As Jan. 1 Deadline Nears for Beneficial Ownership Information Reporting, Beware of Scams
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:
Latest from NAHBNow
Apr 22, 2025
Region-Responsive Design: Cost-Effective Solutions for Resilience and ComfortFrom 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.
Apr 21, 2025
NY Builders Provide Legislative Solutions to Support First-Time BuyersLeaders 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.
Latest Economic News
Apr 22, 2025
The Power of Women in the WorkforceOver 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.
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.
Apr 18, 2025
State-Level Employment Situation: March 2025Nonfarm 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.