Compliance checklist panel presentation to explore Beneficial Ownership requirements business leaders must imminently address
Starting on January 1, 2024, a major new reporting requirement goes into effect that will require millions of small businesses in the US to file a Beneficial Ownership Information (BOI) report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Wolters Kluwer experts Hans Howk, Manager, Content Management, and Christie Montgomery, Senior Field Sales Executive, will share insights on these new rules as well as other important, end-of-year compliance information, providing attendees an actionable check-list to help prepare for BOI and other notable business requirements. The insights will be shared in a panel presentation at 1 p.m. EDT Tuesday, September 12th, 2023.
“This year has come with plenty of regulatory changes for businesses of all sizes, so it’s more important than ever that leaders are as up to date with what they need to do to meet those requirements—including the all-important new beneficial ownership, or BOI, rules,” said Howk.
FinCEN issued the BOI final rule, which is part of the Corporate Transparency Act (CTA), in September 2022. It requires companies to collect, document and monitor previously unreported data. The rule will impact an estimated 32.6 million reporting companies next year and 5.5 million new reporting companies that are formed and registered every year going forward.
In addition to discussing BOI obligations, the panelists will address compliance issues relating to business licenses and temporary or permanent remote employees, provide a review of key corporate actions and corresponding requirements, highlight best practices for accomplishing planned corporate actions prior to this year’s end, and offer compliance guidance to optimize one’s entity management processes.
“Session participants will gain a deeper understanding of best practices to keep their businesses compliant, not only before the end of the year, but also learn how to make it a year-round habit,” Howk added.
