Starting Jan. 1, many companies will be required to report new information about their beneficial owners, or the individuals who ultimately own and control the company.
This information will be reported to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network.
The Secretary of State’s Office is advising Nevadans to use FinCEN’s Small Entity Compliance Guide, which aims to assist the small business community in complying with the beneficial ownership information reporting rule.
According to FinCen, this new requirement is part of congress’ “Corporate Transparency Act.” This law creates a beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
For information, visit www.fincen.gov/boi.
