If you own or operate a for profit corporation, LLC, limited partnership or “any business entity that requires registration or creation by filing a form with any governmental entity, you need to go and file at https://boiefiling.fincen.gov  There are 23 categories of exemptions, general partnerships and trusts do not need to register.  Tax-exempt nonprofits are exempt from reporting ONLY if they have  a 501(c)(something) status and accounting firms.  This law applies to law firms, real estate brokers, restaurant owners, contractors, property managers, and any other type of company except those who are “inactive”.  The “inactive” category is going to be the interesting one to see how the law is enforced and what you need to show it is inactive.

Don’t fight it, just go to https://www.fincen.gov/boi and fill out the information requested or you may incur penalties of $500 per day plus $10,000 and two years in jail if not done within 90 days of forming a new entity after January 1, 2024 or will be penalized for companies formed before January 1, 2024 if not registered by January 1, 2025.