FinCEN Publishes Small Entity Compliance Guide Ahead of Corporate Transparency Act Effective Date | Practical Law

FinCEN Publishes Small Entity Compliance Guide Ahead of Corporate Transparency Act Effective Date | Practical Law

The US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has published guidance for small entities preparing to comply with the beneficial ownership information (BOI) requirements under the Corporate Transparency Act (CTA).

FinCEN Publishes Small Entity Compliance Guide Ahead of Corporate Transparency Act Effective Date

by Practical Law Corporate & Securities
Published on 18 Sep 2023 • USA (National/Federal)
The US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has published guidance for small entities preparing to comply with the beneficial ownership information (BOI) requirements under the Corporate Transparency Act (CTA).
On September 18, 2023, the US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a press release announcing the publication of its Small Entity Compliance Guide to assist the small business community prepare for compliance with the beneficial ownership information (BOI) requirements under the Corporate Transparency Act (CTA) (effective January 1, 2024). The guide:
  • Describes the BOI reporting rule's provisions.
  • Answers key questions.
  • Provides checklists and other tools to assist businesses in complying with the CTA.
The press release also notes that FinCEN will be releasing additional guidance on how to submit BOI soon.
For more information on the CTA, including the types of entities that are reporting companies that must report their BOI under the CTA, the types of entities that are exempt from the reporting requirements, and when initial reports and changes to reports must be filed, see Practice Note, Corporate Transparency Act Beneficial Ownership Reporting.