The Corporate Transparency Act (CTA) is a law designed to combat illegal activity by providing federal authorities with information about individuals who run U.S. businesses. The CTA was enacted in 2021 and became effective in 2024. Under the rules, corporations and other registered entities must file information about beneficial owners and other applicants. The goal is to combat activities like money laundering and tax fraud.
As part of the CTA, most small businesses are required to complete their Beneficial Ownership Information (BOI) filing by January 1, 2025. To help you stay compliant, we are offering a simple solution for completing your BOI filing and ensuring you remain up to date throughout your business ownership.
Filing Exemptions
Exemptions may apply to:
- Publicly traded companies
- Larger companies with over 20 full-time employees, more than $5 million in annual gross receipts, and a physical U.S. office
- Partnerships, sole-proprietors, and trusts that are not registered with the Secretary of State
- Federal, state, or local government entities
- Banks and credit unions
- Tax-exempt organizations such as nonprofits and charities
- Inactive businesses (no assets or activity for over a year)
- Insurance companies and registered investment companies
- Subsidiaries of exempt entities
You can find a full list of exemptions here: [View a full list of exemptions on the FinCEN website.] If your business is not exempt, failure to comply by the deadline could result in significant penalties.
Important Note for Owners of Multiple Entities
If you own or control multiple business entities, each entity is required to submit its own BOI filing. Compliance is managed at the individual entity level. Each eligible business must complete and maintain a separate BOI filing. which ensures that every entity in your ownership portfolio remains fully compliant.
Our Service
Our comprehensive BOI compliance service, in partnership with NCS, ensures you stay compliant effortlessly through the following features:
How Our Service Helps You: Partnering with compliance expert National Crime Search (NCS), we offer an effortless solution to meet BOI compliance requirements. Our service simplifies the entire process from data collection to report submission. Here’s how we make compliance easier for you:
- Automated compliance tasks: Save time, reduce risk, and cut costs with streamlined workflows for multiple beneficial owners.
- Smart data collection: Our user-friendly online portal (available in English and Spanish) allows for rapid, error-free data entry with advanced document scanning technology.
- One-click FinCEN reporting: Easily generate accurate BOI reports and submit them directly to FinCEN. You can also seamlessly update previous filings.
- Proactive compliance: Stay informed with timely automated alerts for upcoming filing deadlines and essential regulatory updates.
- Complete audit trail: Track all actions from data entry to submission, ensuring peace of mind during audits.
Get started at $250 per year and ensure compliance without hassle.
- For more details about how our service can assist you, please see this information flyer to learn more.
- Ready to get started? Access our BOI service here: BOI Service – Accountability Plus
Filing at the Federal FinCEN Website
Alternatively, if you prefer to handle BOI filing directly through the federal FinCEN web tool without our assistance, you can do so here: https://boiefiling.fincen.gov/.
However, please keep in mind that many business owners choose third-party services for their added features, such as automated compliance tracking, consolidated management for multiple entities, proactive deadline reminders, and dedicated support, all of which help reduce compliance risks and administrative effort.
File Now
File now to avoid penalties starting January 1, 2025.
