[GRAPHIC FROM FINCEN.GOV]
Are you a small business owner with less than 20 full time employees? Then this might apply to you! Make sure you check into this before the first of the year, 2024 so that you’re ready to comply.
To help thwart money laundering activities, a new reporting law is kicking into gear on January 1, 2024. If you are the “beneficial owner” of 25% or more of a small business entity, you will likely need to fill out an official notice annually, giving your name, contact information and social security number to FinCEN (Financial Crimes Enforcement Network) for each company you own.
To learn more, you can access a nice FAQ here: https://www.fincen.gov/boi-faqs#B_1, or you can download this handy guide that FinCEN has published to let you know if you are someone who will be required to do this and what exactly it is that you’ll need to do: FinCEN Beneficial Ownership Reporting Guide.