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We will prepare and file FinCEN reports as required by the Corporate Transparency Act

We will prepare and file FinCEN reports as required by the Corporate Transparency Act

The Purpose of this is website is to:

  1. Inform business and entity owners that a new federal law has been put into effect as of January 1, 2024 called the Corporate Transparency Act (CTA).  If the entity does not file a FinCEN report outlining and disclosing information about its beneficial owners, it might cause the entity to be fined up to $500 per day by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury
  2. Divulge the 23 types of businesses that are exempt from filing the CTA. Most businesses and entities that are in the U.S. are not exempt from filing a FinCEN report.
  3. Outline all of the information pertaining to each of the beneficial owners that a reporting company must include in its report
  4. Answer frequently asked questions
  5. Offer CTA Filing Solution LLC’s services for hire in assisting and preparing the FinCEN reports for reporting companies. This will help companies not be fined $500 per day.

What is the CTA?

The CTA is requiring all reporting companies to file a FinCEN report with the Financial Criminal Enforcement Network (FinCEN) of the U.S. Treasury, disclosing all information about the beneficial owner(s) of the reporting companies and those that created them. Failure to report in a timely fashion can be fined $500/day.

Reporting Due Dates

There are three distinct due dates for CTA reports, with the specific deadlines contingent upon the company's establishment date, either before 2023 or after 2024. Additionally, reporting companies must adhere to the obligation of submitting an amended report within thirty days of any alterations to the information provided in a previously filed FinCEN report.

Is Your Entity Exempt?

The Reporting Rule exempts twenty-three (23) specific types of entities from the reporting requirements. An entity that qualifies for any of these exemptions is not required to submit beneficial ownership information (BOI) reports to FinCEN

What We Can Offer

CTA Filing Solution will prepare and submit both initial and revised FinCEN reports on behalf of reporting companies. Our services involve gathering details concerning beneficial owners and the applicant and subsequently submitting the initial and amended FinCEN reports for reporting companies.

Penalties

The willful failure to report complete or updated beneficial ownership information to FinCEN, or the willful provision of or attempt to provide false or fraudulent beneficial ownership information may result in a civil or criminal penalties, including civil penalties of up to $500 for each day that the violation continues, or criminal penalties including imprisonment for up to two years and/or a fine of up to $10,000.

For more information and a quote for your company