News Detail

SWACCA Submits Comments on FinCEN Beneficial Ownership Proposed Rule

Last night, SWACCA submitted comments on a proposed rule from the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) entitled, “Beneficial Ownership Information Reporting Requirements.” SWACCA previously submitted comments on FinCEN’s advanced notice of proposed rulemaking associated with this rule last May.

In its comments, SWACCA supports the proposed rule’s adoption of SWACCA’s suggestions in its comments last May. This includes SWACCA’s advocacy that FinCEN extend the rule’s exemption from beneficial ownership reporting requirements for nonprofit entities to 501(c)(6) organizations by broadly defining “tax-exempt entities.” This will ensure many SWACCA affiliates are covered by the nonprofit exemption.  The comments also support the proposed rule’s adoption of SWACCA’s request to define “full-time employee” pursuant to the Affordable Care Act so that construction contractors and other employers with seasonal variations in their workforce may be able qualify for an exemption from the reporting requirements for operating companies that meet certain employee and revenue thresholds.

You can read the comment letter in its entirety here.

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