No later than the end of this year, almost all small businesses must complete and file what’s called a Beneficial Ownership Information Report (BOIR).

You can complete this form online and print a copy for your records. You’ll also be offered an opportunity to obtain a Financial Crimes Enforcement Network (FinCEN) identification. It’s not required to obtain this ID at the current time — only optional.

Why did the FinCEN develop and impose this new filing requirement on primarily small to very small businesses?

Apparently, there’s a lot of fraud out there involving shell companies formed primarily or entirely for money laundering or other shady purposes. By collecting detailed personal information on company officers, the goal is to make fraudulent companies easier to detect.

Regardless of the reason, your company probably isn’t eligible for an exception to the BOIR filing requirement, so you might as well get started.

The filing process is available online through the website at https://boiefiling.fincen.gov/fileboir.

What does the process involve? Filling in your company name, address and Employer Identification Number and then mostly personal information for each officer of the company.

I completed the BOIR for my company in about 30 minutes.

The process could have been quicker, but the entries aren’t always self-evident. Making a wrong choice or missing a block doesn’t preclude you from getting to the end of the BOIR form. But you could get a long error list with references back to the affected sections. Eventually, you’ll get everything right and file the BOIR.

FinCEN has received reports of financial scam attempts. If you received an unsolicited communication from someone via phone, text or email claiming to represent or be an employee of FinCEN, it’s a scam and you shouldn’t respond. Contact the U.S. Department of Treasury Office of Inspector General at http://www.treasury.gov/about/organizational-structure/ig/Pages/OigOnlineHotlineForm.aspx to report a scam using Treasury bureaus, seals or employees.

For additional information, visit the Consumer Financial Protection Bureau website, which offers resources for detecting, preventing and reporting scams.

Additional information about FinCEN and the BOIR process can be found at https://fincen.gov.

A few important notes. If you’re a sole proprietor, you’re probably exempt from the BOIR filing. But always check with your tax and legal advisors before making this choice.

FinCEN can assist you with your filing. They suggest it’s not necessary to hire a lawyer for the filing process, but that’s between you and your tax and legal advisors. Apparently, many large advisory firms and insurance firms aren’t willing to get involved in this process. Confer with your tax advisor.