Starting in 2024, new federal reporting requirements will be implemented for individuals who own 25% or more of a small entity, run a small business, or have substantial control over any company. These individuals will need to register in a federal database, which will require personal information, such as name, date of birth, residential address, ID number, and a photograph of the document. Existing companies as of January 1, 2024, will need to register by the end of that year, and new companies will need to register within 30 days of creation.