How can I make sure my business complies with the new Corporate Transparency Act?
A new law went into effect in January of 2024 affecting millions of small businesses. It’s called the Corporate Transparency Act and it means new and existing businesses must now report information about ownership to the Federal Government’s Financial Crimes Enforcement Network (FinCEN).
This report is called Beneficial Ownership Information (BOI).
You might be surprised by some of the things you will be expected to track and disclose. Business owners are strongly encouraged to thoroughly review the reporting criteria and assess the potential applicability of any exemptions. It’s important to be accurate and timely to avoid penalties.
You may want to consult a knowledgeable advisor, such as an attorney or accountant, when filing or updating your BOI reports to ensure they’re completed on time and to FinCEN’s standards.
Additional information about the reporting rules, including FAQs and small business guidance materials is available at www.fincen.gov/boi.
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