Wolters Kluwer continues its work to educate key stakeholders about important regulatory developments. A major reporting requirement that goes into effect in January 2024 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 and Christie Montgomery will share insights on these new rules as well as other important, end-of-year compliance information, providing attendees an actionable checklist 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.
For more than 130 years, Wolters Kluwer CT Corporation has been the leading provider of registered agent services, incorporation services, and legal entity compliance. It is part of Wolters Kluwer’s Financial & Corporate Compliance (FCC) division and has a global reach into over 150 countries. More than 75 percent of Fortune 500 companies, 95 percent of AmLaw 100 law firms, and 350,000 small businesses trust CT Corporation to handle their compliance needs with the help of innovative solutions such as UCC Hub, an end-to-end due diligence workflow solution for corporate transactions.Wolters Kluwer Compliance Solutions, also part of FCC, is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks, credit unions, insurers and securities firms.