CTA Compliance Services

Understanding the Corporate Transparency Act (CTA)

The CTA is a federal mandate requiring certain businesses to disclose their beneficial owners in the form of a Beneficial Ownership Information (BOI) Report to the Financial Crimes Enforcement Network (FinCEN).

What is a Beneficial Owner? A beneficial owner is any individual who directly or indirectly owns or controls a significant portion (25% or more) of an entity, or has substantial influence over its operations. The goal of the CTA is to prevent the misuse of anonymous entities for illicit activities such as money laundering, tax evasion, and financing terrorism.

Who is Required to File a BOI Report? The CTA casts a wide net, encompassing entities formed by filing with a state secretary or similar office, as well as foreign entities registered to conduct business in the U.S. This includes corporations, LLCs, partnerships, and other similar structures. Exemptions exist for entities already under certain regulatory oversight, such as banks, insurance companies, publicly traded companies, and nonprofits.

Filing Deadlines Under the CTA

Pre-existing Entities: For those established prior to January 1, 2024, the initial BOI report must be filed no later than January 1, 2025.

New Entities: For those established on or after January 1, 2024, the initial BOI report is due within 90 days of formation or registration.

Advantages of Our Reporting Service

Our service is meticulously designed to ensure your compliance with the CTA, safeguarding you from hefty penalties that can escalate to $10,000 per day, alongside potential criminal charges. Our offerings include:

• Advisory Expertise: We’ll guide you through determining your entity’s applicability under the CTA, identifying beneficial owners, and preparing and filing your BOI report with FinCEN. Our counsel extends to best practices for maintaining and updating your BOI data, and support during any FinCEN inquiries or audits.

• Administrative Assistance: We manage the administrative aspects of your BOI reporting, including collecting and verifying beneficial owner information, securing consent for data sharing with FinCEN, and ensuring record retention for the mandated five-year period.

• Consistent Reminders: Monthly reminders will keep your BOI information current, and we’ll keep you informed of any regulatory updates or changes.

Why Choose Our Service?

As a CPA firm with deep roots in tax and compliance, we bring a wealth of experience and expertise to the table. Our team of professionals is well-versed in the intricacies of the CTA. We offer a personalized service that adapts to your unique needs, backed by state-of-the-art security measures to protect your confidential data. Our pricing is competitive and transparent, with no unexpected costs.