New resources focus on small business owner needs in complying with beneficial ownership filing requirements
Wolters Kluwer has developed a series of informative podcasts under its BizFilings brand to promote a greater understanding among owners of small business entities that are subject to the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting rule. The podcasts tackle some of the more complex data collection and filing requirements of BOI reporting to help foster greater clarity and compliance.
“Each year, small business owners, including those operating limited liability companies or corporations, must see to a number of year-end compliance tasks. In 2024, many owners will also need to prepare a beneficial ownership information report to submit to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN),” notes Rupak Venugopal, Vice President, Beneficial Ownership, Wolters Kluwer Financial & Corporate Compliance. “As we approach Q4 and the year-end BOI reporting deadline, it is imperative for business owners to get their arms around how they are going to meet these reporting requirements compliantly. We are here to help.”
Podcast topics range from a “Corporate Transparency Act 101” overview and another focusing on key compliance tips, to a presentation devoted to special considerations for business owners seeking guidance for LLC and corporation reporting. The series also includes a podcast devoted to the New York LLC Transparency Act, a state law modeled in part after the federal CTA that goes into effect in 2026 and will have an annual filing requirement.
Consequences for non-compliance with the Corporate Transparency Act are considerable, including the potential for civil penalties of up to $591/day and criminal penalties of a fine up to $10,000, two years of incarceration, or both. To date, only a small portion of the nearly 33 million businesses impacted by the reporting rule have filed their BOI details with FinCEN.
Wolters Kluwer’s BizFilings Beneficial Ownership Information Report is being used by small businesses to understand basic reporting requirements, file with confidence, and avoid penalties for non-compliance, leveraging the company’s expertise as a trusted provider that has been serving businesses for nearly 200 years.
