The Treasury Department’s Financial Crimes Enforcement Network has created a toolkit to familiarize small-business owners with beneficial ownership reporting requirements. The reporting requirements are mandated by the Corporate Transparency Act, which was enacted to help curb illicit finance by supporting law enforcement efforts. This law requires many small businesses to report basic information to the federal government about the people who own or control them.
The toolkit contains templates and sample content to allow private, public and nonprofit organizations to share and amplify this information. The toolkit includes general background on the reporting requirements, as well as templates for newsletters, websites and emails; sample social media posts and images; and information on how to contact FinCEN.
FinCEN has issued guidance, FAQs, videos and other materials to ease compliance efforts. Companies that existed before 2024 have until Jan. 1, 2025, to file, while companies created or registered in 2024 must file within 90 days of receiving creation/registration notice.
