Tips & Advice
Who can Access Beneficial Ownership Information in a FinCEN Report?
Question: Who can access beneficial ownership information in a FinCEN BOI report? Answer: FinCEN will permit Federal, State, local, and Tribal officials, as well as certain foreign officials who submit a request through a U.S. Federal government agency, to obtain beneficial ownership information for authorized activities related to national security, intelligence, and law enforcement. Financial institutions will have access to beneficial ownership information in certain circumstances, with the consent of the reporting company. Those financial institutions’ regulators will also have access to beneficial ownership information when they supervise the financial
FinCEN Extends Report Filing Deadline for Entities Formed After 2023
The following is the text of a November 29, 2023, FinCEN news release: The Financial Crimes Enforcement Network (FinCEN) issued a final rule today that extends the deadline for certain reporting companies to file their initial beneficial ownership information (BOI) reports with FinCEN. Reporting companies created or registered in 2024 will have 90 calendar days from the date of receiving actual or public notice of their creation or registration becoming effective to file their initial reports. FinCEN will not accept BOI reports from reporting companies until January 1, 2024—no reports should
National Small Business Administration Sues to Overturn the Corporate Transparency Act
National Small Business Administration Press Release, November 20, 2023 Huntsville, AL – Today, Nov. 20, at 10:00 a.m., oral arguments in National Small Business Association v. Yellen will begin at the Huntsville United States District Court. The case is a challenge to the constitutionality of the Corporate Transparency Act (CTA) and specifically the law’s beneficial ownershipreporting requirements. The law would require nearly every American who runs or wants to form a corporation or LLC to give the Financial Crimes Enforcement Network (FinCEN)deeply personal information of its owners like date
What Corporate Transparency Act Means for Small Businesses
The National Small Business Association (NSBA) on November 9, 2023, published a survey it conducted of small businesses regarding the Corporate Transparency Act. The most startling statement in the survey is “The average small-business owner is looking at compliance costs for CTA of nearly $8,000 in the first year alone.” Here are some of the interesting findings discussed in the survey: 47% of small business owners are unaware of the CTA. 48% said their business has only one beneficial owner. 52% said their business has two or more beneficial