As Jan. 1 Deadline Nears for Beneficial Ownership Information Reporting, Beware of Scams

Regulations
Published
Contact: Becky Froass
[email protected]
Senior Director, Financial Institutions & Capital Markets
(202) 266-8529

A Jan. 1, 2025, reporting requirement deadline under the Corporate Transparency Act that could affect many NAHB members is rapidly approaching. If you create or have created a corporation, limited liability company (LLC) or other similar entity by filing a document with a Secretary of State or similar office, you may be required to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN.)

You are subject to this beneficial ownership reporting if your company has 20 or fewer employees and did not file a federal income tax return reflecting more than $5 million in gross sales or receipts in the previous year.   

If you have not already done so, NAHB strongly recommends you determine whether your company is required to file a beneficial owner report. If you are required to file a report, we encourage you to begin collecting the information needed to make the submission.

There is no fee to file beneficial ownership information directly with FinCEN.

Reporting companies created before Jan. 1, 2024, must file their initial beneficial owner report no later than Dec. 31, 2024. If your company was created between Jan. 1, 2024, and Dec. 31, 2024, your initial report is due within 90 calendar days of the date the entity is formed. Companies created on or after Jan. 1, 2025, will have 30 calendar days from their formation to file their reports.

Scam Alerts

Please be aware that FinCEN has issued alerts warning individuals and businesses about fraud scams targeting entities that may be subject to the beneficial ownership information reporting requirements.

Red flags include a request for a fee for filing beneficial ownership information, receipt of an email or letter asking you to click on a URL or to scan a QR code, receipt of correspondence that references a Form 4022 or Form 5102 (FinCEN has no such forms), or receipt of correspondence that references the U.S. Business Regulations Dept. (There is no such U.S. government entity.)

You can find additional guidance and materials at fincen.gov/boi, or search for beneficial ownership information on nahb.org.

For more information on the fraud alerts, click these links:

Subscribe to NAHBNow

Log in or create account to subscribe to notifications of new posts.

Log in to subscribe

Latest from NAHBNow

Sustainability and Green Building

Apr 22, 2025

Region-Responsive Design: Cost-Effective Solutions for Resilience and Comfort

From wildfires to tornadoes, hurricanes, increasingly heavy rains, heat and drought, there is greater pressure for homes to become more resilient and responsive to their climatic setting. Homes that can meet that challenge will have lower operating and ownership costs, which will lead to greater value.

Advocacy

Apr 21, 2025

NY Builders Provide Legislative Solutions to Support First-Time Buyers

Leaders from the New York State Builders Association participated in a high-profile panel discussion addressing the challenges that hinder access to homeownership in the state, especially for first-time buyers and the minority community.

View all

Latest Economic News

Economics

Apr 22, 2025

The Power of Women in the Workforce

Over the past 125 years, women have played a crucial and multifaceted role in the labor force. Increasing women’s participation in the workforce is not only essential for individual and family well-being, but also contributes significantly to overall labor force participation rates and economic growth by adding more workers and enhancing overall productivity.

Economics

Apr 21, 2025

Who Influences the Purchasing of Building Products?

In a previous post, NAHB analyzed where builders and remodelers purchased products, regardless of who ultimately purchases them (themselves or subcontractors). In this post, the question shifts to who is most often responsible for the choice of particular products.

Economics

Apr 18, 2025

State-Level Employment Situation: March 2025

Nonfarm payroll employment increased in 37 states and the District of Columbia in March compared to the previous month, while it decreased in 12 states. Wyoming reported no change during this time. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 228,000 in March following a gain of 117,000 jobs in February.