Corporate Transparency Act Update

FinCEN Issues Compliance Guide to Help Small Businesses Report Beneficial Ownership Information

Sept. 20, 2023 — The Financial Crimes Enforcement Network (FinCEN) published this week a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule. Starting in 2024, many entities created in, or registered to do business in, the United States will be required to report to FinCEN information about their beneficial owners—the individuals who ultimately own or control a company.

The Guide is intended to help businesses learn about and comply with the new reporting requirements. FinCEN is also issuing revised and new FAQs about the BOI reporting requirements that incorporate content from the Guide. Additional translated versions of the Guide and the FAQs will be posted to FinCEN’s website soon.

The resources are linked below.

• • • News Release: https://www.fincen.gov/news/news-releases/fincen-issues-compliance-guide-help-small-businesses-report-beneficial-ownership
    • Small Entity Compliance Guide: https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide_FINAL_Sept_508C.pdf
    • FAQs: https://www.fincen.gov/boi-faqs
    • FinCEN’s BOI Webpage: https://www.fincen.gov/boi

Densborn Blachly LLP stands ready to assist our clients with compliance.