The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has officially commenced the acceptance of beneficial ownership information reports as mandated by the bipartisan Corporate Transparency Act enacted in 2021. Aimed at combating illicit finance, the Act requires companies operating in the United States to disclose information about the individuals who ultimately own or control them. Filing, which is both simple and secure, is free of charge. Existing companies must submit their initial reports by January 1, 2025, while newly created or registered companies in 2024 have 90 days to file after receiving notice of their effective creation or registration.
The reporting process involves providing key details about each beneficial owner, including name, date of birth, address, and identification information from specified documents. Reporting companies must also furnish certain information about themselves, such as names and addresses. FinCEN, committed to aiding small businesses in compliance, offers resources like the Small Entity Compliance Guide, informational videos, webinars, and a contact center to facilitate the filing process, accessible at www.fincen.gov/boi.
View the complete release here.
Looking for help to clarify the requirements of the law?
The National Federation of Independent Business (NFIB) is hosting a special free webinar on January 17, 2024, at noon ET. Register here.
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