FinCen Goes on the Road to Ensure Businesses Understand New Compliance Requirements

As part of the effort to inform small business owners about new beneficial ownership reporting requirements, the Financial Crimes Enforcement Network (FinCEN) has been on a cross-country tour to ensure compliance with reporting requirements. Readouts and recaps of the meetings are available on the FinCEN website. As the January 2025 deadline for small business registration with FinCEN approaches, the agency will continue outreach. Full details of their event schedule through the end of the year are available online. In 2021, Congress enacted the bipartisan Corporate Transparency Act to curb illicit finance. The law requires many companies doing business in the United States to report information about who ultimately owns or controls them to FinCEN. This law will impact many small businesses, and FinCEN has prepared a Small Entity Compliance Guide to assist with compliance. Not filing a report on time could result in penalties.