FinCEN Small Business Beneficial Ownership Information Reporting Compliance Guide

FinCEN Publishes Small Business Beneficial Ownership Information Reporting Compliance Guide: The Financial Crimes Enforcement Network (FinCEN) has published a Small Entity Compliance Guide to help small businesses satisfy the new beneficial ownership information (BOI) reporting rules.

The Corporate Transparency Act (CTA) established uniform BOI reporting requirements for certain corporations, limited liability companies, and other similar entities created, or registered to do business, in the U.S. FinCEN issued final regulations implementing the CTA’s BOI reporting requirements in September 2022, which go into effect on 1/1/24.

The new Small Entity Compliance Guide is intended to help businesses determine if they are required to report their BOI to FinCEN under these final rules.

The guide addresses some core issues, including each of the BOI reporting rule’s provisions, answers to key questions, and interactive checklists, infographics, and other tools aimed at helping businesses comply. FinCEN also announced that guidance on how to submit BOI reports will be provided soon.

The FinCEN news release and link to the new guide can be found at www.fincen.gov/news/news-releases/fincen-issues-compliance-guide-help-small-businesses-report-beneficial-ownership