General dentists in the United States, especially if their practice is incorporated as an LLC or professional corporation, should be aware of a new regulation that goes into effect January 2024 that requires business entities to provide disclosures related to their ownership. As part of the Corporate Transparency Act, businesses are required to report personal direct and indirect beneficial owners and control information if operating in the U.S. 

Business owners who were in business before Jan. 1, 2024, have until Jan. 1, 2025, to comply, and additional details are expected from the government on this new regulation. Companies created after Jan. 1, 2024, will have 30 days to be in compliance and file an initial report. 

The U.S. Department of Treasury Financial Crimes Enforcement Network (FinCEN) is creating a Beneficial Ownership Secure System (BOSS) to submit, store and report this information. Personal identifying information will be required for each reporting business, including name, date of birth, physical home address and photograph. 

Learn more about this new regulation.

AGD encourages business owners, regardless of how a dental practice is incorporated, to seek advice from a licensed attorney or accountant regarding financial and legal considerations of their practice.