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Business Owners Get Direction for FinCEN Reporting
In an effort to help with reporting, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide. This guide will assist the small business community in complying with the beneficial ownership information (BOI) reporting rule. Starting in 2024, many entities created in or registered to do business in the United States will be required to report information about their beneficial owners to FinCEN. These are the individuals who ultimately own or control a company. The FinCEN reporting Guide is intended to help businesses determine if they are required to report their beneficial ownership information to FinCEN.
FinCEN created this guide to help simplify the reporting process. The guide will educate the public about important new requirements. It is a critical step towards implementing the Corporate Transparency Act.
The Guide is now available on FinCEN’s beneficial ownership information reporting webpage. It is designed to describe each of the BOI reporting rule’s provisions in simple, easy-to-read language. Additionally, it will answer key questions and provides interactive checklists, infographics, and other tools to assist businesses in complying with the BOI reporting rule.
The requirements become effective on January 1, 2024. Companies will be able to begin reporting beneficial ownership information to FinCEN at that time. Business owners should contact FinCEN with questions about the BOI reporting requirements at this webpage.