The Leading Filer of Beneficial Ownership Reports

The Corporate Transparency Act imposes new and complex obligations on U.S. companies.  FinCEN Report helps company owners and attorneys by providing a secure, safe and simple solution for filing beneficial ownership reports.

Content of Beneficial Ownership Reports

The Corporate Transparency Act of 2020 requires companies formed or registered to do business in the United States to file a beneficial ownership report with FinCEN.   To do so, each reporting company must first verify the identity its beneficial owners and other controlling persons.  Next, the reporting company must collect provide personally-identifiable information about these individuals along with image files of certain documents.  Finally, the reporting company must submit to FinCEN a beneficial ownership report that contains the information collected.  Because the Act imposes criminal penalties for non-compliance, business owners must take care to file accurate and timely reports.

Timing of Beneficial Ownership Reports

After FinCEN’s regulations take effect, newly-formed reporting companies will need to file a report with FinCEN at the time of their formation. However, reporting companies that exist before the effective date of the regulations will have 12 months in which to file an initial report. Also, each reporting company must file an amendment within 30 days after any change in any previously-filed information.  FinCEN Report will provide seamless data storage and filing services to simplify reporting company filing duties.

What is the Corporate Transparency Act?

The Corporate Transparency Act will dramatically change the way corporations, limited liability companies and limited partnerships are formed. The CTA requires each company to file a beneficial ownership report with FinCEN that discloses the company’s beneficial owners and the individuals who formed the company.

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What is FinCEN and how does it apply to my business?

The mission of the Financial Crimes Enforcement Network is to safeguard the financial system from illicit use, combat money laundering and its related crimes including terrorism, and promote national security through the strategic use of financial authorities and the collection, analysis, and dissemination of financial intelligence. The Corporate Transparency Act of 2020 obligates all U.S. businesses to file a beneficial ownership report that identifies their owners.

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