Tax Alerts

FinCEN Releases Compliance Guide for Small Business Beneficial Ownership Reporting, FIN-2023-NTC2

The Department of the Treasury’s Financial Crimes Enforcement Network has published a guide to help small businesses report beneficial ownership information.

“This guide is the latest in our ongoing efforts to educate the public about these important new requirements,” FinCEN Director Andrea Gacki said in a September 18, 2023, statement.

The statement notes that beginning 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.”

The Small Entity Compliance Guide is designed to help small businesses determine if they are required to report their beneficial ownership. Among the information included in the guide are:

  • Descriptions of each of the BOI reporting rule’s provisions in simple, easy-to-read language;
  • Answers to key questions; and
  • Interactive checklists, infographics, and other tools to assist businesses in complying with the BOI reporting rule.

The agency said it will soon release additional guidance on how to submit beneficial ownership information.

By Gregory Twachtman, Washington News Editor

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