CTAEXPRESSFILING specializes in streamlining the compliance process for the Corporate Transparency Act by managing all aspects of Beneficial Ownership Information (BOI) report filings. Our services include a user-friendly portal for submitting information, supported by a team of legal experts and attorneys who ensure accuracy and completeness.

Yes, security is our top priority. Our portal is equipped with the latest security measures to protect your information, and our team of legal experts handles your filings with the utmost confidentiality and care.

Yes, once your filing is successfully completed, CTAEXPRESSFILING provides a Certificate of Compliance, confirming your adherence to the Corporate Transparency Act and enhancing your business’s credibility.

Our services are suitable for nearly all businesses required to comply with the Corporate Transparency Act, including small and home-based businesses. If you’re unsure about your filing obligations, our team can provide guidance.

In 2021, Congress passed the Corporate Transparency Act, requiring companies to report beneficial ownership information. This law aims to prevent wrongdoers from hiding or benefiting from illicit activities through shell companies or complex ownership structures. The Act establishes a confidential database to help the Federal Government identify all individuals associated with a reporting company.

The Corporate Transparency Act allows Federal, State, local, and Tribal officials, as well as certain foreign officials through a U.S. Federal government agency, to access beneficial ownership information for national security, intelligence, and law enforcement purposes. Financial institutions can access this information in specific cases with the reporting company’s consent, and regulatory bodies can access it during supervision processes. The information is stored securely in a non-public database with stringent security measures.

• For companies existing before January 1, 2024, the initial beneficial ownership information report must be submitted by January 1, 2025.
• For companies created or registered between January 1, 2024, and January 1, 2025, the report must be filed within 90 calendar days of receiving notice of creation or registration.
• For companies created or registered on or after January 1, 2025, the report must be filed within 30 calendar days of receiving notice of creation or registration.

Failure to meet these deadlines may result in penalties from FinCEN.

• For companies formed or registered before January 1, 2024: The deadline is December 31, 2024.
• For companies established or registered between January 1, 2024, and January 1, 2025: The deadline is within 90 calendar days of receiving notice of creation or registration.
• For companies created or registered on or after January 1, 2025: The deadline is within 30 calendar days from the actual or public notice of creation or registration.

Additionally, companies must file updated reports within 30 days of any change to the company or a beneficial owner’s information after the initial report.

Subscribe to CTAEXPRESSFILING and fill in your company information. You will gain access to a dashboard to manage your companies and maintain ongoing compliance. The system will guide you through the reporting process.

The filing requirement depends on the entity type and its method of establishment:

• Domestic entities (e.g., statutory trusts, business trusts, or foundations) qualify as reporting companies if their creation involves filing a document with a secretary of state or similar office.
• Foreign entities must report if they register to conduct business in the U.S. by filing with a secretary of state or an equivalent office.

State laws vary on whether specific entity types require filing for creation or registration. For instance, if a trust is formed in a jurisdiction that mandates such filing, it becomes a reporting company unless exempted. Not all states require foreign entities to register by filing to conduct business. If a foreign entity must file to register and does so, it attains reporting company status unless an exemption applies. Entities should assess whether any exemptions to reporting requirements apply. For example, a foundation may not need to report beneficial ownership information to FinCEN if it qualifies for the tax-exempt entity exemption. Use the CTAEXPRESSFILING Exemption tool to check if your business qualifies for any exemptions.

Exceptions exist for individuals who would typically be considered beneficial owners of a reporting company. These exceptions encompass minors, custodians or nominees, task-assigned employees who are not officers, individuals with prospective ownership like inheritance, and creditors who can acquire ownership only through potential future debt collection. In such cases, reporting companies are not obliged to report these individuals as beneficial owners to FinCEN.

The unaffiliated company itself cannot qualify as a beneficial owner of the reporting company as beneficial ownership pertains solely to individuals. Individuals exerting substantial control over the reporting company via the unaffiliated company must be reported as beneficial owners. However, those lacking influence over significant decisions made by the reporting company and not exercising substantial control may not be deemed beneficial owners.

Reporting companies must divulge:

1. Legal name.
2. Any trade names, “doing business as” (d/b/a), or “trading as” (t/a) names.
3. Current street address of principal place of business (for U.S.-based companies) or current address from which business is conducted in the U.S. (for foreign reporting companies).
4. Jurisdiction of formation or registration.

Taxpayer Identification Number (or foreign-issued tax identification number, if applicable).

1. Additionally, companies must specify whether they are submitting an initial report, a correction, or an update of a previous report.

For each individual classified as a beneficial owner, a reporting company must provide:

1. Name.
2. Date of birth.
3. Primary residential street address.
4. An identifying number from an acceptable identification document (e.g., passport or U.S. driver’s license), along with the issuing state’s name or jurisdiction.
5. An image of the identification document used to obtain the identifying number.

For each individual designated as a company applicant, a reporting company must disclose:

1. Name.
2. Date of birth.
3. Address.
4. An identifying number from an acceptable identification document, along with the issuing state’s name or jurisdiction.

An image of the identification document used to obtain the identifying number.

1. If the applicant is involved in corporate formation, such as an attorney or formation agent, the business address must be reported; otherwise, the residential address should be provided.

Acceptable identification forms include:

1. Non-expired U.S. driver’s license.
2. Non-expired identification document issued by a U.S. state, local government, or Indian Tribe.
3. Non-expired U.S. government-issued passport.
4. Non-expired foreign government-issued passport (if the individual lacks the other acceptable forms).

Updates may be necessary under various circumstances, such as:

1. Changes in Reporting Company Details: Modifications to previously reported information, like adopting a new business name or changing the office address.
2. Alterations in Beneficial Owners: Changes in beneficial ownership, such as appointing a new CEO or updates affecting the 25 percent ownership threshold.
3. Updates to Beneficial Owner Information: Modifications to a beneficial owner’s name, address, or unique identifying number previously submitted to FinCEN.

FinCEN ensures reporting companies understand and fulfill their reporting obligations related to beneficial ownership information. Timely rectification of errors or omissions within 90 days of the original deadline may prevent penalties. Failure to comply might result in civil and criminal penalties, including fines up to $10,000, daily penalties of $500, and potential imprisonment for up to 2 years.

Entities are exempt if they meet any of these criteria:

1. Covered by section 501(c) of the Internal Revenue Code and tax-exempt under section 501(a) (excluding section 508(a)).
2. Lost tax-exempt status within the last 180 days, as covered by section 501(c) of the Code.
3. Qualify as a political organization under section 527(e)(1) of the Code and tax-exempt under section 527(a).
4. A trust described in section 4947(a) of the Code.

Companies can request a FinCEN identifier by indicating the need on the Beneficial Ownership Information (BOI) report. Upon submission, a unique FinCEN identifier is instantly provided. If a company requires an identifier after the initial report, an updated report can be submitted specifically for this purpose.