WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule, CUNA reported.
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, CUNA noted.
The guide is intended to help businesses determine if they are required to report their beneficial ownership information to FinCEN, according to the agency.
What’s Included
The Guide is now available on FinCEN’s beneficial ownership information reporting webpage.
Among other things, FinCEN said the guide:
- Describes each of the BOI reporting rule’s provisions in simple, easy-to-read language;
- Answers key questions
- 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 said it will provide additional guidance on how to submit beneficial ownership information soon.
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