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Welcome to CTA Filer, your reliable partner in navigating the complexities of the Corporate Transparency Act (CTA) compliance. We specialize in providing a seamless experience in CTA compliance filing, ensuring your business meets all the necessary legal requirements. Our expert services are designed to simplify your CTA compliance process, making it straightforward and hassle-free.
The Corporate Transparency Act (CTA) is a significant piece of legislation designed to combat illicit activities such as money laundering, terrorist financing, corruption, tax fraud, and other illegal activities. The CTA requires certain entities to report information about their beneficial owners and the individuals who created the entity to the Financial Crimes Enforcement Network (FinCEN). Compliance with the CTA is not just a legal requirement—it’s a commitment to ethical business practices.
Shell companies, which often have no physical presence beyond a mailing address and generate little to no independent economic value, have been used by illicit actors to obfuscate their identities and launder their ill-gotten gains through the U.S. financial system. These opaque corporate structures undermine U.S. national security and economic prosperity by allowing criminals to illegally access and transact in the U.S. economy.
The CTA addresses this issue by requiring certain entities to report information about their beneficial owners and the individuals who created the entity to the Financial Crimes Enforcement Network (FinCEN). A beneficial owner is defined as an individual who, directly or indirectly, owns or controls 25% or more of the ownership interests of the entity, or exercises substantial control over the entity.
This reporting requirement is designed to help prevent and combat illicit activities by making it more difficult for bad actors to conceal their financial activities through entities with opaque ownership structures. The information collected will be highly useful to law enforcement, regulators, and financial institutions in identifying and combating illicit financial activities.
At CTA Filer, we understand the complexities of the CTA and are committed to helping you navigate the filing process with ease. Our services are designed to help you meet these filing requirements in a timely and efficient manner, ensuring your business remains compliant with the CTA and avoids potential penalties. Learn more about our CTA filing services and how we can assist you with your CTA compliance filing needs including affidavit of beneficial ownership and even secure BOI filing storage as required by the Corporate Transparency Act. CTA Filer isn’t just here to help you file, but actually become and stay compliant.
Beneficial ownership reporting is a key aspect of the CTA. It is designed to help prevent and combat illicit activities by making it more difficult for bad actors to conceal their financial activities through entities with opaque ownership structures. The information collected will be highly useful to law enforcement, regulators, and financial institutions in identifying and combating illicit financial activities.
Compliance with the CTA is not just a legal requirement—it’s a commitment to ethical business practices. By adhering to the Corporate Transparency Act compliance guidelines, your business contributes to the global fight against financial crimes. Non-compliance, on the other hand, can lead to severe penalties, including hefty fines and potential damage to your business reputation.
At CTA Filer, we offer a comprehensive suite of services designed to simplify your Corporate Transparency Act (CTA) compliance process. Our services include easy, online filing, affordable pricing, secured multi-year retention of data, up-to-date filing requirements and annual monitoring, and assistance to avoid penalties. Our team of experts is committed to providing you with the best possible service, helping you navigate the complexities of the CTA with ease.
We offer a comprehensive suite of services designed to simplify your Corporate Transparency Act (CTA) compliance process. Here’s how we can assist you with CTA prep and more:
Easy, Online Filing: We provide an intuitive online filing system with step-by-step instructions, making the process of CTA compliance filing straightforward and hassle-free.
Affordable Pricing: Our services are competitively priced, offering a cost-effective alternative to expensive accounting or legal services. We believe that maintaining compliance should be affordable for all businesses.
Secured Multi-Year Retention of Data: We understand the importance of data security and record-keeping. Our system securely retains your data for multiple years, reducing your paperwork load and ensuring you have access to your records when you need them.
Up-to-Date Filing Requirements and Annual Monitoring: We stay abreast of the latest changes in the CTA regulations to provide you with the most current filing requirements. Our annual monitoring service ensures your business remains compliant year after year.
Avoid Penalties: Non-compliance with the CTA can result in severe penalties, including financial fines and up to 2 years in jail. Our services are designed to help you avoid these consequences by ensuring your business meets all its CTA filing obligations.
Our team of experts is committed to providing you with the best possible service, helping you navigate the complexities of the CTA with ease. Contact us today to learn more about our CTA filing services and how we can assist you with your CTA compliance filing needs.
We’re more than just a service provider—we’re your partner in promoting transparency and combating financial crimes. We understand the complexities of the CTA and are committed to helping you navigate the filing process with ease. Our services are designed to help you meet these filing requirements in a timely and efficient manner, ensuring your business remains compliant with the CTA and avoids potential penalties.
Failure to comply with the CTA can result in significant penalties. These can include fines and potential legal action. Moreover, non-compliance can lead to reputational damage, which can impact your business relationships and bottom line. Our CTA compliance filing services are designed to help you avoid these issues and ensure your business remains on the right side of the law.
One Step Ahead
We Are Here to Help
We do the research so you don’t have to spend your valuable time going through 100s of pages of the new law and policies being put in place revolving around the Corporate Transparency Act. We started Corporate Transparency Act US in hopes to help others find their way through these confusing policies and helping simplify their experience while allowing them to focus on their business.
Learn All About Us
Everything You Need to Know, Simple & Easy
FinCEN has given out a lot of information to sift through, here is what you need to know.
CTAfiler.com is an “Experience as a Service”® web application. We provide your corporation or LLC a place to pull-together the information on beneficial owners of your company to file the necessary Registry Form with FinCEN. Each firm has to file individually, identify which owners need to file, and provide the required data on these domestic and foreign owners. CTAfiler.com will keep appropriate evidence related to their ownership as required by law, securely housed until you need to file it again.
At CTA Filer, we’re more than just a service; we’re your partner in navigating the complexities of the Corporate Transparency Act. With a deep understanding of the legal and financial landscapes, our team of U.S.-based professionals is committed to providing unparalleled support and guidance. Our platform simplifies the compliance process, making it straightforward and hassle-free. Whether you’re a seasoned corporation or a newly formed LLC, our tailored solutions are designed to meet your specific needs, ensuring you stay ahead of regulatory requirements and focus on what matters most: your business’s growth and success.
| ✅ | Determine if your organization has Beneficial Ownership reporting requirements, as set forth in the Act, or if your firm is in an exempt group as specified by the Act. |
| ✅ | Identify any and all individuals who would be considered beneficial owners under the Act. |
| ✅ | Identification documents of each individual considered to be a beneficial owner are current (i.e., non-expired) and/or plan to renew upon expiration. |
| ✅ | Provide resources to securely store and transmit documents to assist in compliance with the new (and emerging) filing obligations. |
| ✅ | Annual monitoring to track compliance requirements. |
| ✅ | Present updates on new procedures and articles on the Corporate Transparency Act (CTA) requirements and their implications for small and medium sized businesses. |
Corporate Trasparency Act FAQs
| Questions | Answers |
|---|---|
| What is the Corporate Transparency Act (CTA)? | The CTA is a legislation designed to combat illicit activities such as money laundering and corruption. It requires certain entities to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). |
| Why is compliance with the Corporate Transparency Act important? | Compliance with the CTA is a legal requirement and a commitment to ethical business practices. It contributes to the global fight against financial crimes. Non-compliance can lead to severe penalties and potential damage to your business reputation. |
| What is beneficial ownership reporting and why is it important? | Beneficial ownership reporting is a requirement of the CTA designed to prevent illicit activities by making it difficult for entities to conceal their financial activities. The reported information is useful to law enforcement, regulators, and financial institutions in identifying and combating illicit financial activities. |
| What services does CTA Filer offer to assist with CTA compliance? | CTA Filer offers a comprehensive suite of services including easy, online filing, affordable pricing, secured multi-year retention of data, up-to-date filing requirements and annual monitoring, and assistance to avoid penalties. |
| How does CTA Filer’s online filing system work? | CTA Filer provides an intuitive online filing system with step-by-step instructions, making the process of CTA compliance filing straightforward and hassle-free. |
| How does CTA Filer ensure the security and multi-year retention of my data? | CTA Filer understands the importance of data security and record-keeping. Our system securely retains your data for multiple years, reducing your paperwork load and ensuring you have access to your records when you need them. |
| What are the penalties for non-compliance with the CTA? | Non-compliance with the CTA can result in severe penalties, including financial fines and up to 2 years in jail. It can also lead to reputational damage, impacting your business relationships and bottom line. |
| How does CTA Filer stay up-to-date with changes in CTA regulations? | CTA Filer stays abreast of the latest changes in the CTA regulations to provide you with the most current filing requirements. Our annual monitoring service ensures your business remains compliant year after year. |
| How can CTA Filer help me avoid penalties associated with CTA non-compliance? | CTA Filer’s services are designed to help you avoid penalties by ensuring your business meets all its CTA filing obligations. We assist you in navigating the complexities of the CTA and the filing process with ease. |
| How can I get started with CTA Filer’s services for my business’s CTA compliance needs? | You can get started by visiting our services page to learn more about our CTA filing services and how we can assist you with your CTA compliance filing needs. Our team is ready and eager to assist you. |
| Who is required to comply with the CTA? | The Corporate Transparency Act (CTA) broadly covers any corporation, limited liability company or “similar entity” that was created by filing a document with a Secretary of State, Tribal, or similar office. Existing firms will have filed Federal Income Tax returns demonstrating less than $5,000,000 in gross receipts or sales in the aggregate. Newly formed firms will have to automatically apply. The company will have less than 21 employees. There will be exceptions to this law. |
| What companies are exempt from filing? | The Corporate Transparency Act (CTA) plans to exclude selected types of companies from filing. For a detailed explanation, click here. |
| What happens if I lie or fail to file? | The penalties for non-compliance, such as failing to report or providing false information, include fines of up to $10,000 and a prison term of up to two (2) years for each offense! |
| What is a company applicant? | The Corporate Transparency Act defines “company applicant” as an individual who files a document that creates a domestic reporting company or who first registers a foreign reporting company with a Secretary of State, Tribal office, or similar office in the United States. The proposed law also includes any individual who directs or controls the filing of such a document by another person. |
| Where is the information stored, and who has access to it? | FinCEN will retain this information and hold it in a confidential and secure database, only releasing information in specifically prescribed circumstances: a request from certain federal or state agencies engaged in national security, intelligence, or law enforcement activity for use in furtherance of such activity, in certain types of requests from a federal agency on behalf of foreign authorities, a request by a financial institution “subject to consumer due diligence requirements,” with the consent of the reporting company, or a request made by a “Federal functional regulator” or other regulatory agency to assess or otherwise ascertain compliance of financial institutions. |
| What does this mean to small and mid-sized business entities? | It means most small and mid-size entities throughout the United States must begin reporting to FinCen starting 2024. FinCen estimates this new law will affect over 25 million entities. |
| When will the CTA go in effect? | Financial Crimes Enforcement Network, Bureau of the United States Department of the Treasury collected comments until Feb 7, 2022 to finalize the new law. The final rule for beneficial ownership reporting is effective January 1, 2024. Companies which were established on or before that date will be given a year to file. Sign up for our Newsletter, and CTAfiler.com will inform you of any future updates. |
| When must companies comply with the CTA? | Companies subject to the CTA will be required to begin reporting to FinCEN in 2024. The proposed Corporate Transparency Act law will require: Companies formed or registered after the effective date of the regulations must submit the required report to FinCEN with 14 days of formation or registration, Companies formed or registered prior to the effective date of the regulations, must submit the required report to FinCEN no later than one year after the effective date of the regulations, After the initial report is filed with FinCEN, companies must update any changes in the reported information within 30 days on which the change occurred. |
| Who is a beneficial owner? | The Corporate Transparency Act defines “beneficial owner” as an individual who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise (i) exercises substantial control over the entity; or (ii) owns or controls not less than |
| What is the purpose of the Beneficial Ownership Information Reporting Requirements? | The purpose is to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, while minimizing the burden on entities doing business in the United States. |
| When is the effective date of these rules? | The rules are effective from January 1, 2024. |
| What is the role of the Financial Crimes Enforcement Network (FinCEN)? | FinCEN is issuing a final rule requiring certain entities to file with FinCEN reports that identify two categories of individuals: the beneficial owners of the entity, and individuals who have filed an application with specified governmental authorities to create the entity or register it to do business. |
| Why is the U.S. Government implementing these rules? | The rules are being implemented to prevent potential wrongdoers from exploiting United States corporations and limited liability companies for criminal gain and to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct involving United States corporations and limited liability companies. |
| How does the U.S. Government plan to use the collected information? | The collected information will be used to identify and combat illicit activities such as money laundering, terrorist financing, corruption, tax fraud, and other illicit activities. |
| What is the impact of these rules on small businesses? | The rules are designed to minimize the burden on small businesses and other reporting entities while ensuring that the information collected is accurate, complete, and highly useful. |
| What is the estimated cost for reporting companies to prepare and submit an initial BOI report? | FinCEN estimates that it would cost the majority of reporting companies $85.14 to prepare and submit an initial BOI report. |
| What is the role of shell companies in illicit activities? | Shell companies can be used to conduct financial transactions while concealing true beneficial owners’ involvement. They have enabled the movement of billions of dollars across borders by unknown actors and have facilitated money laundering or terrorist financing. |
| What is the impact of these rules on the global economy? | The rules are expected to make the global economy stronger, fairer, and safer from criminals and national security threats by increasing transparency and closing legal and regulatory gaps in the U.S. AML/CFT framework. |
| What is the role of the 2016 Customer Due Diligence (CDD) Rule in collecting beneficial ownership information? | The 2016 CDD Rule increased transparency by requiring covered financial institutions to collect a legal entity customer’s BOI at the time of an account opening. However, it did not address the collection of BOI at the time of a legal entity’s creation. |
| How does the U.S. compare to other countries in terms of beneficial ownership transparency? | At least 30 countries have already implemented some form of central register of beneficial ownership information, and more than 100 countries, including the United States, have committed to implementing beneficial ownership transparency reforms. |
| What is the role of the Financial Action Task Force (FATF) in beneficial ownership transparency? | The FATF has noted U.S. deficiencies in the area of beneficial ownership transparency and identified the lack of BOI reporting requirements as one of the fundamental gaps in the U.S. AML/CFT regime. |
| How does the U.S. plan to address the deficiencies noted by the FATF? | The U.S. plans to address these deficiencies through the implementation of the Corporate Transparency Act (CTA), which requires companies to report adequate, accurate, and current BOI |