Nearly three months from the effective date of its beneficial ownership reporting rule, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) released guidance for small businesses to determine whether they must comply and what information they might be required to provide.
The resource, published by FinCEN on Monday, is an effort by the agency to reduce concerns among small businesses regarding the rule, which is set to take effect Jan. 1. Reports have indicated the agency might still make changes to reporting requirements following backlash received in response to its finalized rule put forward in September 2022.
