Small Business Owners Must Complete FinCEN Reporting This Year 

New rules under the Corporate Transparency Act (CTA) now require many corporations, limited liability companies and other entities to report beneficial ownership and other information to the Financial Crimes Enforcement Network (FinCEN).  This reporting requirement applies to owners of these entities that do not already report under other federal regulation – so small business owners, including those who own dormant LLCs, must report. 

The CTA authorizes FinCEN to maintain a centralized, nonpublic database of beneficial ownership information (BOI), accessible to law enforcement agencies, national security agencies, and financial institutions. The BOI reporting rules are generally effective as of Jan. 1, 2024.