Unless the U.S. Senate acts, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury, in a matter of days will require small businesses to file Beneficial Ownership Information (BOI) reports as required by the Corporate Transparency Act.
This is despite the reality that FinCEN has not yet released the forms, clear guidance, or a platform for the requirements. This requirement, which currently takes effect Jan. 1, 2024, will impact most small businesses in Ohio and across the nation despite a recent National Federation of Independent Business survey showing 90% of its members were not aware of the requirement.
Please urge your two U.S. Senators to extend the filing deadline that Congress recently passed in H.R. 5119, the Protect Small Business and Prevent Illicit Financial Activity Act. This legislation will provide more time for businesses to prepare for this new requirement, and to give a full year to file for not only existing businesses but also those formed in 2024 and any businesses needing to update their filings due to changes in ownership, etc.
Writing your U.S. Senate members is easy: just complete your home address information and edit the drafted email copy to make it your own. Please take action NOW because the U.S. Senate is expected to break for the holidays very soon.