Helping Small Business: FinCEN Releases New BOI Reporting Toolkit

In a continued effort to enhance transparency and curb illicit finance, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has introduced a comprehensive toolkit aimed at helping small business owners navigate the Beneficial Ownership Information (BOI) reporting requirements. These requirements, which fall under the Corporate Transparency Act (CTA), mandate that many businesses report information on the actual individuals who ultimately own or control them. This initiative aligns with the CTA’s bipartisan goal of aiding law enforcement in their efforts to detect and deter financial crimes.

FinCEN emphasizes that filing is intended to be quick, secure, and free of charge. Companies created or registered before 2024 have until January 1, 2025, to file their initial report, while businesses established in 2024 must submit their information within 90 days of receiving their creation or registration notice. Importantly, the filing is a one-time requirement unless companies need to update or correct their information.

Small businesses should be aware of fraudsters who may claim to assist with BOI reporting. FinCEN reminds business owners to exercise caution when disclosing personal or business information and to rely only on official FinCEN resources or consult a licensed attorney or accountant for help. This proactive approach will ensure small businesses can complete their reporting accurately, without falling victim to scams.

For more information, and to access FinCEN’s toolkit and additional resources, visit FinCEN’s official website.