Commercial Integrator + Security Sales April 2024 - 54

OP-ED by Mitch Reitman
The Corporate Transparency Act
A NEW REPORTING REQUIREMENT, which went into
eff ect on Jan. 1, requires millions of small businesses to
fi le a Benefi cial Ownership Information (BOI) Report with the
U.S. Department of Treasury's Financial Crimes Enforcement
Network (FinCEN).
Every small business owner needs to know about this new
reporting requirement, as non-compliance can result in severe
civil and criminal penalties. Here, we address some of the main
questions small business owners are asking about BOI reporting.
Purpose of the Corporate Transparency Act
The Corporate Transparency Act (CTA) is mainly an antimoney-laundering
law with the intent of preventing criminals
from concealing their ownership of corporations, LLCs or similar
entities in the United States to facilitate money laundering,
fi nancing of terrorism, tax fraud and other illegal acts.
Congress believes that federal legislation providing for the
collection of benefi cial ownership information is needed to
protect national interests and better enable eff orts to counter
those illegal acts.
Who Has to File a BOI Report?
Every corporation, LLC or other entity created by the fi ling of a
document with a Secretary of State or similar offi ce under the
law of a state or Native American tribe is required to fi le a BOI
report unless it qualifi es for an exemption.
Those entities created in the United States and not exempt
- and therefore required to fi le a BOI report - are called
" domestic reporting companies. "
What a Company Has to File
Each company has to fi le certain information about the
business. All benefi cial owners will have to report certain
identifying information, including date of birth, home address,
passport, driver's license and other sensitive information.
The information can be disclosed to a limited group of
requestors, including 1) federal agencies engaged in national
security, intelligence and law enforcement; 2) state law enforcement
agencies with a court order; 3) the Treasury Department;
4) fi nancial institutions, with the company's consent; 5) government
regulators of fi nancial institutions; and 6) certain foreign
authorities requesting information through a U.S. agency.
When and How to File
The initial report, as well as all updates and corrections, must be
fi led electronically with FinCEN no later than Jan. 1, 2025. This
can be done via FinCEN's website. If the entity is formed during
the calendar year 2024, it has 90 days to fi le its documents.
MITCH REITMAN is principal at Reitman Consulting Group, Inc.
54 Commercial Integrator+Security Sales & Integration | April 2024
Every small business owner needs to know about this new
reporting requirement, as non-compliance can result in
severe civil and criminal penalties.
If the entity is formed on or aſt er January 1, 2025, it must fi le
within 30 days of formation. If there is any change in the information
reported about the reporting company or its benefi cial
owners, the reporting company must fi le an updated report
within 30 calendar days aſt er the date of the change.
Keep in mind that you will not be able to see previously
reported information on the FinCEN website, so be sure to keep
records of what you have fi led.
It is estimated that it will take most companies two-and-ahalf
to three hours to supply the information and upload the
forms if they get it right the fi rst time. Companies that make
mistakes will fi nd their applications rejected and will have to
resubmit their information within 30 days.
Can Another Firm File for Me?
Just as they do with any other government requirement, fi rms
will spring up that will off er to fi le the information for you.
Remember that these fi rms may or may not have the necessary
skills. And don't forget that you are still responsible for the
information fi led.
Not only can we assist you in fi ling, but we also have a
secure portal that you can access so you can easily understand
the requirements, as well as upload the scanned documents,
monitor your progress, submit your fi ling to FinCEN and see
previously fi led documents so that you can correct errors and
make changes.
Using our portal will take 15 to 20 minutes. Feel free to reach
out to us at boi@reitman.us. SSI
ANDREY POPOV/STOCK.ADOBE.COM

Commercial Integrator + Security Sales April 2024

Table of Contents for the Digital Edition of Commercial Integrator + Security Sales April 2024

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https://www.nxtbook.com/emerald/CommercialIntegratorSecuritySales/june2024
https://www.nxtbook.com/emerald/CommercialIntegratorSecuritySales/may2024
https://www.nxtbook.com/emerald/CommercialIntegratorSecuritySales/april2024
https://www.nxtbook.com/emerald/CommercialIntegratorSecuritySales/march2024
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https://www.nxtbook.com/emerald/CommercialIntegratorSecuritySales/novdec2023
https://www.nxtbook.com/emerald/CommercialIntegratorSecuritySales/septoct2023
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