What the Corporate Transparency Act means for your business
Everything you need to know about the Corporate Transparency Act and your reporting requirements
The Corporate Transparency Act (CTA) comes into effect on January 1, 2024. This legislation, which Congress passed in 2021, dictates that certain businesses must disclose shareholder and Ultimate Beneficial Owner (UBO) information to the Financial Crimes Enforcement Network (FinCEN). Failure to do so could lead to daily $500 fines or two years of jail time for business owners.
Whether you’re wondering if you fall into the category of a “reporting company” or what information you need to include in a report, Computershare has the answers you’re looking for.
Helpful resources about the Corporate Transparency Act
Who needs to file an ownership report?
There are various business types that are exempt from complying with the CTA. Take our helpful self-assessment to find out whether your business is exempt or not:
This resource is provided for informational purposes only and should not be considered, or relied upon, as legal advice.
Computershare can help you comply with the CTA
Staying on top of ownership information is vital to make sure you file accurate BOI reports. With Computershare’s Entity Management System, GEMS, you can store and update all ownership and stakeholder details related to your subsidiary and parent companies in one place. Moreover, you can take advantage of automatic reporting tools to create accurate reports in time for filing deadlines.
Contact us to learn more about how GEMS can help you stay on top of CTA requirements today.