The Financial Crimes Enforcement Network (FinCEN) has guidance materials available to help the public, and in particular the small business community, in understanding upcoming beneficial ownership information (BOI) reporting requirements taking effect as of January 1, 2024. The new regulations require many corporations, limited liability companies, and other entities created in or registered to do business in the United States to report information about their beneficial owners—the persons who ultimately own or control the company—to FinCEN.
Not all companies are required to report their BOI to FinCEN, so you will need to determine if these new rules apply to your company. FinCEN has provided the flow chart below to help you determine if you will need to report:
More information and official resources are available at https://www.fincen.gov/boi
You can also find the FAQs can be found here.
