WASHINGTON—On August 14 and 15, Deputy Director of the Financial Crimes Enforcement Network (FinCEN) Jimmy Kirby participated in two beneficial ownership reporting outreach events in the Houston, Texas area. An event on August 14 was held in partnership with Rep. Lizzie Fletcher (D-TX), and an event on August 15 was held in partnership with Rep. Sylvia Garcia (D-TX). At both events, FinCEN officials met with small business owners and other key stakeholders.
These events were the latest in a series of events held by senior Treasury officials, in partnership with Members of Congress, to help small businesses across the United States fulfill their reporting requirements under the Corporate Transparency Act—a bipartisan law enacted to curb illicit finance by supporting law enforcement efforts that requires many small businesses to report basic information to the Federal government about the real people who ultimately own or control them.
Filing is quick, secure, and free of charge. It is not an annual requirement: Unless a company needs to update or correct information, it only needs to file once. FinCEN expects that most companies will be able to file without the help of an attorney or accountant, and that the filing process for those with simple ownership structures may take 20 minutes or less. Companies that existed before 2024 have until January 1, 2025 to file, while companies created or registered in 2024 must file within 90 days of receiving creation/registration notice. More information, along with FinCEN’s E-Filing System, is available at https://www.fincen.gov/boi.
Prepared Remarks: https://www.fincen.gov/news/speeches/prepared-remarks-fincen-deputy-director-jimmy-kirby-during-beneficial-ownership-1
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