Stay Ahead with Business Consulting Services: New U.S. Ownership Reporting Rules Effective January 1, 2024

As a leading provider of the best nonprofit consulting and business consulting services near you, Kian Finance Authority is dedicated to informing you about essential changes affecting your business. 

Starting January 1, 2024, a significant update in U.S. regulations requires certain companies to submit their “beneficial owner details” to the Financial Crimes Enforcement Network (FinCEN)

This mandate” primarily targets entities that “own or substantially control business activities, either directly or indirectly.

To comply with this new rule, your company needs to fill out and submit a novel electronic form accessible on the FinCEN website

This requirement applies to various domestic and foreign corporations, LLCs, and companies established through filings with secretaries of state or equivalent officers. 

Nevertheless, you’ll be relieved that 23 entity types, including numerous banks, credit unions, and insurance companies, are exempt from this BOI reporting obligation.

If your business was founded or registered before January 1, 2024, you have until January 1, 2025, to submit your initial BOI report. 

However, for entities established on or after January 1, 2024, the deadline is much tighter – you must file within 30 days following your company’s official creation or registration. 

Remember, promptly fill out or update your BOI reporting form for your company, or criminal consequences will follow.

How Kian Finance Authority Can Help

Kian Finance Authority is your steadfast ally in this dynamic regulatory landscape. 

Our expertise in business consulting services is tailored to help you seamlessly navigate these new reporting requirements. 

With our specialized guidance in understanding and submitting your “beneficial owner details” to the Financial Crimes Enforcement Network (FinCEN), you can rest assured that your compliance is in capable hands. 

Our team not only assists in preparing and submitting these crucial documents but also offers ongoing support to ensure that your business stays updated with any future regulatory changes. 

Let Kian Finance Authority be your guide in this complex process, safeguarding your business against potential compliance pitfalls. Contact us today.