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FinCEN Beneficial Ownership FAQs

This FinCEN BOI Worksheet will help you determine whether your business is likely to be subject to the new reporting requirement and will provide you with a worksheet documenting your analysis.

What is the FinCEN Beneficial Ownership Worksheet?

The US Treasury issued a new regulation that requires companies to file a report that discloses information about their ownership structure. The point of the filing is to weed out shell companies used for money laundering.

FinCEN estimates that tens of millions of existing legal entities, plus an additional three million new legal entities each year, will meet the “reporting company” criteria.

This FinCEN BOI Reporting Applicability Worksheet will help you determine whether your business is likely to be subject to the new reporting requirement and will provide you with a worksheet documenting your analysis.

You should print, sign, and retain the completed worksheet for record keeping purposes. Completing and retaining this BOI worksheet may reduce the potential risk of civil and criminal liability. 


Why is it important to know if my business needs to file?

The new requirement goes into effect on January 1, 2024 and there are criminal penalties for not complying (in addition to civil penalties).

There are 23 exceptions to registering, some of which are easy, some complicated. It’s important to run through those exceptions to determine whether your company needs to comply.

What's included in the worksheet?

The document contains information about the Treasury’s new regulation requiring companies to disclose their ownership structure. We’ll ask you a series of questions about your business and then map your answers onto the FinCEN framework to let you know whether you need to comply. The end product is a document that shows that you took the obligation seriously, whether you need to comply or not. Showing that you tried in good faith to determine whether to comply can help you to avoid serious fines and penalties.

If you do need to report your ownership structure, we’ll walk you through what you need to disclose.

If my business changes before the deadline, can I retake the assessment?

Yes – if you purchase the FinCEN Beneficial Ownership Worksheet and your business changes before January 1, 2024 we can reset the assessment so you can complete it again.

What format does the FinCEN Beneficial Ownership Worksheet come in?

You will receive your finished document in a Word format for easy editing.

You can login to your SixFifty Marketplace account at anytime to access the completed worksheet. We will also email you a final copy.

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Start your FinCEN Beneficial Ownership Worksheet

Find out whether your company will need to comply and have the paperwork to show that you did a thorough job.