The Financial Crimes Enforcement Network (FinCEN) issued additional guidance materials today, all to support the new Beneficial Ownership Information (BOI) reporting requirements as a result of the Corporate Transparency Act. FinCEN has also updated its FAQs on the matter, to include new questions about:
Starting in 2024, a majority of LLCs and small corporations operating in United States will be required to report information about their beneficial owners—the individuals who ultimately own or control a company. The requirements become effective on January 1, 2024, and companies will be able to begin reporting beneficial ownership information to FinCEN at that time.
Rather than monitor FinCEN’s website for updates and manually file the report, taking on the risk of penalties for missed deadlines and incorrect filing, small business owners can get started with FileForms today.