The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced the launch of a public service announcement (PSA) campaign to educate small business owners about new beneficial ownership reporting requirements. The PSAs, which are being broadcast on television and radio nationwide, aim to inform business owners and stakeholders about these requirements and encourage compliance. This initiative complements ongoing digital and print advertising efforts.
The Corporate Transparency Act, enacted in 2021 with bipartisan support, mandates that many companies report basic information to FinCEN regarding individuals who ultimately own or control them. Filing is described as simple, secure, and free of charge. The deadline for most companies required to report is January 1, 2025.
Treasury and FinCEN officials have engaged in over 130 in-person and virtual events this year to educate business owners on beneficial ownership reporting. Additional efforts include partnerships with the IRS, Small Business Administration, Secretaries of State, members of Congress, and industry groups.
Since opening its database for filings on January 1, 2024, FinCEN has received millions of Beneficial Ownership Information Reports from companies across all 50 states.
The new television PSA titled “Café Conversations” can be viewed online. A list of upcoming public engagements is available on FinCEN’s website.
FinCEN’s E-Filing system and additional information about deadlines and reporting requirements can be found at fincen.gov/boi.
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