What has changed?
In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new Beneficial Ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their illegal gains through shell companies or other opaque ownership structures.
This is not an IRS regulation. These changes are part of a government-wide effort to combat money laundering, terrorist financing, and other illicit financial activities.
What does this mean for you?
If your business falls into the category of entities required to report, you will need to provide additional information to FinCEN. This could include detailed information about beneficial owners, company structure, and customer due-diligence processes. This filing will not be completed with your tax returns; it will be an additional filing. It is crucial that the information you submit is accurate and compliant with the legal standards set forth in the new regulations.
Why can’t Intown or Fuller Frost complete this for you?
All these new laws and requirements are new to the Treasury Department, too. Because things are changing fast, our insurance will not allow us to perform some services – just like they won’t allow us to sell stocks or real estate.
We have to keep structural boundaries between your financial services and these new crime-related reporting requirements. But Intown Financial Services and Fuller Frost and Associates have always been dedicated to making your business processes as easy as possible. That’s why we worked to set up CTAWorks: to bring our same high standards to a new kind of support for our clients.
Solution!
You absolutely can comply with CTA/BOI reporting on your own. But for the same reasons you seek help with your bookkeeping or taxes, you might want help with these new requirements. In particular, CTAWorks will offer:
- Advanced technology superior to the FinCen website;
- User-friendly interactions;
- CPA expertise on standby to assist and answer questions;
- And retention of your records allowing repeat use after one setup.