FinCEN to Small Businesses: Don't wait to file beneficial owner reports

The Financial Crimes Enforcement Network called on small businesses to begin filing initial beneficial ownership reports under the Corporate Transparency Act.  At the latest beneficial ownership information reporting event, FinCEN Director Andrea Gacki noted that while small businesses created or registered before this year must file by Jan. 1, 2025, they don’t have to wait. Further, those created or registered this year have 90 days to file an initial report, and that period drops to 30 days next year. 

Did you miss the Beneficial Ownership Reporting for Your Small Business Customers virtual presentation last week from Wolters Kluwer?  Here is a link to access the recording. Learn how you can help your small business customers and create a revenue stream for your bank.