Author: deve

What to Do If Your Business Information Changes After Filing Your BOIR

The Corporate Transparency Act (CTA) requires businesses to file a Beneficial Ownership Information Report (BOIR) with FinCEN, but what happens if there are changes to your business after you file? Whether you’ve updated your leadership team or changed the ownership structure, you need to ensure that your report remains accurate and up-to-date to avoid penalties. […]

Beneficial Ownership Information Reporting: How to Keep Your Business Compliant in 2024 and Beyond

With the introduction of the Corporate Transparency Act (CTA), small businesses across the U.S. face new compliance challenges. The Beneficial Ownership Information Reporting Rule (BOIR) requires most companies to disclose who controls or owns significant portions of their business. Staying compliant with this new requirement is essential for avoiding penalties, but it can also be […]

Which Businesses Are Exempt from Beneficial Ownership Reporting?

The Corporate Transparency Act (CTA) introduces beneficial ownership reporting requirements for most U.S. businesses. However, not all companies are required to file. Some types of entities qualify for exemptions under the Act. Let’s explore which businesses are exempt and why. Exempt Entities Under the CTA FinCEN has identified 23 categories of exempt businesses that do […]

Avoiding Fines and Penalties: Your Guide to Beneficial Ownership Reporting Deadlines

Compliance with the Corporate Transparency Act (CTA) isn’t just about staying on the right side of the law—it’s about protecting your business from steep penalties, fines, and possible imprisonment. Let’s dive into the reporting deadlines you need to know and how you can avoid the risks of non-compliance. Important Deadlines for BOIR Filing Your filing […]

Understanding the Role of a Beneficial Owner in Business Transparency

If your business is subject to the Corporate Transparency Act (CTA), you need to understand the concept of a beneficial owner. Identifying beneficial owners is key to meeting the reporting requirements set out by the U.S. government. But who exactly is a beneficial owner, and what does it mean for your business? Who Qualifies as […]

The Corporate Transparency Act: What Business Owners Need to Know About Beneficial Ownership Reporting

As a business owner, it’s crucial to stay informed about the new regulations under the Corporate Transparency Act (CTA). The Act’s Beneficial Ownership Information Reporting Rule (BOIR) introduces new compliance requirements for most U.S. businesses. But what exactly is beneficial ownership reporting, and how does it affect your company? Let’s break it down. What is […]