Looming end-of-year reporting deadline adds urgency to Corporate Transparency Act filing
With a year-end reporting deadline drawing near, Wolters Kluwer CT Corporation will offer expert guidance to impacted businesses for filing beneficial ownership information (BOI) reports in a webinar, “Preparing for the Corporate Transparency Act deadline,” 1-2 p.m. ET Tuesday, November 12.
Presented by Sandra Feldman and Anirudh John from Wolters Kluwer CT Corporation, the event will delve deeply into essentials for helping ensure businesses that are subject to BOI filing requirements are prepared to meet the January 1, 2025 deadline.
“This webinar occurs less than 50 days before the filing deadline. Understanding whether your business is impacted—and what is needed to file compliantly—is crucial and certainly not something to be left to the last minute,” warns Rupak Venugopal, Vice President, Beneficial Ownership, Wolters Kluwer Financial & Corporate Compliance. Consequences for non-compliance are considerable, he notes, including the potential for civil penalties of up to $591/day (no maximum) and criminal penalties of a fine up to $10,000.
“Reporting one’s BOI details is an entirely new process for millions of U.S. businesses,” adds Venugopal. “Besides meeting the initial reporting requirement, changes to a company’s beneficial owners’ status will present additional reporting obligations. Knowing the fundamentals of this rule can help companies not only meet their initial filing requirements but also potential ongoing compliance obligations beyond the January 1 deadline.”
Attendees will learn about basic BOI filing requirements, misconceptions about the Corporate Transparency Act (CTA), and recent guidance from the Financial Crimes Enforcement Network (FinCEN) to help aid their understanding and ongoing diligence for BOI compliance.
The CTA requires many U.S. entities and foreign entities registered to do business in the U.S. to file a beneficial ownership information report with the federal government. FinCEN estimates that 32.6 million entities must file an initial report by January 1, 2025, but many businesses are not prepared due to unfamiliarity with the requirement or misconceptions about the CTA criteria.
For reporting companies created before January 1, 2024, the initial BOI report must be filed with FinCEN by January 1, 2025. For those created in 2024, the initial BOI report must be filed within 90 calendar days of the date the entity receives notice that its creation is effective. For more information on navigating the BOI reporting requirements, visit “Beneficial Ownership Information Compliance from CT Corporation.”
