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The Corporate Transparency Act (CTA) is set to require that 35 million U.S. companies report their ownership details to FinCEN. Starting January 2024, these businesses must submit Beneficial Ownership Information reports to the Financial Crimes Enforcement Network (FinCEN). Non-compliance carries a hefty penalty of $10,000.
Given that there’s a potential $21 billion market created by the 35 million companies needing to comply with this filing requirement, with an average charge of $600 per report, the demand for online filing is clear. While this requirement may seem daunting for small businesses, many filing partners are emerging to support online filings. It’s anticipated that nearly 40% of reporting companies will utilize filing platforms to help them with CTA compliance
Without efficient software, submitting the required information is a detailed and time-intensive task, taking up to three hours per filing at each reporting company. The filing process unfolds across three steps:
Online filing solutions condense these requirements to 15 minutes or less by simplying the processes using easy online filing platforms.
If you plan to launch an online solution for CTA compliance, we have listed recommended tools to power your upcoming filing platform or website. These tools include planned connections to FinCEN’s B.O.S.S. Beneficial Ownership Secure System using APIs. This system is being delivered by Northrop Grumman to power batch filings for Corporate Transparency Act reports nationwide.
We will keep you informed with a regularly updated list of the best Corporate Transparency Act filing solutions for online platforms, including APIs and platforms with user interfaces.
We recommend companies with simple ownership structures take their list of owners to an online filing platform to complete their reports. TurboCTA.com is an affordable solution for business owners.