In 2021, Congress passed the Corporate Transparency Act, which creates new reporting requirements on beneficial ownership information (BOI). The U.S. Treasury Department officials are holding a virtual webinar on these new beneficial ownership reporting requirements, how to file, and how the law affects Tribal businesses. Native CDFIs are encouraged to share this information with their Native business clients. The webinar will be held on Thursday, August 1 at 2:00 p.m. ET at this link.
The Financial Crimes Enforcement Network, a bureau of the U.S. Department of the Treasury, released new FAQs related to Tribally-owned entities and individual Tribal-member owned businesses chartered under Tribal law:
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FAQ A.5 defines a Tribe under the Corporate Transparency Act.
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FAQ C.11 provides guidance on when entities formed under Tribal law must report.
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FAQ D.17 addresses Tribally owned entities.
Share this link with your Native business owners.