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Corporate Transparency Act — Beneficial Ownership Information Reporting Requirement
What entities are required to comply with the CTA’s BOI reporting requirement?
Entities organized both in the U.S. and outside the U.S. may be subject to the CTA’s reporting requirements. Domestic companies required to report include corporations, limited liability companies (LLCs) or any similar entity created by the filing of a document with a secretary of state or any similar office under the law of a state or Indian tribe.
Domestic entities that are not created by the filing of a document with a secretary of state or similar office are not required to report under the CTA.
Foreign companies required to report under the CTA include corporations, LLCs or any similar entity that is formed under the law of a foreign country and registered to do business in any state or tribal jurisdiction by filing a document with a secretary of state or any similar office.
Are there any exemptions from the filing requirements?
There are 23 categories of exemptions. Included in the exemptions list are publicly traded companies, banks and credit unions, securities brokers/dealers, public accounting firms, tax-exempt entities and certain inactive entities, among others. Please note these are not blanket exemptions and many of these entities are already heavily regulated by the government and thus already disclose their BOI to a government authority.
In addition, certain “large operating entities” are exempt from filing. To qualify for this exemption, the company must:
Who is a beneficial owner?
Any individual who, directly or indirectly, either:
An individual has substantial control of a reporting company if they direct, determine or exercise substantial influence over important decisions of the reporting company. This includes any senior officers of the reporting company, regardless of formal title or if they have no ownership interest in the reporting company.
The detailed CTA regulations define the terms “substantial control” and “ownership interest” further.
When must companies file?
There are different filing timeframes depending on when an entity is registered/formed or if there is a change to the beneficial owner’s information.
What sort of information is required to be reported?
Companies must report the following information: full name of the reporting company, any trade name or doing business as (DBA) name, business address, state or Tribal jurisdiction of formation, and an IRS taxpayer identification number (TIN).
Additionally, information on the beneficial owners of the entity and for newly created entities, the company applicants of the entity is required. This information includes — name, birthdate, address, and unique identifying number and issuing jurisdiction from an acceptable identification document (e.g., a driver’s license or passport) and an image of such document.
For more information about the BOI, visit https://www.fincen.gov/boi-faqs
Please contact our office at (305) 631-2288 to discuss your business situation.
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Thank you for choosing Shechter & Associates LLP to assist you with your tax and accounting needs. We hope to make this tax season a seamless and relaxed process for you. Tax season has officially start and we begin Saturday appointments on February 24, 2024. We wanted to share some information and helpful links to assist you during this tax season.
Shechter & Associates LLP now offers a client portal “Canopy Tax”. Our client portal offers an easy way to upload large documents securely and access your current and prior year tax returns. You can even upload documents with Canopy’s mobile app. Canopy’s mobile app is compatible with both iOS and Android. You can find it on both Apple iTunes and Google Play stores.
If you would like to access our client portal, please let us know and we will send you an invite or you can access the website here: https://app.canopytax.com/
If you are interested in booking a Saturday appointment with Philip please see below. You can click on the link https://calendly.com/shechterassociates/2023taxreturn to schedule the time that works for you. If you are interested in a time Monday through Friday, please reach out to Bianca Pereira-Diaz at Bpereira@se-forenscis.com (preferably) or call us at (305) 901-2137.
We are using a program called SafeSend Returns to electronically deliver tax returns. The email will contain a link that is safe to click. You will need to provide the last 4 digits of your SSN and enter an Access Code that will be emailed to you in a separate email. Upon successful verification, you will be able to:
If you would like us to send you a tax organizer, please send requests to Stephanie Torres at storres@shechterassociates.com.
Billergenie is our payment gateway. With a robust virtual terminal, hosted payment forms, and the ability to securely store payment methods on file, Biller Genie makes it easy to pay your invoice securely. Simply click on the link below to pay by credit card, please note that there is a 3.5% convenience fee to pay via credit card and make sure to have the invoice number handy. Additionally, this year we are also offering the ability to pay via ACH. If you would like to pay via ACH, please send an email to Stephanie Torres at storres@shechterassociates.com with the invoice number that you want to pay and you will receive the information to pay via email. Unfortunately, you would have to send an email every time you want to pay via ACH.
https://customer.billergenie.com/fce0d0b2cae47a75ab696f5d75ceb4ba