On March 24, 2023, FinCEN published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial ownership information (BOI) reporting requirements taking effect on January 1, 2024. The new regulations require many corporations, limited liability companies, and other entities created in or registered to do business in the United States to report information about their beneficial owners to FinCEN.

According to Acting Director of FinCEN Himamauli Das, FinCEN is committed to making the BOI reporting process as simple as possible, particularly for small businesses who may have never heard of or interacted with FinCEN before. The following materials were made available to the public and can be accessed through www.fincen.gov/boi:

Answers to FAQs about the reporting requirement;
Key Filing Dates and Key Questions; and
An Introductory Video and an Informational Video about the reporting requirement.

FinCEN said that it will release additional guidance in the coming months, including a Small Entity Compliance Guide.

Read FinCEN’s announcement here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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