Corporate Transparency Act (CTA) and Your Company
What is the corporate transparency Act (CTA)?
The Corporate Transparency Act is a new federal law that requires companies to report their ownership information to the Financial Crimes Enforcement Network (FinCEN) – a bureau of the U.S. Department of the Treasury.
How does the CTA impact my company?
Beneficial Ownership (BOI) reporting began January 1st, 2024 and if you are a non-exempt company in the USA, then you will need to complete this filing.
Sound like too much of a headache?
then leave the legal reporting work to us
We take the guess work out of the process and have combed through the lengthy Department of Treasury FAQs to give you peace of mind knowing your reporting is up to date.
We have the experience to efficiently and accurately file your report.
We make the process easy, and will work directly with you to collect the information needed for your filing. Not to mention, we are only a phone call away!
WHAT ARE THE NEXT STEPS?
Email or call for an initial conversation. We will get back to you ASAP (likely in less than 24 hours) to talk about how we can help with your CTA / FinCEN filing.
Phone: (503) 405-4939
Email: info@nwcorporatelaw.com
FAQs for The Corporate Transparency Act
Does The Corporate Transparency Act Apply To Me?
Yes, if you have a company in the US, it applies to you.
But Aren't Some Companies Exempt?
Yes, but unless your company has 20 full time employees and had more than $5,000,000 in receipts or sales last year, or is one of the types of companies on this list (highly unlikely), then your company is not exempt.
I'm Not Even Operating My Company Any Longer. Do I Still Need To Comply?
What Do I Have To Do To Comply?
- If your company was formed before January 1, 2024, you have until January 1, 2025 to file a report with FinCEN.
- If your company is formed any time in 2024, you have until 90 days after its formation to file a report with FinCEN.
After I Make The Filing, Is There More That I Have To Do?
You must file an updated report with FinCEN within 30 days after there is any change to the reported information about your company or its beneficial owners.
What Is A Beneficial Owner?
This is the person (or persons) who directly or indirectly own or control your company.
What Information Is Needed To File A Report?
For each of your company’s beneficial owners (this includes anyone who owns at least 25%, any lead executive officer, any manager, or any director that has substantial control over the company), we will need:
- Your company’s EIN:
- A copy of the person’s driver’s license OR passport (in PDF format & less than 4MB);
- The person’s current home address; &
- The person’s date of birth (if that information is not on the driver’s license or passport).
What If I Have More Than One Company?
You need to file a separate report with FinCEN for each company.
What If I'm Supposed To Comply, But I Don't Do Anything?
If you willfully don't comply, you may have to pay up to $500 each day that you don't comply and you could be imprisoned for up to 2 years and fined an additional $10,000.
Am I still required to make a filing even though a federal judge ruled that the Corporate Transparency Act is unconstitutional?
Yes. The judge's order in the court case National Small Business United v. Yellen only applies to the plaintiffs who filed that lawsuit. It does not apply to anyone else. FinCEN is complying with the judge's order and not requiring the named plaintiffs in that lawsuit to make filings under the Corporate Transparency Act. However, FinCEN is requiring everyone else to continue making filings, so if you want to comply with the Corporate Transparency Act, you should still make a filing.
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