FinCEN issues Small Entity Compliance Guide for BOI reporting rule
September 28, 2023
Treasury’s Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule. FinCEN also issued a proposed rule amending the BOI rule, allowing for certain legal entities to have a 90-day BOI filing period, instead of 30.
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—the individuals who ultimately own or control a company—to FinCEN.
The guide is intended to help businesses determine if they are required to report their beneficial ownership information to FinCEN.
The Guide is now available on FinCEN’s beneficial ownership information reporting webpage.
Among other things, the guide:
Describes each of the BOI reporting rule’s provisions in simple, easy-to-read language;
Answers 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 Jan. 1, 2024, and companies will be able to begin reporting beneficial ownership information to FinCEN at that time.
FinCEN will provide additional guidance on how to submit beneficial ownership information soon.
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