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Offering Client-Friendly Solutions

As we navigate the new era of business compliance under the Corporate Transparency Act, we’ve simplified the process to ensure your clients’ entities remain compliant in a way that works best for you (and your client).

Here’s a quick guide in 5 simple steps:

Formation Request: Send us your entity formation request, and if desired, specify including associated BOI report and/or EIN application filing in your invoice.
Formation Evidence: Receive emailed evidence of your formation, including a link to CapitolBCM for convenience. Forwarding this evidence to your client will allow them the option to take action independently by accessing CapitolBCM as a guest user.
Upload Information: To continue the compliance process, upload and submit all sensitive ID information directly through CapitolBCM.
Dedicated CTA Specialist: Our specialized team will efficiently handle your compliance order.
FinCEN Submission: Receive confirmation of your FinCEN submission and an invoice for provided services.

QUESTIONS?

Due Diligence Through OFAC Searches

Adherence to the U.S. Treasury Department’s requirements to limit tax evasion, money laundering, and terrorist funding is paramount today more than ever. Capitol Services is taking a proactive stance to assist businesses in meeting compliance with the Office of Foreign Assets Control (OFAC) rules regarding individuals and companies with whom U.S. companies are prohibited from doing business. Recognizing the severe consequences that can befall organizations violating these regulations—ranging from civil penalties to criminal charges—we are excited to introduce our latest offering: the OFAC Sanctions List Search. In a world where global transactions are the norm, understanding the background of your transactional parties is of the utmost importance. Doing business with individuals or entities found on the OFAC sanctions list is not only risky — but also illegal. Our OFAC Search adds a crucial dimension to your risk mitigation and due diligence, helping you navigate the intricate web of compliance effortlessly.

The OFAC Search is a new service offering designed to further facilitate due diligence in your transactions. These searches aim to identify whether any party involved in a transaction appears on watch lists maintained by the U.S. Department of Treasury. The searches are now available as a stand-alone service or as part of your preferred lien search package. Integrating seamlessly into your due diligence process, this tool provides an additional layer of security, helping ensure that your business transactions align with federal requirements.

Stay ahead of regulatory challenges and fortify your due diligence efforts with our OFAC Sanctions List Search. Trust Capitol Services to be your partner in compliance and risk management!

Introducing Our CTA Exemption Wizard

The recent implementation of the Corporate Transparency Act (CTA) has introduced new reporting requirements for certain companies. Understanding whether your company falls under these regulations can be complex, which is why we’re thrilled to introduce Capitol Services’ CTA Exemption Wizard.

Whether you’re unsure about your status or simply seeking confirmation, our Wizard is here to provide clarity and peace of mind. This intuitive tool will guide you through a series of questions to help determine whether or not your company is required to file a Beneficial Ownership Information (BOI) report.

Take the guesswork out of compliance and let our CTA Exemption Wizard streamline the process for you.

TRY OUR CTA EXEMPTION WIZARD

Corporate Transparency Act

…And, just like that, January is upon us! The start of the new year means that the much-anticipated Corporate Transparency Act is now a reality.

Under the CTA, most companies in the U.S. will be required to file a report with FinCEN identifying the beneficial owners of their company, any company applicants (if the company is created or registered after January 1, 2024), and certain other company information including legal name, address, jurisdiction of formation, and taxpayer identification number (TIN).

Fear not, we have been preparing for this for a very long time and are here to help! Our team of knowledgeable CSRs is ready to guide you through the process, and our dedicated Beneficial Ownership Information Report filing team is poised to spring into action.

In January, Capitol Business Compliance Manager (CapitolBCM) will launch and be accessible through our Client Dashboard or by going directly to www.capitolservices.com/CTA. This user-friendly platform will allow you to upload BOI reports, copies of IDs, and other sensitive documents securely. We have a strategic group working hard to grow this platform into a sophisticated compliance tool, and you should expect exciting things to come from this system as it evolves to meet your needs.

All of our experienced customer service representatives who file formations will obtain a FinCEN identification number, and that individual may be listed as one of the company applicants on the BOI report for the company we helped you form. The FinCEN ID will automatically be included in the email with your filing evidence and you will have it at your fingertips.

FinCEN recently announced an extension of the deadline for initial BOI reports on newly formed entities. Reporting companies created or registered between January 1, 2024, and December 31, 2024, will have 90 calendar days after receiving notice of their creation or registration to file their initial reports. On January 1, 2025, that deadline will revert to 30 days.

No other changes have been made to filing due dates. Reporting companies formed or registered before January 1, 2024, will have one year to file their initial reports. Non-exempt companies have 30 days to report changes to the information in their previously filed reports and must correct inaccurate information in previously filed reports within 30 days.

It should be noted that there is no annual filing requirement with FinCEN. Once a company has made its initial filing, another BOI report need not be filed until information on the report changes or the company becomes exempt.

The CTA is the biggest change in our industry in years. Our goal at Capitol Services is to make these filings easy for you, and to that end, we have created new filing packages that include the formation filing and BOI report, with the option of also adding the company’s EIN application.

Contact us at CTA@capitolservices.com or visit www.capitolservices.com/CTA to learn more about reporting requirements, FinCEN guidance, view informational webinars by our in-house CTA experts, or start the filing process through CapitolBCM.

VIEW WEBINAR

A Fresh Take

For this post of Did You Know?, we thought we’d switch it up a bit to give you valuable insight from a client’s perspective on their decision to invest in our Annual Report Management Service (ARMS).

Here’s some Q&A with Capitol Services’ ARMS client Kim M.:

Q: What was life like before enrolling in Annual Report Management Service (ARMS)?
Unorganized. We would file the reports when we got past-due notices.

Q: How has ARMS affected you and your company?
We’ve been able to get our reporting organized with visibility in one place.

Q: How much time would you say that ARMS saves you?
I couldn’t even imagine. With the number of companies we have, it would be a part-time job! Or a full-time job!

Q: What’s it like working with our ARMS team?
It’s great! Everybody is very prompt with their questions in all situations so our filings are made efficiently and on time. The stuff that needs to get done gets done; the ARMS team has been very flexible with our 3rd parties and they keep me on top of everything.

Q: Any unexpected benefits you’ve experienced with ARMS?
I feel more organized when we go into business deals knowing that we’re always in good standing.

Q: What’s one reason you’d recommend ARMS to your colleagues?
I like working with the team. The customer service is wonderful; super-helpful. We’re not just another number; if it’s important to me, it’s important to you guys. And that doesn’t always happen in today’s day.

Q: What would you say to a client who might be considering ARMS?
Do it. Yes, it costs money, but there’s always a cost — it’s whether you want to pay someone on your staff to do it, and not always have the security of them knowing what they’re doing. If it’s not right, you’ll have late fees and more costs to get back into good standing. So there’s always a cost — ARMS is absolutely worth it.

To experience how ARMS can make your life easier, reach out today for a quote.

Corporate Transparency Act Update

The Corporate Transparency Act’s (CTA) reporting requirements, effective January 1, 2024, will impact most companies across the country. However, many companies remain unaware of their new reporting obligations.

Key Questions for Companies

As the effective date approaches, companies should consider several key questions.

Am I exempt from filing a beneficial ownership report (“BOI Report”) with the Financial Crimes Enforcement Network (“FinCEN”)
Who are my beneficial owners?
Who are my company applicants?

Our Plan

We will be offering BOI Report filings as a product to our clients and are building a secure system that clients will use to upload their information for the filings. We will inform clients of our pricing for the filings in the fourth quarter of this year.

Legislative Trends

Two pieces of legislation have been introduced in Congress that, if passed, would impact the implementation of the CTA: the Protecting Small Business Information Act of 2023 and the Protect Small Business and Prevent Illicit Financial Activity Act.

Additionally, there is a growing movement among states to require companies to report beneficial ownership information in ways similar to the CTA. The New York legislature has passed the LLC Transparency Act which will require LLCs to report beneficial ownership information to the Department of State. Similar legislation has been introduced in California and Massachusetts.

We will continue to keep you up to date on the CTA and the legislative trends. For more information, visit our CTA resource page here: https://www.capitolservices.com/cta/