BENEFICIAL OWNERSHIP INFORMATION (BOI) REPORTING GUIDANCE:
Note from the Editor: The current issue of the Federal Tax Alert has a complete rundown of the BOI. This will affect every small business starting January 1, 2024. Additional information will be included in the May.June issue of the Federal Tax Alert.
The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department has published its first set of guidance materials to aid the public in understanding recently issued final regulations [PDF 1.01 MB] (330 pages) becoming effective January 1, 2024, that require many corporations, limited liability companies, and other entities created in or registered to do business in the United States to report beneficial ownership information to FinCEN (i.e., information on the persons who ultimately own or control the company).
The following guidance materials are now available on FinCEN’s beneficial ownership information reporting webpage:
- Frequently asked questions (FAQs)
- Key filing dates [PDF 338 KB]
- Key questions [PDF 312 KB]
- Introductory video (YouTube)
- More detailed informational video (YouTube)
Read a related FinCEN news release
Note that FinCEN will not accept any beneficial ownership information before January 1, 2024. Guidance regarding how to submit beneficial ownership information is forthcoming.
