Important: New Federal Filing Requirements for Small Businesses

Dear client: New regulations are now in effect that may pertain to you. Failure to comply in a timely manner can result in substantial penalties.

About FinCEN Beneficial Ownership Information (BOI) Reporting

In 2021, Congress passed the Corporate Transparency Act. This law creates a new “beneficial ownership information” reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures. Your company may be required to report certain information to FinCEN, the Financial Crimes Enforcement Network of the U.S. Treasury Department.

The new regulations require close attention to detail, and we are here to help you navigate them to ensure compliance with the law. Organizations formed within the last year are under additional pressure to meet their filing deadlines.

Please call our main line at 203-967-2231 or reach out directly to your advisor at The Dowling Group to reserve time for this important work.

Wishing you and your families well,
Sean M. Dowling, CFP, EA
President, The Dowling Group Wealth Management

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  • The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Economic forecasts set forth may not develop as predicted and are subject to change. Investing involves risk including loss of principal.
  • The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.
  • Consult your financial professional before making any investment decision.

Sources:

https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf

ADV & Investment Objectives: Please contact The Dowling Group if there are any changes in your financial situation or investment objectives, or if you wish to impose, add or modify any reasonable restrictions to the management of your account. Our current disclosure statement is set forth on Part II of Form ADV and is available for your review upon request.