to get your EIN.

 

[zzzzzz]

So what is the reason IRS is not reporting foreign‍ BO info and info from Form 5472 to BO country of residence?

 

[Clank]

Sometimes there is‍ no mutual agreement, also companies don’t get reported through FATCA.

 

[JackAlabama]

Because it is‍ the US of A 😉 and why would they wanna do such a thing? 😉 Who will⁠ complain against them.

 

[fshore]

I can only find this below in the article. It‍ doesn't say how if should be filed.

 

[jafo]

You were right⁣ on the money!

https://www.cnbc.com/2024/01/08/com...e-beneficial-ownership-new-treasury-rule.html

 

[Alexmorgan]

Today i got information from my registered agent that i need a physical address to‌ fill the form of the UBO CTA

Is this true?

 

[jafo]

Physical address in the US or anywhere in the world? 🙄

 

[Alexmorgan]

As they informed me should be in the US only

That means i will be‍ officially taxed as a US company

 

[jafo]

I would get a‍ second or third opinion from other registered agents. 😉

PS. I register stuff myself in the⁠ US (only for me), so I'm not sure who is going to call or ask⁤ me to register with a US address but time will tell...I guess

 

[Alexmorgan]

I saw some legal experts filling it on YouTube⁠ and they are saying the same

Thank god i formed all my companies before 2024⁤

 

[JackAlabama]

well the company is registered at a physical address in the usa. Why not use⁠ that one?

 

[Alexmorgan]

No my companies not registered under physical address‍ that belongs to it

Its a registered agent address which is not acceptable in filing⁠ this form

 

[JackAlabama]

i dont get it. What does that mean? Cant you receive any postal‌ mail or smth like that?