On September 18, 2023, FinCEN published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule. The Compliance Guide is intended to help businesses determine if they are required to report their beneficial ownership information to FinCEN as starting in 2024, many entities created in or registered to do business in the United States will be required to report information about their beneficial owners.

The Small Entity Compliance Guide includes the following:

Description of each of the BOI reporting rule’s provisions in simple, easy-to-read language;
Answers to key questions; and
Interactive checklists, infographics, and other tools to assist businesses in complying with the BOI reporting rule.

FinCEN said that it will soon provide additional guidance on how to submit beneficial ownership information.

Read FinCEN’s press release here.

See the compliance guide here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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