Starting January 1, 2024, many businesses will be required to report information to the U.S. government about who ultimately owns and controls them.
In September the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule. Starting on Janary 1, 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 Guide is intended to help businesses determine if they are required to report their beneficial ownership information to FinCEN.
For the latest information on changes to beneficial ownership requirements visit https://www.fincen.gov/boi
