Beneficial Ownership Information Reporting (BOI) – Financial Crimes Enforcement Network (FinCEN) – U.S. Department of the Treasury

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FinCEN Beneficial Ownership Reporting Requirements –  Beginning January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). FinCEN, a bureau of the U.S. Department of the Treasury recently released a Small Entity Compliance Guide related to Beneficial Ownership Reporting. 

 Background: The Corporate Transparency Act (CTA) was passed as part of the 2021 NDAA and it set forth uniform beneficial ownership information reporting requirements for certain types of corporations, limited liability companies, and other similar entities created in or registered to do business in the United States. CTA gives Treasury’s FinCEN the ability to collect Beneficial Ownership Information and disclose it to authorized government authorities and financial institutions, subject to effective safeguards and controls. Please see the attached powerpoint presentation (091323 BOI webinar) for additional information. Please also share this throughout your Networks so that your SBDC Service Centers are prepared to help your clients understand the reporting requirements