The Financial Crimes Enforcement Network finalized a rule on Aug. 11 that permanently exempts U.S. small businesses, including the vast majority of dental practices, from beneficial ownership information reporting requirements under the Corporate Transparency Act, according to an Aug. 14 news release from the American Dental Association.
Here are five things to know:
- Dental practices with fewer than 20 employees or less than $5 million in annual gross receipts no longer have to report beneficial owners’ names, birth dates, addresses and identification details to FinCEN.
- The final rule makes permanent an exemption FinCEN first introduced in an interim rule in March 2025. The interim rule had already exempted U.S.-created companies from filing obligations.
- The Corporate Transparency Act was enacted in 2021 as part of anti-money-laundering legislation. In March 2024, a coalition of more than 120 organizations called for the reporting requirements to be paused.
- FinCEN will remove previously submitted information about U.S. companies and U.S. persons that is no longer required.
- The final rule will take effect upon publication in the Federal Register.
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