A new rule from the Financial Crimes Enforcement Network (FinCEN) on Beneficial Ownership Information (BOI) Reporting will become effective on January 1, 2024. The rule seeks to enhance the transparency of business ownership to reduce financial crimes.
The rule will affect many small businesses, and NFIB encourages all business owners to determine whether their business is subject to the rule. NFIB has created a fact sheet that covers general information on the rule including types of businesses covered, reporting timelines, the information businesses must report, and more.
You can reach out to [email protected] with additional questions.