Many small U.S. business owners must report beneficial ownership information (BOI) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) by Jan. 1, 2025. With this deadline fast approaching, FinCEN is increasing its educational efforts with events around the country where it explains who must report and how to do so. Instituted by the Corporate Transparency Act, the BOI requirement is intended to help prevent criminals from using businesses for illicit activities, such as money laundering and fraud. If owners are required to report but don’t, they face fines of up to $10,000 and prison time. Questions? View FinCEN’s FAQs (https://bit.ly/4cU1HIc ) or contact us.
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