It takes about five minutes, and the penalties for not complying are stiff.

Earlier this year, I wrote about a new requirement for business owners in the United States.

Nearly all businesses (other than sole proprietorships not filed with a Secretary of State) must file a Beneficial Ownership statement with the U.S. Financial Crimes Enforcement Network (FinCEN). Businesses created before this year must file the statement by January 1, 2025. (Newly-organized businesses must file sooner.)

When I wrote that story, I decided to hold off because there was a chance the implementation would be delayed.

Fast forward to December, and the deadline is quickly approaching. Penalties for not filing include fines of up to $10,000 plus up to two years in prison.

I filed my reports yesterday, and it was very easy. For each company, you provide basic location information and upload an image of your photo ID.

Many companies are offering to help you with this process for anywhere from $50 to hundreds of dollars. This is a waste of money; for most businesses, you can just use the official site for free. It takes about five minutes.

Add it to your to-do list for this month.