With a year-end deadline approaching for the Beneficial Ownership Information (BOI) reporting rule under the Corporate Transparency Act (CTA), many startup businesses are seeking clearer guidance on eligibility and compliance requirements.
“While some companies may qualify for exemptions, these are generally limited to highly regulated businesses. As a result, millions of companies will still need to file initial reports and updates with the Financial Crimes Enforcement Network (FinCEN),” says Rupak Venugopal, Vice President of Beneficial Ownership at Wolters Kluwer Financial & Corporate Compliance.
To assist startups in navigating their reporting obligations, Wolters Kluwer CT Corporation has created a range of resources, including an expert article and a podcast designed to clarify BOI-related questions.
For reporting companies established before January 1, 2024, Venugopal emphasizes that the initial BOI report must be submitted to FinCEN by January 1, 2025. For those formed in 2024, the initial report is due within 90 calendar days of receiving notice of their effective creation. An estimated 32.6 million entities will be subject to BOI reporting in 2024 alone.
“Failing to comply can lead to serious consequences, including civil and criminal penalties,” he warns.
CT Corporation provides a comprehensive suite of BOI solutions to help affected organizations fulfill their obligations. Its Beneficial Ownership Platform securely stores and manages BOI filing information, streamlining the process for multiple entity filings and amendments.
For additional information on how to navigate the BOI reporting requirements, visit “Beneficial Ownership Information Compliance from CT Corporation.”
To learn more about Wolters Kluwer, please visit: www.wolterskluwer.com.
