As 2024 draws closer, we know that the Corporate Transparency Act (CTA)’s upcoming reporting requirements are on the forefront of people’s minds. We have received many questions about the CTA including whether we will be offering the required report filings as a service.
The CTA requires most companies in the U.S. to submit a beneficial ownership information report (BOI Report) to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) identifying their beneficial owner(s), company applicant(s), and other company information. These requirements go into effect on January 1, 2024. We have closely studied the CTA since its enactment by Congress at the beginning of 2021. Additionally, we have thoroughly analyzed the rules published by FinCEN, the regulatory body tasked with implementing the filing requirements. We are currently working with FinCEN to gain further clarification on their rules, provide feedback, and shape their regulations.
We will be offering BOI Report filings as a product to our clients, and we are developing a secure system to facilitate the collection of the information required to submit the filings. We will also be offering Employer Identification Number (EIN) application submission services to clients since EINs are required to be included on the BOI filings. We are developing our processes for both product offerings and are engaging clients for feedback.
We will continue to keep you up to date as we refine our approach. For more in-depth information on the CTA and its requirements, visit : https://www.capitolservices.com/cta/