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Federal Register / Vol. 86, No. 233 / Wednesday, December 8, 2021 / Proposed Rules BOI reports would be 32,800,422 190 in the first year of the reporting requirement as existing small businesses come into compliance with the proposed rule and 9,468,510 191 in the years after. FinCEN estimates that the total cost of filing BOI reports is approximately $1.26 billion 192 in the first year and $364 million 193 in the years after. FinCEN estimates it would cost the 25 million domestic and foreign reporting companies that are estimated to currently exist approximately $45
each to prepare and submit an initial report for the first year that the BOI
reporting requirements are in effect.194
FinCEN intends that the reporting requirement would be accessible to the personnel of reporting companies who would need to comply with these regulations and would not require specific professional skills or expertise to prepare the report. However, FinCEN
is aware that some reporting companies may seek legal or other professional advice in complying with the BOI
requirements. FinCEN seeks comment on whether small businesses anticipate requiring professional expertise to comply with the BOI requirements described herein and what FinCEN
could do to minimize the need for such expertise.

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iv. Duplicative, Overlapping, or Conflicting Federal Rules There are no Federal rules that directly and fully duplicate, overlap, or conflict with the proposed rule. FinCEN
recognizes that the CTA requires the Administrator for Federal Procurement Policy to revise the Federal Acquisition Regulation maintained under 41 U.S.C.
1303a1 to require any contractor or subcontractor that is subject to the reporting requirements of the CTA and proposed rule to disclose the same information to the Federal Government 190 30,186,029 hours to file initial BOI reports +
2,614,392 hours to file updated BOI reports. Please see the Paperwork Reduction Act section below for the underlying analysis related to these burden hour estimates.
191 3,764,381 hours to file initial BOI reports +
5,704,129 hours to file updated BOI reports. Please see the Paperwork Reduction Act section below for the underlying analysis related to these burden hour estimates.
192 $1,160,332.854.17 to file initial BOI reports +
$100,495,669.61 to file updated BOI reports.
FinCEN estimated cost using a loaded wage rate of $38.44 per hour. Please see the Paperwork Reduction Act section below for the underlying analysis related to these cost estimates.
193 $144,700,558.43 to file initial BOI reports +
$219,263,279.14 to file updated BOI reports.
FinCEN estimated cost using a loaded wage rate of $38.44 per hour. Please see the Paperwork Reduction Act section below for the underlying analysis related to these cost estimates.
194 $1,160,332,854.17/25,873,739 reporting companies = $44.85, approximately $45.

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as part of any bid or proposal for a contract that meets the threshold set in 41 U.S.C. 134.195 FinCEN would collaborate with the Administrator for Federal Procurement Policy and other Government agencies as necessary to reduce, to the extent possible, any duplication of the CTA requirements.
Additionally, Section 885 of the NDAA
includes a separate beneficial ownership disclosure requirement in the database for federal agency contract and grant officers.
FinCEN is aware that the IRS collects taxpayer information that may include information related to beneficial ownership, such as information on entity ownership structure and identifying information about such owners and entities. However, disclosure of taxpayer information is limited by statute, and the IRS generally does not have authority to disclose such information for the purposes specified in the CTA.
FinCEN is also aware that financial institutions subject to the CDD Rule are required to collect some BOI from legal entities that establish new accounts.
However, the CDD Rule does not require these financial institutions to file a report of that BOI with FinCEN, and FinCEN has long viewed the CDD Rule and BOI reporting at entity formation as distinct.196 Furthermore, the CTA
requires that the CDD Rule be revised, retaining the general requirement for financial institutions to identify and verify the beneficial owners of legal entity customers but rescinding the specific requirements of 31 CFR
1010.230bj. The CTA explicitly identifies three purposes for this revision: to bring the rule into conformity with the AML Act as a whole, including the CTA; to account for the fact that financial institutions would have access to BOI reported to FinCEN in order to confirm the BOI
provided directly to the financial institutions for AML/CFT and customer due diligence purposes; and to reduce unnecessary or duplicative burdens on financial institutions and customers. This revision must be accomplished within one year after the effective date of the BOI reporting rule.
v. Significant Alternatives That Reduce Burden on Small Entities Given that FinCEN assumes that all reporting companies would be small entities, the alternatives discussion in the Paperwork Reduction Act section 195 31

U.S.C. 5336c1.
e.g., 81 FR 29398, 29401 discussion of multipronged strategy in the implementing notice for the CDD Rule.
196 See,
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below see Table 8, which analyzes alternatives to the specific reporting requirements of the rule, describes in greater detail several alternatives that would reduce the burden on small entities.197 A brief overview of the alternative analysis is summarized in this section. The alternative scenarios considered include: 1 The length of the initial reporting period; and 2 the length of time to file an updated report.
In the first alternative, FinCEN
lengthened the timeframe in which initial reports may be submitted by companies that are in existence when the eventual final rule comes into effect.
Specifically, FinCEN lengthened the current proposals BOI compliance requirement from one year to two years, which is permissible under the CTA.198
After applying several more assumptions, including but not limited to assuming half of the existing reporting companies would file their initial BOI report in Year 1 and the other half would file in Year 2, FinCEN
estimated that the cost of the proposed rule would be approximately $637
million less in Year 1 and approximately $358 million more in Year 2 under this alternative scenario of extending the compliance timeframe from one to two years. This would translate into a decreased net present value cost over a ten-year horizon by approximately $281 at a three percent discount rate or $283 million at a seven percent discount rate.
In the second alternative, FinCEN
lengthened the timeframe for updated reports from the proposed 30 days to one year, which is again permissible under the CTA.199 After applying several assumptions, including but not limited to assuming updates would be bundled, meaning that a reporting company would submit one updated report to account for multiple updates, which would in turn result in an increased burden of filing due to increased information per report, FinCEN estimated that the total cost of the proposed rule would be approximately $238 million at a seven percent discount rate or $293 million at a three percent discount rate less in net present value over a ten-year horizon under this alternative scenario of increasing the timeframe for updated reports.
Additionally, FinCEN considered an alternative scenario in the Executive Orders 12866 and 13563 section above 197 The alternative scenario discussed in the Executive Orders 12866 and 13563 section above that relies on states to collect BOI is not expected to reduce burden on small entities.
198 See 31 U.S.C. 5336b1B.
199 See 31 U.S.C. 5336b1D.

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