On Monday, September 18, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) released their Small Entity Compliance Guide for BOI reporting. This document is meant to help small businesses comply with the new beneficial ownership information (BOI) reporting rule, resulting from the Corporate Transparency Act.
More information via FinCEN’s news release can be found here.
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 Guide is meant to help entities and their owners determine if they are required to report their beneficial ownership information to FinCEN.
Here is some information that the Guide includes:
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.