Treasury's Financial Crimes Enforcement Network (FinCEN) has published a guide to help small businesses navigate the new rules for reporting beneficial ownership information (BOI), which will begin on Jan. 1, 2024.
The Small Entity Compliance Guide describes each of the BOI reporting rules provisions; answers key questions; and provides interactive checklists, infographics and other tools to assist businesses with compliance.
The BOI reporting requirement is an anti-money laundering initiative enacted through the Corporate Transparency Act in 2021, which mandates the reporting of BOI to FinCEN. The requirement would apply to most companies. Learn more.