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
Economics
May 23, 2025
Volatile Spring Selling Season ContinuesSales of newly built, single-family homes in April increased 10.9% to a 743,000 seasonally adjusted annual rate from a downwardly revised March number, according to newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales in April was up 3.3% compared to a year earlier.
Material Costs
May 22, 2025
NAHB Members Cite Impact of Tariff Uncertainty on Home BuildingTariff uncertainty from the Trump administration continues to impact home builders across the country, as builders prepare for potential price hikes and supply chain issues. NAHB members have been sharing the impact that these tariffs are having with media outlets across the United States.
Latest Economic News
Economics
May 22, 2025
Existing Home Sales Fall in AprilDespite the brief retreat in mortgage rates and increased supply, existing home sales dropped to 7-month low in April, according to the National Association of Realtors (NAR). This unexpected decline suggests buyers’ activity continues to be constrained by economic uncertainty and ongoing affordability challenges even with improved market conditions.
Economics
May 22, 2025
Income Growth Helps Mute Existing Affordability ConstraintsDespite solid income gains and lower home prices, Americans still continue to face major housing affordability challenges, according to the latest data from the National Association of Home Builders (NAHB)/Wells Fargo Cost of Housing Index (CHI).
Economics
May 21, 2025
Gains for Multifamily Missing Middle over Last YearThe missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties.