Are you aware that non-compliance with the Corporate Transparency Act (CTA) can lead to serious consequences, including hefty fines and even criminal charges? With deadlines fast approaching, it’s critical for businesses to know how to remain compliant.
Below, we outline four essential steps to help businesses like yours successfully submit a Beneficial Ownership Information (BOI) report to the Financial Crimes Enforcement Network (FinCEN) and share how Corporations Today can support you through each step in the process.
1. Determine if your business is required to file.
The CTA requires many U.S. businesses to disclose their ownership information to FinCEN in an effort to enhance transparency and combat financial crimes such as money laundering and tax evasion.
Most small businesses, including LLCs and corporations, are required to file a BOI report unless they meet certain exemptions, such as:
Not sure if your business needs to file? Contact us for a consultation. We’ll help you determine whether your entity qualifies as a reporting company under the CTA.
2. Collect the required information.
Our compliance team will assist you in gathering all the necessary details we need to complete your BOI report. This includes legal names, addresses, dates of birth, and identification documents (e.g., driver’s licenses or passports) for your company’s beneficial owners.
A “beneficial owner” refers to anyone who owns at least 25% of the company or has significant control over it. This may include senior officers, such as CEOs, or individuals with substantial influence over operations.
The goal of BOI reporting is to create transparency about who truly owns businesses, helping to prevent criminals from exploiting complex company structures.
3. Get compliant.
We’ll help register your business with FinCEN, prepare your BOI report, and ensure that it is submitted ahead of the required deadlines:
Failure to file on time can result in civil penalties of up to $500 per day and potential criminal charges, including up to two years of imprisonment.
4. Ensure ongoing compliance.
Beyond your initial filing, we can help you stay compliant year-round. Through our subscription service, we provide reminders to notify us of any changes to your business, such as changes in ownership or control, so that we can promptly update your BOI report with FinCEN.
Navigating BOI requirements can be challenging, especially for entrepreneurs and small business owners. That’s why Corporations Today offers both a one-time, immediate compliance service to manage your initial BOI filing, as well as ongoing compliance management to monitor for updates and remind businesses of important compliance and state filing deadlines.
Get started now. Contact us today to ensure your business is fully protected and compliant.
Corporations Today LLC provides general business information and related services. It does not provide legal, accounting, tax or other professional advice. If you need advice concerning the specific applications of our products and services, you should consult with an attorney or other appropriate professional. We will be happy to provide references to attorneys or other appropriate professionals upon request.
1712 Pioneer Ave #100, Cheyenne WY 82001
Call Us 1-800-632-3757
