What Business Owners Need to Know

The CTA aims to combat financial crime and corruption by requiring businesses to report information about their beneficial owners – the individuals who ultimately control or benefit from the company.

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What Business Owners Need to Know

The CTA aims to combat financial crime and corruption by requiring businesses to report information about their beneficial owners – the individuals who ultimately control or benefit from the company.

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What is a Beneficial Owner?

A beneficial owner is not always the person listed on the company documents. It’s an individual who meets any of the following criteria: 

  • Owns 25% or more of the company’s shares
  • Exercises substantial control over the company, even without direct ownership
  • Receives substantial economic benefits from the company

What Does the CTA Mean for Your Business?

Over 30 million small businesses are expected to be impacted by the Corporate Transparency Act. If you own or manage a business registered in the United States, you may be required to file a Beneficial Ownership Information Report (BOI) with the Financial Crimes Enforcement Network (FinCEN).

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See How R&D Credits Can Benefit You

Find out how to maximize your research and development (R&D) credit benefits. Our process is focused on transparency, client service, and deep technical expertise.
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Step 1: Request Complimentary Analysis

Get a free initial consultation to discuss your business's ambitions. After the call, we will request some limited additional information to help us refine your estimated credit benefits. This step usually takes 1-2 hours of your time. 

Step 2: Receive Proposed Scope of Work

After we evaluate the information gathered, we develop an estimated benefit and lay out the R&D study methodology that will best suit your business, along with the associated timeline and fees.

Step 3: Claim Your Credits

Once the full scope of work is agreed to, we request additional information and conduct interviews in order to determine the final amount of R&D costs under section 174 for the R&D credit. We create a detailed deliverable to support the results, including substantiation for the activities included as R&D.

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When Do You Need to File the BOIR Form?

The deadlines for filing a BOIR Form under the CTA can vary depending on when your company was formed and whether you are updating the information. Here are some deadlines to remember:

  • Established before January 1st, 2024: You have until January 1, 2025, to file a BOIR.
  • Established after January 1st, 2024: You have 90 days from the date of formation to file a BOIR.

Updating Your BOIR Form: If there are any changes to your company’s beneficial ownership information, you must submit the update within one year of the change.

Get in Touch with Our Financial Professionals

Stay Compliant with Strategic Tax Planning The new requirements of the Corporate Transparency Act can be complex, especially for smaller businesses. At STP, we have a team of CPAs and tax professionals trained to help you determine if you need to file a BOI report, identify and verify your beneficial owners, and gather the important information with ease so that you can stay compliant.

Call Us (202) 455-6010
Learn About Partnering With Our Team

The Corporate Transparency Act is in effect. You can get started today by signing up to be notified for updates or by partnering with our team to proactively review your clients' business structures and tax planning strategies.

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Unclear about our service? Dive into our FAQs for clarity and keep the questions coming.

Are there any exemptions to the Corporate Transparency Act reporting requirements?

Certain types of entities, like public companies and nonprofits, are exempt from the CTA.

Can I file the BOI Report myself?

Yes, but it can be complex. Consider consulting a qualified professional to ensure accuracy and timely compliance.

What happens if I don’t file or file inaccurately?

Penalties can include fines up to $10,000 and even criminal charges.

View Insights From Our Team

Explore our curated list of downloadable PDFs and other resources for more information. 

The Corporate Transparency Act Webinar

Join Erin Savery, CPA, MST, for a recorded webinar on this new compliance requirement for more than 30+ million businesses in the US. During the event, Erin will break down the key insights and implications of the CTA.

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