2022 Q4
Saturday, December 31, 2022
Section: 2022




Association News

NCBA Welcomes New Team Members

The National Coin & Bullion Association team is growing! Starting January 1, 2023, Jerry Jordan (Lumberton, Texas) joins the association as our marketing consultant, and Jimmy Hayes (Lafayette, Louisiana) returns to NCBA as general counsel.

By bringing in Jordan, NCBA gains his decade of expansive professional experience in marketing and media skills, which we will use to help develop innovative membership recruitment and retention programs, including building the association’s brand and membership on a variety of social media and digital marketing platforms.

As Hayes returns to NCBA, we are also reuniting with the Coalition for Equitable Regulation and Taxation (CERT), which had formerly been a separate entity that functioned as the lobbying arm of NCBA. NCBA leaders concluded that it would be more practical to have CERT's only staff, their general counsel/lobbyist (Hayes), as part of NCBA, rather than heading a separate entity. With CERT and NCBA one again, we can better fulfill the mission of both groups—they are in essence one and the same.

Please join us in welcoming Jordan and Hayes aboard! You may meet Jordan and Hayes at the NCBA booth at the FUN show, January 5–6, 2023. Jordan may also be contacted by calling (409) 498-1074 or via email at kickinconsulting@gmail.com. Hayes may be contacted by calling (202) 262-4821 or emailing jjjbluedog@aol.com.

2023 Board of Directors Election Update

Thank you to everyone who submitted a nomination for a voting board of director position! These eight members accepted their nominations.

Greg Allen, Greg Allen Coins, LLC
Robert Brueggeman, Positive Protection
Dan Duncan, U.S. Coins
Mike Fuljenz, Universal Coin & Bullion
Terry Hanlon, Dillon Gage
Brian Kint, David Lawrence Rare Coins
Mauricio Londono, Precious Metals International
Stephanie Sabin, Professional Coin Grading Service

Since the number of candidates running was fewer than the number of positions open, the election was uncontested. Therefore, these unopposed candidates were all considered “elected,” and the general election was canceled. Their terms begin January 1, 2023.

With that, we are pleased to introduce the new board of directors:

Patrick Perez, Chair, CDN Publishing
John Fisher, Treasurer, Fisher Precious Metals
John Brush, Immediate Past Chair, David Lawrence Rare Coins
Greg Allen, Greg Allen Coins, LLC
Robert Brueggeman, Positive Protection
Simon Codrington, Hugh Wood
Philip Diehl, U.S. Money Reserve
Dan Duncan, U.S. Coins
Mike Fuljenz, Universal Coin & Bullion
Tom Hallenbeck, Hallenbeck Coin Gallery
Terry Hanlon, Dillon Gage
Brian Kint, David Lawrence Rare Coins
Gary Linthicum, Universal Coin & Bullion
Mauricio Londono, Precious Metals International
Stephanie Sabin, Professional Coin Grading Service
Max Spiegel, Numismatic Guaranty Corporation

Honorary members are Robert Fritsch (Collector), Kim Kiick (American Numismatic Association), and Cindy Wibker (Florida United Numismatists).

New NCBA Website Launching Soon

Get ready, we have a new website launching soon! We are excited to share a sneak peak of the new, updated site that’s coming your way. Have a look!

Welcome New Members!

(And thank you, referrers!)

The following joined NCBA between October 1 and December 31, 2022:

Copper

  • Ross Umberger, Capital Gold & Silver (Columbia, SC)
  • Donna Dillulio, CT Gold & Silver Brokers (Washington Depot, CT)
  • Jeremy Devos, INVESTMENT METALS CONSULTING, LLC (Palm Beach Gardens, FL)
  • Steven Rice, Mountain Pass Coins (Prescott Valley, AZ); referred by Upstate Coins

Basic

  • Cody Roeder, Freedom Shield Capital (Santa Monica, CA)
  • George Grigorel, International Bullion Services, LLC (Hackensack, NJ)
  • Daniel Boston, Preserve Gold Group, Inc. (Woodland Hills, CA); referred by Kevin Demeritt
  • Alex Rettmer, Weiss Inc. (Greeley, CO); referred by ANA
  • Jennifer Mousis,  (Lake Geneva, WI); referred by Clark Smith

Concerned Collectors Coalition

  • David Hamilton, Visalia, CA
  • Calvyn Hatcher, Marietta, GA
  • Steve Kendall, Terre Haute, IN; referred by Coinage
  • Jody Whiteneck, Moore, SC

Member-Get-A-Member Challenge

Do you have colleagues who you think should join NCBA? Participate in our Member-Get-A-Member Challenge! We know our current members are the best possible resource for finding new members who could benefit from all that NCBA offers.

CLICK HERE to learn more.

Thank You, Donors!

For nearly 40 years, members—as well as other individuals and businesses—have backed us with more than just their annual membership dues, helping support our mission to promote and safeguard the numismatic and precious-metals bullion communities’ interests and to serve as their watchdog. Your donations are an investment in NCBA’s future.

  • Joseph Boling
  • Citi-Coin Company
  • Golden State Mint
  • Jay King
  • NGC customer support program

CLICK HERE to donate. Thank you for your contribution.

NCBA is a 501(c)(6) tax-exempt trade association and is supported solely by dues and donations. Contributions or gifts to NCBA are not tax deductible as charitable contributions. However, contributions may be deductible as trade or business expenses if ordinary and necessary in the conduct of business such as sponsorships. Please consult your tax advisors for specific details and advice.

Message from executive director David Crenshaw

THANK YOU for renewing your membership!

The National Coin & Bullion Association’s memberships are truly the lifeblood of our association, and your involvement is extremely important to us and very much appreciated.

If you have not renewed your membership already, it expired on December 31, 2022, and you are now within your membership grace period.

If you’re still deciding whether to renew, or just haven’t gotten around to it yet, please let us remind you how your dues help us:

  • FIGHT to keep sales-tax exemptions in 41 states (with more in the works)
  • ELIMINATE onerous and burdensome regulations, like the Minnesota law that threatened to put dealers out of business
  • PROTECT you from counterfeits through the Hobby Protection Act and educational programs
  • MONITOR every proposed law or regulation related to coins, currency, or precious metals in all 50 states and the federal government
  • MOBILIZE the dealer and collector communities when state and federal laws and legal actions threaten your hobby, like the SCOTUS South Dakota v. Wayfair decision

We are grateful for all the support NCBA has received from you, and we don’t want you to forget that your membership also carries other benefits*:

  • EDUCATION through quarterly newsletters and members-only white papers
  • DISCOUNTS on NCBA information kits and from partner associations/businesses, including NGC and ANACS
  • VISIBILITY to other members and the numismatic community through signage at shows and advertisements
  • NETWORKING opportunities through member dinners and volunteering efforts
  • A VOICE in how the government effects your hobby

We hope that you will take the time to renew your membership and remain part of our community.

Your financial contributions truly are vital to our existence, but so is your membership—just knowing that you support what we are doing keeps us going. Please renew by clicking here, or take a moment to let us know why you have chosen not to renew. We really want to know what we can do better.

Message from chair John Brush

This is my final column as the chair of NCBA, and it’s a bit bittersweet. When I accepted the position in December 2018, I was familiar with the overall mission of the organization, but I was ignorant of many pieces of the work that the NCBA does. I, like many of you, had thought that NCBA just pushes for sales-tax legislation, but it’s really so much more. It assists numismatic businesses of all types with AML plans, taxation questions, PPP funding (I hope I never have to think about the cause of that ever again!), and much, much more.

Through the last several years I’ve realized that NCBA is truly the most important dealer-based organization in the hobby, and I’m honored to have been a part of a team that is leaving this place better than we found it. NCBA had gone through a few rough years before I was asked to chair the board of directors, and I wasn’t sure I could help revitalize it. But, thanks to the executive committee, David Crenshaw, and Jimmy Hayes, we are now on stable financial ground and looking towards the future!

I am excited about the many changes coming our way—the new board members who are joining the leadership of this organization, our new chair, Patrick Perez, and the merging of CERT back into the NCBA fold. With these pieces working together, I’m confident that the organization has an even brighter future ahead! I want to thank all of you for allowing me to be a part of leading this organization. Thank you for your support, advice, and—most of all—for your membership. I’m excited to see how it grows and develops from here. The NCBA is truly a special organization, and I hope that you will continue to support us during this time of prosperity in the numismatic world.

Upcoming Events

NCBA Board of Directors Meeting

A board of directors meeting will start at 8:00 a.m. on Wednesday, January 4, 2023, at the Florida United Numismatists Convention, Orlando County Convention Center North/South Building, in a meeting room N320F.

Relevant Bylaws: According to our Bylaws, Section 6-3, “Board of Directors members are required to attend at least one (1) Board of Directors meeting per year, either in person or by electronic communication.” Any board meetings conducted in person may be attended via teleconference. Directors will be provided a centralized telephone number and passcode to join the meeting.

Membership Dinner and Update

You and a guest are cordially invited to the NCBA dinner and update on Wednesday, January 4, 2023, at Charley’s Steak House, 8255 International Drive #100, Orlando, Florida. A reception will begin at 6:30 p.m., followed by dinner at 7:00 p.m. A brief recap of any significant association business will be presented during the dinner.

Gold and Platinum members receive a complimentary dinner for themselves and one guest. Be sure to also register your guest.

Seating is limited, so register early to save and guarantee your seat.

Consider also becoming an event sponsor with a donation in any amount.

CLICK HERE to register.

Important Deadlines for Form 1099-B

The deadline for furnishing statements to recipients of Form 1099-B is February 15. The deadline for businesses to send Form 1099-B to the IRS is February 28, or March 31 if filed electronically. (If any date falls on a Saturday, Sunday, or legal holiday, the due date is the next business day.)

CLICK HERE to order Form 1099-B.

CLICK HERE to electronically file Form 1099-B.

CLICK HERE for more information about Form 1099-B.

Are You Using the Correct NCBA Logo?

In 2021 the National Coin and Bullion Association (formerly known as the Industry Council for Tangible Assets) underwent rebranding to better focus on our work as an advocate for the numismatic community. With the update of our association name, website, and logo, NCBA would like to remind all members to update their own use of our logo. At this time we ask members to immediately discontinue their use of the old “WE SUPPORT ICTA” logo. Any members who would like to add the new, updated NCBA “Member” logo to their own documents should fill out the logo use agreement found in the member Resources section of the website and submit it to ncba@ictaonline.org. A digital image of the new logo will be emailed to you.

NCBA has long-standing policies relating to the use of our name and logo. As members know, we are a tax-exempt trade association aimed at advocating for fair tax laws and favorable regulations to support the numismatic and precious-metals bullion industry. Membership is open to any who wish to join.

In 1991, NCBA established strict limitations on members’ use of our name and logo to avoid any possible misunderstanding that NCBA membership implies endorsement of or a reference for a member’s business or business practices. NCBA does not investigate members, monitor, or form any judgment about members’ business practices, and therefore NCBA does not serve as a business reference for its members or endorse any member’s business or business practices. At that time, no use of the logo could be made without specific authorization from ICTA.

NCBA policy changed in January 1995 so that members were permitted to use the NCBA name and/or logo only on (1) materials produced by or with the specific authorization of NCBA, such as membership certificates and other materials used on business premises or on signs at coin shows; or (2) advertisements published in print media (newspapers, trade journals, etc.).

In April 1999, NCBA’s logo policy was again updated to also permit members to use the NCBA name and/or logos on letterhead, business cards, and other printed materials, provided that use of the NCBA name and/or logo is restricted to a list of memberships. It may not be displayed in a manner that states or suggests that NCBA serves as a business reference or endorsement for the member.

To avoid any possible confusion, NCBA members must sign a form indicating their understanding of the policy laid out above and their agreement to abide by its terms in order to use the NCBA name and/or logos. Use of the NCBA name or logo is prohibited without this agreement on file in NCBA’s offices.

Again, if you are currently using the ICTA or “WE SUPPORT” ICTA logos, immediately discontinue their use, and complete a new logo use agreement. You may submit the completed agreement by email to ncba@ictaonline.org or mail it to PO Box 237, Dacula, GA 30019. Upon receipt of the completed form, we will email a digital image of the NCBA “MEMBER” logo to you. Please email ncba@ictaonline.org if you have any questions.

CLICK HERE to download a logo use agreement.

Note: The NCBA “MEMBER” logo is a membership benefit for basic- through platinum-level dealer-only members.

Update Your Member Profile

Stay connected with NCBA through our website at nationalcoinandbullionassoc.org. We ask that you take a moment to update your member profile via the “Member Login” link. Concerned Collectors Coalition members (formerly “Consumer Patrons”) should add your state and federal legislators to your profile. CLICK HERE to find your legislators—remember, they may have changed with the last election. If you do not know your username or password, there are links on the login screen to retrieve them. By keeping your member profile up to date, you are guaranteed access to all the exclusive benefits and resources that an NCBA membership offers:

  • Member-only resources specifically for dealers, available online at nationalcoinandbullionassoc.org
  • Federal and state legislative alerts and other important communications
  • Discounts on valuable cash- and broker-reporting information kits
  • Professional development educational seminars
  • Access to the online Member News quarterly newsletters

Should you need any assistance or have any questions or comments about your membership and/or benefits, please feel free to contact us at (678) 430-3252 or by email at ncba@ictaonline.org.

Essential Resources for Your Business

NCBA provides essential information to help you with cash and broker reporting. Copper and above members get a 50% discount off the listed price.

Cash-Reporting Kit ($200): The information provided by NCBA is intended to assist dealers in understanding the regulations on cash reporting and money laundering. This information is designed to be used in conjunction with the advice of your professional tax advisor.

Broker-Reporting Kit ($100): The information provided by NCBA is based on our discussions with the Internal Revenue Service to identify investment-level or other substantial transactions that could generate tax consequences. You should also consult with your tax advisor.

Consumer Information Kit ($50): This information has been produced in response to many questions from consumers regarding what products and circumstances require transactions be reported to the U.S. Department of the Treasury / Internal Revenue Service.

CLICK HERE to order information kits.

Member Benefits:

Shipping Insurance Program

Shipandinsure.com is a private parcel insurance provider covering outbound or inbound, domestic or international packages at extremely competitive rates. Claims are processed promptly for loss, partial loss, or damage, providing peace of mind. Shipments are covered in full, with no deductible. Dealers consistently choose shipandinsure.com as their first choice for shipping insurance. Online purchasing simplifies the process of getting your coins, currency, and bullion items insured when shipping through UPS, FedEx, or the United States Postal Service. But you must be a member of the North American Collectibles Association to use shipandinsure.com!

NCBA members can join the North American Collectibles Association (NACA) at a reduced rate of $15 off the membership fee of $135. Renewing members also receive $15 off their NACA membership.

The shipandinsure.com program covers up to $75,000—and even higher amounts by request—per package processed online with certain methods of shipping, specifically FedEx Overnight options. The coverage is through PMA Group, an A-rated company.

Along with shipandinsure.com, you are also entitled to the FedEx Discount Program, with discounts of 50% off FedEx shipping rates on Standard & Priority Overnight, Two-Day, and International shipping. FedEx Ground is 25% off.

Members new to shipandinsure.com will receive the application for this discounted rate, and existing members can ask for an application, which will be sent promptly. NACA membership has its benefits! All you need is an existing FedEx account.

If an insured item is lost during shipping, shipandinsure.com sees that you receive prompt payment for the full insured value, after submitting the claim form and supporting documentation. Customers are not hassled with required appraisals and extensive paperwork. Filing a claim and receiving your check is swift and simple.

Check out our website today at shipandinsure.com. The link to join as an NCBA member is on a separate button, giving you the $15 discount on NACA membership. We look forward to working with you! Call us for more information at 877-393-5310 or 717-393-5317 and sign up with the North American Collectibles Association today. Start saving on shipping insurance for shipments sent by FedEx, UPS, or USPS immediately.

Draw More Exposure for Your Company

Would you like members and visitors to our website to see your company’s message? Would you like to capture the attention of NCBA members in our newsletter, Member News?

Help your company stand out with an advertisement in the advertising carousel and/or Member News. The “Our Sponsors” carousel on our website displays each ad in the rotation for approximately five seconds. A carousel advertisement is a free benefit for Bronze-level members and above. Advertising in Member News, which is sent to all NCBA members every quarter, is also a great way to get your message out.

CLICK HERE for more information.

NCBA in the News

What to Do if Charged Sales Tax on Exempt Purchase,” NumismaticNews.net, November 17, 2022

Not Receiving Our Emails?

Typically, when members don’t see our emails in their inboxes, it’s due to junk-mail and spam filtering by their Internet service provider and/or email software. Check your email’s spam or junk folders and add icta@memberclicks-mail.net to your email’s contacts or address book so future emails get through. If you still don’t see our emails, please contact us at ncba@ictaonline.org, so we may investigate further.

States’ News

Presently, 41 states have complete or partial sales-tax exemptions on in-state retail sales of collector coins and precious-metals coins and bullion. Of those states, five (Alaska, Delaware, Montana, New Hampshire, and Oregon) have no state sales tax at all, while the other 36 have enacted legislation and adopted regulations to exempt such merchandise. That leaves nine states (Hawaii, Kentucky, Maine, Minnesota, Mississippi, New Jersey, New Mexico, Vermont, and Wisconsin) and the District of Columbia who do not exempt retail sales of coins, currency, and precious-metals bullion from sales tax. Any member who would like to start a sales-tax exemption initiative in one of these remaining states or the District of Columbia, please email ncba@ictaonline.org.

Kentucky

Representative Norma Kirk-McCormick introduced House Bill 272: An ACT relating to the taxation of currency and bullion on January 11, 2022. It was sent to the Appropriations & Revenue Committee on February 7, 2022.

Representative Kirk-McCormick was an enthusiastic sponsor who worked with her colleagues to build an impressive list of seven additional co-sponsors, and she pushed the issue of a sales-tax exemption for coins, currency, and bullion among the other members of the House. The sponsors’ and lobbyists’ efforts were supported by the public outreach generated by NCBA’s action alerts. We received positive feedback from legislators about the quality and frequency of communication, although some lamented that letter-writers’ addresses were seldom included.

Unfortunately for any tax exemption bills this year, the 2022 General Assembly made it a top priority to close any financial exemptions, loopholes, and commitments as they move to reduce Kentucky’s income-tax rate. Only one revenue-related bill made it through to the Senate, even though dozens of such bills were introduced.

HB 272 died in committee when the session adjourned sine die on April 14, 2022. However, our lobbyist team at MML&K Government Solutions is confident that this issue is well positioned for success in the coming year. Any of the bill’s co-sponsors would be a good choice to introduce new legislation. MML&K will continue to meet with legislators between now and the next session, which begins in January 2023. With the added success of Tennessee’s new sales-tax exemption, Kentucky lawmakers will be able to see that such exemptions can coexist with low- or no-income taxes in a state.

For more information or to contribute toward the lobbyist fees and other campaign expenses, please contact Byrd Saylor at (502) 584-9879 or bsaylor@louisvillenumismatic.com.

Nevada

After months of earnest soliciting last year to obtain financial assistance for lobbying efforts, NCBA member Scott Schwartz (Fidelitrade, Delaware Depository, Boulder City) was unable to raise interest in clarifying the Nevada Administrative Code § 372.170 - Coins and stamps; bullion. The regulation indicates that the authors had some interest in creating a sales- and use-tax exemption for retail sales of bullion coins. However, there is a fundamental misunderstanding in the text about the intrinsic value of bullion coins; the statute only exempts sales of coins sold below 150% of face value (see below).

NAC 372.170 Coins and stamps; bullion. (NRS 360.090, 372.725)

  1. The tax applies to sales of coins or uncancelled stamps at a premium price for purposes other than use as a medium of exchange or postage. The tax does not apply to sales of coins or uncancelled stamps, even though sold at a premium price if the purpose of the use of the coins or stamps is as a medium of exchange or postage.
  2. If the sales price exceeds the face value of the coins or stamps by 50 percent, they will be deemed to have value as collectors’ items and will be taxable. If the sales price does not exceed the face value of the coins or stamps by 50 percent, they will be deemed to have value solely as a medium of exchange or postage and will not be taxable. Sales of any coins not currently accepted as money and sales of cancelled stamps or stamps not currently accepted for postage are taxable.
  3. Sales of coins to gaming establishments at any price for use in gaming operations are not taxable, except that, sales of coins at a premium price to gaming establishments for purposes other than use as a medium of exchange are governed by subsection 2.
  4. The tax applies to sales of bullion at a premium price for purposes other than use as a medium of exchange. The tax does not apply to sales of bullion, even though sold at a premium price if the purpose of the use of the bullion is as a medium of exchange.

Currently, Nevada-based Delaware Depository is not amenable to funding this lobbying effort on its own. “If you find one or more companies or individuals that are willing to fund the lobbying effort, then I would be happy to get on a call and discuss apportionment of the projected lobbying costs,” said local coalition leader Schwartz. For more information, please contact Scott Schwartz at (302) 483-4656 or email sschwartz@delawaredepository.com.

New Jersey

A group of coin-business owners led by Richard Cohen (National Watch & Coin) has launched a campaign with the National Coin & Bullion Association to seek a currency and precious-metals bullion sales- and use-tax exemption in New Jersey. Cohen hired lobbyist Patrick Torpey (1868 Public Affairs, Trenton, New Jersey) to help with the campaign.

Torpey and his colleague Dan Smith have started meeting with legislators, making some progress with Assembly Majority Leader Louis Greenwald. A meeting with Greenwald and his staff is planned in January to continue discussions with Cohen and the lobbyists in earnest.

To contribute toward lobbyist fees and other campaign expenses, please make your check payable to Richard Cohen, and mail the check to National Watch & Coin, 106 South 7th Street, Philadelphia, PA 19106. Write on the check “New Jersey Campaign.” For more information, please contact Cohen at (215) 418-2700 or via email at rlondon@guesswho.com.

Pennsylvania

Pennsylvania representative Russ Diamond introduced House Bill 307, “repealing provisions relating to exclusions from tax.” This would specifically affect the sales-tax exemption on investment-metal bullion and investment coins. NCBA reached out to the Pennsylvania Association of Numismatists about spearheading a grassroots effort to remove investment-metal bullion and investment coins from the items targeted in the bill.

Pennsylvania General Assembly sessions are biennial—each last two years. The 2021–2022 session adjourned December 31, 2022. The bill died in the House Finance Committee when the session adjourned sine die, exactly as we hoped. We will keep an eye on the 2023–2024 General Assembly session to ensure a similar bill does not come up again.

National News

New Federal Beneficial Ownership Information Regulations
by Gary Knaus, NCBA member and owner of Knaus & Associates, Inc.

Worldwide, money laundering continues to expand at a rapid pace. Estimates range from $800 billion to $2 trillion annually, with the US accounting for at least $300 billion (not including tax fraud). In 2016 and 2017, hacks of two leading law firms known to  create offshore shell and front companies disclosed more than 24.9 million confidential documents. These “Panama and Paradise Papers,” as they were named, revealed a staggering number of illicit transactions made by individuals and groups ranging from government leaders to Russian oligarchs to human-smuggling gangs—each hiding behind nearly impenetrable layers of shell corporations and front companies.

These revelations, coupled with increasing efforts by US and world law enforcement to identify and hold illicit actors responsible for their actions (and frustrations related to that effort), played a large role in the new Anti-Money Laundering Act of 2020. A major piece of this new law is the Corporate Transparency Act (CTA), which—as its title indicates—is designed to make what and who is behind those shell and front companies more visible. The key components of CTA designed to do this are “Beneficial Ownership Information” (BOI) regulations, set take effect on January 1, 2024. The Financial Crimes Enforcement Network (FinCEN) estimates that 32.6 million US companies will be required to report their benefitting owners to FinCEN, as well as the information for whomever filed their corporate documents.

As you see below, the vast majority of dealers in precious metals (and numismatics) will also need to file with FinCEN.

Who Must File

  1. Corporations, LLCs, and other legally filed business entities with a location in the US who, during their past tax year
  • Had fewer than 20 full-time employees, AND
  • Had sales revenue less than $5,000,000.

Companies formed by an offshore company must also file if they have any office(s) in the US that meet the above requirements. There are various exceptions to the above, but those are largely for companies that are already highly regulated.

  1. Beneficial Owners who
  • Have at least 25% ownership in the entity AND/OR
  • Have a 25% or greater controlling interest in the entity through a contract or agreement

Various exceptions also apply to the above, such as children who have not yet reached the age of majority.

  1. Company Applicants. Basically, the person who filed the paperwork for incorporation, LLC creation, etc.

Information to Be Filed

Filings must include

  • Company name, address, and company ID numbers (TIN and EIN)
  • Jurisdiction of filing (such as state, tribal nation, etc.)
  • Names, dates of birth, and addresses of Beneficial Owner(s) and Company Applicant
  • A photo ID (driver’s license, passport, state ID, etc.) that includes a unique identifying number

When to File

  • Existing companies must file within one year of the date the regulations take effect (January 1, 2024)
  • Newly created companies have 30 calendar days following their creation to file an initial report to FinCEN
  • Updated and corrected reports must be filed within 30 calendar days of any change(s)

While most NCBA members won’t require extensive outside expertise to meet the FinCEN reporting requirements—and no doubt, FinCEN and other companies may develop forms or software to help with filing—keep in mind that the above information is highly abbreviated. If your business is more complex, you may need to seek assistance from an accountant, tax lawyer, or other expert in such matters.

The BOI is the first of three final regulations associated with implementing the Corporate Transparency Act. Upcoming CTA regulations will also address which authorized parties have access to BOI information and under what circumstances, as well as how those parties will be required to handle and safeguard BOI data. The final regulation will relate to rescinding and revising portions of current Customer Due Diligence rules to make them consistent with the Corporate Transparency Act.

For reference, the specific regulations discussed above can be found in the Federal Register:

Federal Register / Vol. 87, No. 189 / Friday, September 30, 2022 / Rules and Regulations Pages 59498-59596.

Gary Knaus has provided AML compliance services to bullion, coin, and jewelry dealers since 2012. Contact him at 630-963-6350 or gknaus@aml4u.com.