Advance notice of proposed rulemaking pending OIRA review: Beneficial ownership reporting requirements
Beneficial ownership reporting requirements
OMB’s Office of Information and Regulatory Affairs (OIRA) reported that it has received for review from the U.S. Treasury Department an advance notice of proposed rulemaking concerning section 6403 and provisions for implementing the Corporate Transparency Act.
Section 6403 of 31 U.S.C. (the Bank Secrecy Act) concerns the new beneficial ownership information reporting requirements.
The Corporate Transparency Act is part of the defense authorization legislation enacted in late December 2020. The legislation includes provisions regarding the rules for disclosure of beneficial ownership. Under these measures, corporations, limited liability companies, and other similar entities formed or registered to do business in the United States are to report their beneficial owners to the Treasury Department within certain time periods. The beneficial ownership information generally is to be confidential, but could be made available to authorized government authorities and to financial institutions in certain situations. Read TaxNewsFlash
According to OIRA, the advance notice of proposed rulemaking was received for review on March 18, 2021:
- RIN: 1506-AB49: Section 6403. Corporate Transparency Act
Knowing the status of OIRA review of Treasury regulations can help in predicting when regulations may be issued by Treasury and the IRS.
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.