2024 FinCEN Beneficial Ownership Information (BOI) Reporting Rules

Event Materials (Key Required)

Beginning on January 1, 2024, many businesses across the United States will have to report personal information about their owners, beneficial owners, and others who own or exercise control over the company. The information will have to be reported to, and maintained by, the Financial Crimes Enforcement Network (“FinCEN”) as part of the Beneficial Ownership Information Rule. FinCEN is a bureau of the U.S. Department of the Treasury.

The Rule was adopted as part of the Corporate Transparency Act passed by Congress in 2021. The required reporting is designed to make it more difficult for bad actors to shelter or hide finances through shell companies or complicated ownership structures. All domestic and foreign corporations, LLCs, or other entities created by the filing of a document with the Secretary of State or similar office in the United States must file, unless it qualifies for one of the several enumerated exemptions identified in the rule. A business required to file (a “reporting company”) will need to include certain specified personal information about the business itself, its ownership, senior officers, or other important decision makers. In addition, the Rule is on-going and any changes in the information disclosed must be updated through further filings with FinCEN.

A failure to report complete or updated information to FinCEN, or an attempt to provide false or fraudulent information, may result in civil penalties and criminal penalties including imprisonment for up to two (2) years and/or a fine of up to $10,000.

Business owners should act now to identify whether their company must report and if so, which individuals within the business entity are required to disclose the personal information designated under the rule.

Learning Objectives:

• Learn what types of organizations are required to report and what personal information will be required
• Understand reporting rules and requirement and its exemptions
• Know the Timeline for reporting
• Protect from huge penalties for failing to report
• Understand confidentiality of reported information
• Know company applicant’s requirements

Areas Covered in the Session:

• Overview
  • Passage of the Corporate Transparency Act (“CTA”)
  • Purpose of the CTA
  • Confidentiality of Reported Information
  • When to Report
  • Penalties for Failure to Report
• What To Report
  • Company-level reporting
  • Individual-level reporting
  • Company applicant-level reporting
• Reporting Companies
  • Required Reporting Entities
    • Domestic Reporting Company
    • Foreign Reporting Company
  • Entities Exempt from Reporting
    • Highly Regulated Entities
    • Inactive Entities
    • Tax-Exempt Entities
    • Large Companies
• Who Must be Included in a Report?
  • Beneficial Owners
    • Ownership Threshold
    • Exercise “Substantial Control”
  • Exempt Individuals
    • Minors
    • Nominees, Custodians, Agents
    • Certain Employees
    • Heirs
    • Creditors
• Best Practices
  • Is my entity a “reporting company”?
  • Do we meet an exemption?
  • Who should be included as a “beneficial owner”?
• FINCEN’s involvement with the rule and other security agencies that have access to this information

Suggested Attendees:

• Healthcare CEOs and COOs
• Healthcare executives
• Hospital’s administrators
• Hospital management and staff
• Medical providers
• Private clinics
• Medical practice owners
• Compliance officers
• Attorneys
• Insurance companies
• Medical billing and coding organizations
• Credentialing and contracting organizations
• Medical practice managers
• Owners of small to mid-sized businesses in all industries

Presenter Biography:

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Additional Information:

System Requirement:

• Internet Speed: Preferably above 1 MBPS
• Headset: Any decent headset and microphone which can be used to hear clearly

For more information, you can reach out to the below contact:
Toll-Free No: 1-302-444-0162
Email: care@skillacquire.com

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