Our team ensures accurate and timely compliance with the Corporate Transparency Act, which is required by nearly all entities formed in the United States. Entities existing prior to 2024 have 12 months to comply; new entities have 90 days. Any changes in address or ownership must be reported within 30 days. Failure to comply includes the possibility of fines and jail time. Reporting must be made to FenCEN, the Financial Crimes and Enforcement Network.
A Beneficial Owner is anyone who owns or controls 25% of the ownership interests or exercises substantial control over a reporting company. Substantial control is determined by meeting any of the following: 1) senior officer, 2) authority to appoint or remove certain officers or a majority of directors, 3) an important decision-maker, or 4) any other form of substantial control. At a minimum, this will include the President, CEO, CFO, COO, GC, and other executives. Decision makers include individuals with authority to determine the nature and scope of the business; to sell, transfer, or lease principal assets; or to amen organizational documents or corporate policies.
We have partnered with a robust, secure platform to streamline the reporting process. Once we have all of the information to complete the report, our team of attorneys and legal staff personally reviews each submission, and we are available to answer any questions you may have.
For a one-time charge of $99, our basic plan includes the submission of one Beneficial Ownership Information Report to FenCEN (up to 3 beneficial owners, $29 per additional owner).
If requested, we will retain your information for future reporting needs.
For $199 per year, we will follow up with your on compliance deadlines, reporting needs, and any changes to the compliance requirements. Updates need to be made any time there is a material change in ownership, control, or address information by the company or any beneficial owner.
For $299 per year, in addition to services provided in the Annual Plan. We will obtain a FenCEN ID to ensure privacy of your data (up to 3 IDs per year, $49 per additional ID). We will also review your other required reports, such as tax returns and public information reports, to ensure accuracy and consistency in the reporting of ownership information.
For $399 per year, in addition to the services provided in the Enhanced Privacy Plan, we will serve as your registered agent to receive any legal or compliance notices. We will also provide an annual one-hour consultation to review legal risks as well as potential financing or new product or market opportunities for you and your business..
"It may not be difficult to complete the forms, but with everything a small business owner must do to operate a successful business, I fear this is something that could be missed or not done [promptly]." Harris explained.
Instead, he recommends consulting a knowledgeable advisor, such as an attorney or an accountant, when filing the ini
"It may not be difficult to complete the forms, but with everything a small business owner must do to operate a successful business, I fear this is something that could be missed or not done [promptly]." Harris explained.
Instead, he recommends consulting a knowledgeable advisor, such as an attorney or an accountant, when filing the initial and/or updated reports to ensure they're completed on time and to FinCEN's standards.
"There are some issues in the law that could require the interpretation of certain facts to determine who is a beneficial owner that must be included in the filings," Harris said. "If you find yourself in this situation... consult with an attorney to help you decide how your set of facts fits within the law."
https://www.uschamber.com/co/start/strategy/small-business-corporate-transparency-act
Small businesses will need to file a BOI report with the Financial Crimes Enforcement Network (FinCEN). The estimated time for filing the BOI reports can take up to 11 hours for a "complex structure" and about 6 hours for an "intermediate structure".
Many small businesses will retain outside legal and accounting counsel to ensure compli
Small businesses will need to file a BOI report with the Financial Crimes Enforcement Network (FinCEN). The estimated time for filing the BOI reports can take up to 11 hours for a "complex structure" and about 6 hours for an "intermediate structure".
Many small businesses will retain outside legal and accounting counsel to ensure compliance. FinCEN acknowledges that this could cost up to $2,615 per entity in the first year.
A survey finds that compliance with the law will run businesses about $8,000 on average.
The Anti-Money Laundering Act of 2020 (AMLA) established the Corporate Transparency Act (CTA), which requires FinCEN to establish and maintain a national registry of beneficial owners of entities that are considered to be reporting companies. Information collected pursuant to the CTA will be stored in a private database.
Steep penalties w
The Anti-Money Laundering Act of 2020 (AMLA) established the Corporate Transparency Act (CTA), which requires FinCEN to establish and maintain a national registry of beneficial owners of entities that are considered to be reporting companies. Information collected pursuant to the CTA will be stored in a private database.
Steep penalties will be assessed for violating the CTA.
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