In the following Gorfine, Schiller & Gardyn podcast, Aaron Bloom, Director of Tax Services at GSG, discusses all things about the new beneficial ownership reporting rule that will require “reporting companies” to file with FinCEN containing personal information about the company’s beneficial owners.
These new rules fall under the Corporate Transparency Act (CTA), which is intended to reduce exposure to serious crimes, including terrorist financing, money laundering and other nefarious activities. You can read more about the CTA here.
In November, Financial Crimes Enforcement Network (FinCEN) issued a final rule that beginning on January 1, 2024, many companies in the U.S. will have to report information about their beneficial owners to FinCEN. Since these are emerging policies, many folks aren’t caught up on the requirements.
It’s important to note that there will be fairly substantial penalties for not meeting this guidance. Here are some key highlights from this interview:
- What “beneficial owner” means, and why is it suddenly so important to know right now. (:30)
- When beneficial ownership reporting is required for a company. (2:58)
- Specific information companies need to start reporting. (5:17)
- Key deadlines to know. (6:39)
- What happens if there are changes or inaccuracies in reported information. (8:30)
- How GSG can help. (9:28)
We would like to thank Aaron for sharing his insights with us. Please contact GSG here to learn more about how GSG can help you achieve compliance when it comes to beneficial owners reporting to FinCEN.
Categories: BOI, Podcast, Emerging Regulations, Small Business
