Here are seven notes for dental professionals:
1. FinCEN will not issue any fines, penalties or enforcement actions against companies that fail to file or update beneficial ownership information as required by the Corporate Transparency Act.
2. The act aims to cut down on money-laundering operations and requires small businesses, including dental practices, to report information on beneficial ownership to FinCEN.
3. Under the most recent version of the act, dental practices were required to file ownership reports if they employed fewer than 20 people or generated less than $5 million in annual revenue.
4. The agency aims to issue an interim final rule no later than March 21 that extends reporting deadlines and creates new guidance.
5. In February, a federal judge in Texas reversed an injunction against the act, initially reinstating the March 21 deadline.
6. The filing deadline was extended in December. The American Dental Association has previously advocated for the deadline to be pushed to Jan. 1, 2026.
7. FinCEN plans to ask the public for comments and recommendations on revisions to current beneficial ownership information reporting requirements.
At the Becker's 5th Annual Future of Dentistry Roundtable, taking place September 14-15 in Chicago, dental leaders and executives will gain insights into emerging technologies, practice growth strategies and the evolving landscape of dental care delivery, with a focus on innovation, patient experience and operational excellence. Apply for complimentary registration now.
