CTA Compliance Help, LLC
Your Compliance Solution Partner
Don't Get Fined...Be Safe!
What is the Corporate Transparency Act (CTA)? It's a law that went into effect on January 1, 2024. It requires small businesses to report their "beneficial owners" to the Financial Crimes Enforcement Network which is a bureau in the Department of the Treasury.
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Who is a "beneficial owner?" Anyone who owns or controls 25% or more of the ownership interest (LLC interest, Stock, Partnership) of a qualifying entity...AND anyone who exercises substantial control over an entity like an officer, member of the board or someone who is in charge of key operations. Also, if any individual receives a substantial financial benefit from the company, they are one too.
Are there exemptions? Yes, larger companies that have 20 or more full-time employees, have an office in the United States and have gross revenue over $5 million are exempt. Certain not-for-profit enterprises are exempt, etc.
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Why do they want this information? The Act was passed with the stated intent to help reduce money laundering, tax fraud and other illicit activities like funding terrorism, etc.
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What are the penalties if I don't report? The penalties are severe and begin with a fine of $500 a day up to $10,000! It is unclear at this point what the collection, late fees and interest could amount to! Noncompliance can also include federal prosecution and imprisonment for up to 2 years.
Expert BOI Filing Services for You
We specialize in helping small business owners with CTA Federal BOI Filing services, ensuring compliance with the Corporate Transparency Act. Let us assist you in avoiding penalties and staying on the right side of the law.
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We are U.S. based with our main office located in the Great State of Idaho. We don't utilize off-shore cloud storage and strive to keep your confidential information safe and secure. We are committed to helping small business owners stay in business by assisting with your CTA regulatory filing(s) directly, easily and inexpensively.
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Lastly, we want you to know that filing your BOIR (Beneficial Owner Information Report) can be done for free at the FinCEN website. What we offer is our knowledge and experience in navigating the filing process. If you are a D.I.Y. self-starting individual, that's totally okay! The FinCEN regulations can be found at our information website along with a copy of the Act. If you want to borrow our knowledge and make this process easy and straight-forward, then click the link to get started!
