UPDATE: FinCEN Reporting Website is Now Live

As many of you may already be aware, with the enactment of a new law called the Corporate Transparency Act (CTA), you may be required to submit certain information that was not previously required about a business entity and any individuals identified by the law as a beneficial owner to the federal government. This update is to help you better understand the CTA and your potential obligations.

What is the Corporate Transparency Act? 

For a detailed overview of the CTA and your potential reporting obligations, please review my previous blog post article HERE.

When and What Do I Need to Report?

Below is a general summary of the critical information to be aware of:

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Starting January 1, 2024, most small businesses will have to report information about their beneficial owners (individuals who own or control the business) to the Financial Crimes Enforcement Network (FinCEN) with the U.S. Department of the Treasury.

WHO HAS TO REPORT?

Companies required to report are called reporting companies. Reporting companies must obtain information from their beneficial owners and company applicants and then report that to FinCEN.

WHO DOES NOT HAVE TO REPORT?

Twenty-three types of entities are exempt from reporting. These entities include publicly traded companies, nonprofits, and certain large operating companies. 

WHAT INFORMATION IS REPORTED?

WHEN IS INFORMATION REPORTED?

WHERE IS INFORMATION REPORTED?

The FinCEN reporting website is located at https://boiefiling.fincen.gov 

Individuals and companies can also request a FinCEN identifier number (in lieu of providing companies and other business professionals their personal Beneficial Owner Information) at https://fincenid.fincen.gov    

We Can Help

If you are still uncertain whether your company is required to report its Beneficial Owner Information to FinCEN, or would like help navigating the FinCEN reporting website (including how to obtain a FinCEN identifier number), we can help. Please reach out to Ryan Snow directly via email (ryans@ryansnow.com) or set up a free consultation call on his personal calendar here: https://bit.ly/MUL-consult 

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THIS ARTICLE SHOULD NOT BE RELIED ON AS LEGAL OR TAX ADVICE

(INFORMATIONAL PURPOSES ONLY)

Ryan E. Snow, JD/MBA, is a licensed attorney and experienced entrepreneur specializing in legal services for small to mid-sized businesses in all industries and at all stages of growth and development. He can be contacted via email at Ryan@RyanSnow.com or at his website www.ModernUtahLaw.com.

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