Best Certified Public Accountants in Manchester, NH

New Fin CEN Reporting Requirement Impacting the Smallest of Businesses. The form is called the Beneficial Ownership Information Report. It will be required for newly chartered state entities this year, 2022, and for existing entities, starting in 2023. Disclosures required - Document image containing name, birth date, address, and SSN or EIN for each: • Officers and owners of business who exercise substantial control (including trustees, settlors and certain beneficiaries of trusts), and; • Beneficial direct or indirect ownership interests of 25% or more. Businesses with more than 20 employees are exempt, but not necessarily any of their satellite entities such as rental companies. The stated purpose is to narrow the opportunities for corrupt actors, criminals, and terrorists to remain anonymous while facilitating illicit activity such as money laundering, terrorist financing, tax fraud, etc through legal entities in the United States. Authorized users of the data will include law enforcement, US Treasury Department and financial institutions.