So, your business is subject to the newly effective Corporate Transparency Act. Now what?

First, watch this informational video from FinCEN to better understand the CTA and its general provisions. Be aware that many types of businesses are exempt from reporting under the CTA. FINCEN’s Small Entity Compliance Guide contains an exhaustive list of exemptions along with a checklist of qualifications for each. Before filing, be sure your business does not qualify for an exemption!

Without an exemption, companies and their Beneficial Owners and applicants are required to report to FinCEN by the end of 2024. But who do those parties include, and what information exactly are you required to provide? FinCEN has provided an extensive list of “Frequently Asked Questions” online to help clarify its requirements. It also includes information regarding special situations, such as parent companies, updating or correcting reports, and applying for a FinCEN Identifier number.

FinCEN has launched an online filing system, a user-friendly portal through which your company can submit the required information. Although you can file your report on your own, your company may prefer to seek assistance from a third-party service provider. These providers can file multiple reports simultaneously through an online interface. They can also provide you with a transcript of the report and confirmation of submission. If your business may benefit from third-party assistance, contact RR&A for a referral.

Do you have questions regarding an exemption or other reporting issue? The attorneys at RR&A are staying current on the latest CTA developments and are available to guide you through this process!