Understand the Corporate Transparency Act and FinCEN's new Beneficial Ownership Information Reports
Small businesses need to file reports to FinCEN starting 01/01/2024 to avoid $10,000 fines
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Small businesses need to file reports to FinCEN starting 01/01/2024 to avoid $10,000 fines
Online filing services can assist you with CTA compliance and filing your initial report
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Most likely, Yes. Companies are only exempt from reporting if they have over $5M in annual sales AND 21 or more full-time employees. There are a few other exemptions, but most companies will not qualify for these. You can check your company’s filing requirements and exemptions with our Check my Company tool.
Corporate Transparency Act reports are due by the end of 2024 for companies that exist prior to 2024. New companies formed after January 1st, 2024, will have 90 days to file their initial reports.
The Corporate Transparency Act requires companies to file reports called “Beneficial Ownership Information” (BOI) reports to FinCEN, a federal agency under the Department of the Treasury.
No. Reporting companies will need to file updated reports within 30 days if information about the company or a beneficial owner changes to avoid penalties. You can file future updated reports easily from your TurboCTA dashboard.
Beneficial Ownership Information reports include information about the reporting company and every beneficial owner. Company information includes company name, business operations address, formation information, DBAs, and tax identification numbers. Beneficial owner information includes name, dates of birth, addresses, and identification documents.
Beneficial Ownership Information reports include information about the reporting company and every beneficial owner. Company information includes company name, business operations address, formation information, DBAs, and tax identification numbers. Beneficial owner information includes name, dates of birth, addresses, and identification documents.
Not filing or filing incorrect information can incur penalties, including $10,000 files and up to two years in jail. The CTA was passed to prevent money laundering, so the Department of the Treasury takes filings very seriously.
You can use TurboCTA to file your FinCEN report for $199 or $299.
