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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.