The CTA brings significant changes to the compliance landscape. It’s essential for business owners and advisors to understand the new requirements and obligations to ensure compliance.
Fact sheets to help you identify the information about your company and its beneficial owners and company applicants that you are required to collect and report as part of the CTA.
Diagram and worksheets to help determine if your entity is a “reporting company” and whether it qualifies for any reporting exemptions.
The CTA brings significant changes to the compliance landscape. It’s essential for business owners and advisors to understand the new requirements and obligations to ensure seamless compliance.
Fact sheets to help you identify the information about your company and its beneficial owners and company applicants that you are required to collect and report as part of the CTA.
Diagram and worksheets to help determine if your entity is a “reporting company” and whether it qualifies for any reporting exemptions.
Find answers to commonly asked questions about the Corporate Transparency Act and compliance topics.
The Corporate Transparency Act (CTA) is a major advancement in U.S. business regulation aimed at enhancing transparency and fighting illegal activities such as money laundering, fraud, and the financing of terrorism. This act mandates certain legal entities to provide information about their beneficial owners.
The Corporate Transparency Act (CTA) applies to the majority of corporations, limited liability companies (LLCs), and similar entities established or registered to conduct business in the United States. These entities must disclose beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN).
Determine Applicability: First, determine if your company is subject to the CTA or if it qualifies for one of the available exemptions.
Identify Beneficial Owners: Beneficial owners are individuals who own or control at least 25% of the company or who exercise significant control over the company.
Collect Required Information: For each beneficial owner, gather the following information:
File Report with FinCEN: Submit the information to FinCEN using their reporting system, or a third-party filing service such as Platinum Filings.
Keep Information Updated: Update FinCEN of any changes in beneficial ownership or the information reported within 30 days.
Maintain Records: Keep records of the reported information and any supporting documents.
Beneficial Ownership Information refers to the details about the individuals who ultimately own, control, or benefit from a company or other legal entity. This information includes the names, addresses, and other identifying details of these individuals. It helps authorities and stakeholders understand who is behind a business, ensuring transparency and preventing illegal activities like money laundering, tax evasion, and corruption.
A Beneficial Ownership Information Report can be submitted online through FinCEN’s secure BOI E-Filing System. If you need to manage many entities and/or beneficial owners, the BOI Manager at Platinum Filings allows users to easily manage their entities simplifying the collection and updating of beneficial owner data.
