The Corporate Transparency Act (CTA) brings a new wave of compliance for businesses, requiring the disclosure of Beneficial Ownership Information (BOI) to prevent financial crime. The Financial Crimes Enforcement Network (FinCEN) has launched a Beneficial Ownership Reporting Outreach and Education Toolkit. This toolkit provides educational resources covering reporting requirements, deadlines, and filing procedures, guiding business owners through the essentials of BOI reporting. However, even with these tools, business owners need help navigating compliance due to the complexity of regulatory changes.
What’s Inside the BOI Toolkit?
The BOI Toolkit is an educational package that includes factsheets, instructional guides, FAQs, and case studies. Here’s a breakdown of its most significant resources:
- Overview Factsheets— These documents outline the basics of BOI reporting, assisting business owners in understanding why reporting is necessary, who is required to report, and what information needs to be submitted.
- Instructional Guides— These step-by-step guides explain the filing process and provide businesses with clear instructions for submitting accurate and timely BOI reports.
- FAQs— This section addresses common questions from business owners, including how to determine if they qualify as a “reporting company,” what defines a beneficial owner, and what establishes control over an entity.
- Case Studies—The toolkit includes practical case studies that illustrate real-life situations in which BOI reporting is necessary. These studies help small businesses and newcomers to the process by clarifying when and why reporting is required.
- Key Deadlines and Penalties – This section highlights important filing dates and explains the penalties for non-compliance. The BOI reporting deadline for entities established before January 1, 2024, is January 1, 2025. After this date, companies will incur penalties if they fail to file within 30 days of their formation date or miss a change-reporting deadline.
The Value of Professional Assistance for BOI Compliance
Despite the toolkit’s wealth of information, correctly filing BOI reports requires more than just filling out forms—it’s about ensuring accuracy, understanding unique business circumstances, and staying updated with ongoing requirements. Small businesses, in particular, often have limited time and resources to handle these processes in-house. Here, a professional partner like CTA Express can add significant value.
At CTA Express, our team has specialized experience in BOI reporting. We provide a comprehensive solution that guides you through the initial filing and supports you in staying compliant with ongoing requirements, like notifying FinCEN of ownership changes. Partnering with us means more than meeting a deadline; it’s about creating a streamlined, compliant approach to your business filings.
Why Choose CTA Express?
With CTA Express, businesses have access to a team dedicated to compliance, helping mitigate the risk of penalties for errors or late filings. CTA Express offers:
- Experience and Expertise: CTA Express specializes in BOI filings, helping clients navigate unique and complex situations.
- Client Alpha discovered she had an extra business she didn’t know about that had been created for her by a consultant in error.
- Client Beta had three inactive businesses that we helped him vet for Reporting Entity qualification using the FinCEN Exception Questionnaire.
- Accuracy in Reporting: CTA Express examines your organization’s ownership structure in detail to ensure the accuracy of your filings. For the same reasons you pay a CPA to do your taxes or an attorney to set up your legal entity, you’re better off trusting the experts to handle regulatory filings like this.
- Client Gamma had a second beneficial owner, by the FinCEN definition, that did not have equity ownership. FinCEN’s complex Beneficial Ownership definition has been “clarified” multiple times this year alone.
- Time Savings: BOI reporting can be time-consuming for business owners, especially those unfamiliar with regulatory filings. We usually complete filing with them in less than half the time. In some cases, we have saved the owners over two hours.
- Client Delta was not required to file at all. Their 30-year business had always been a Sole Proprietor, unbeknownst to them, and they really didn’t know much about business structures like LLCs. We refunded their fees.
- Forever Compliance: With our Unlimited Update-Filing Subscription, CTA Express keeps you informed about ongoing updates, such as beneficial owner ID expirations and changes in ownership structures. Our clients receive monthly reminders for any changes, and CTA Express retains a complete, accurate record of their filings—something FinCEN’s database doesn’t provide once a BOI report is submitted.
- Client Epsilon had us file due to her own ADHD combined with many competing business priorities. She knew she would not remember to file BOI Update Reports when addresses were changed or IDs expired.
- Risk Mitigation: The complexity of BOI filings means that mistakes can happen, especially for businesses handling it alone. Hiring CTA Express ensures expert oversight, minimizing the risk of errors and associated penalties. This is similar to why businesses hire CPAs for taxes—specialists save you time and protect against costly mistakes.
- Partner Zeta was a referring CPA who did not want to file for their clients due to the complexity of the various scenarios their clients presented and the fact that their attorney contacts were no longer offering filing services. They sought out CTA Express because we are “specialists” focusing on BOI filing.
While FinCEN’s BOI Toolkit is a helpful starting point, it’s no replacement for professional support. CTA Express not only ensures compliance but also brings peace of mind. With us, your filings will be accurate and updated regularly to avoid risks and penalties. Start your BOI filing journey with confidence—partner with CTA Express.
To learn more, explore FinCEN’s toolkit here, and reach out to CTA Express for personalized assistance in meeting BOI requirements.
