As a Sole Proprietor, I'm exempt from these requirements. But not all Sole Proprietors are exempt. The FAQ states "No, unless a sole proprietorship was created (or, if a foreign sole proprietorship, registered to do business) in the United States by filing a document with a secretary of state or similar office."
My wife (small business CPA) was telling me about the requirements that impact many of her clients, and in her words "it will be a clusterfuck nightmare." The reporting window just opened on 1/1/2024, and existing companies have until 12/31/2024 to report. New companies formed in 2024 have to report within 30 90 days. Fines are apparently $500/day
If your FFL is an LLC, partnership, S-Corp or C-Corp, it is almost 100% likely you need to report to FinCEN based on CTA-2021.
Lots of information here in the FAQ:
https://www.fincen.gov/boi-faqs