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THE FREQUENT FILER

Understanding FinCEN's Use and Accessibility of Information Under the Corporate Transparency Act (CTA)

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THE FREQUENT FILER

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Understanding FinCEN's Use and Accessibility of Information Under the Corporate Transparency Act (CTA)

The Corporate Transparency Act (CTA) marks a major shift in U.S. financial regulations by requiring
entities to disclose their beneficial ownership information (BOI). With this regulation, FinCEN (Financial
Crimes Enforcement Network) aims to build a secure and comprehensive database of beneficial
ownership details to combat financial crimes. Here’s a closer look at how FinCEN plans to utilize the
information collected under the CTA and how this information will be kept secure and accessible only to specific authorities.
How FinCEN Will Use CTA Data
The primary objective of the CTA is to curb the misuse of shell companies in financial crimes like money
laundering, terrorism financing, and tax evasion. FinCEN will manage this registry, which will become a
valuable resource for law enforcement, national security agencies, and regulators.
The CTA database is a unique tool, providing an unprecedented level of oversight into the ownership of
U.S.-based corporations. Through it, FinCEN can detect unusual activity patterns and work more
efficiently with other government agencies to prevent illegal activity.
Is the Information Accessible to the Public?
One of the most common questions about the CTA is its impact on privacy and whether submitted
information is accessible to the public. The answer is no; this information is not publicly accessible.
FinCEN has restricted access to the database to ensure privacy and security. Authorized parties with
access include:

  • Law Enforcement Agencies: Both domestic and international law enforcement agencies (under
    strict protocols) can access the database as part of investigations.
  • Regulatory Authorities: Agencies that are responsible for enforcing financial regulations, such as
    the SEC, may access this data.
  • Financial Institutions: Under certain conditions, financial institutions can access the data to
    fulfill customer due diligence requirements under the Bank Secrecy Act.


FinCEN has implemented robust security protocols to protect the database, ensuring only qualified
entities with legitimate reasons can view this sensitive information. With these access limitations, the
CTA carefully balances the needs for transparency and privacy, addressing concerns about data misuse.
For businesses and individuals affected by this new regulation, FinCEN Filing Agents offers a seamless
and secure way to comply with the BOI requirements. By partnering with FinCEN Filing Agents,
companies can navigate the complexities of compliance with the confidence that their information is
protected and shared only as permitted under the law.

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About EA

The company behind FinCEN Filing Agents, EdgarAgents, has been in business since 2008. We are a leading regulatory compliance filing agency having filed nearly 500,000 reports to SEC, FinCEN, and other entities since its inception. EA serves registered asset management companies, public and private companies, beneficial owners, their in-house and outside counsel, corporate compliance teams, advisory and accounting teams, private equity, and investment banking partners.

For more information please contact boi@edgaragents.com

FinCEN Provides Beneficial Ownership Information Reporting Relief to Victims of Recent Natural Disasters

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FinCEN Provides Beneficial Ownership Information Reporting Relief to Victims of Recent Natural Disasters

In a compassionate move to support communities impacted by recent natural disasters, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced an extension for certain victims of Hurricanes Milton, Helene, Debby, Beryl, and Francine. Those affected will receive an additional six months to submit beneficial ownership information reports, which may also include updates and corrections to previous filings. This extension applies specifically to reporting companies that meet two key criteria.

    1. Original Reporting Deadline: The original deadline for submission must fall between one day before the onset of the disaster and 90 days following its commencement.
    2. Designated Areas: Companies must be located in areas recognized by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance and also acknowledged by the Internal Revenue Service (IRS) as eligible for tax filing relief.
 
A company created or registered before January 1, 2024, must normally file its initial BOI report by January 1, 2025. However, if the company’s main business location is in an area affected by one of these Hurricanes and qualifies for FEMA and IRS relief, the due date is extended to July 1, 2025.

For affected businesses, this relief is crucial as it provides them with the necessary time to recover from the impact of the hurricanes while ensuring compliance with the beneficial ownership reporting requirements. The extension is a reminder of the government’s commitment to assist those in need during challenging times.

For more detailed information, businesses can refer to the specific notices issued by FinCEN regarding each hurricane:
 
As the recovery efforts continue, it’s essential for affected businesses to stay informed and utilize this relief effectively. FinCEN’s proactive approach underscores the importance of flexibility and support during times of crisis.
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About EA

The company behind FinCEN Filing Agents, EdgarAgents, has been in business since 2008. We are a leading regulatory compliance filing agency having filed nearly 500,000 reports to SEC, FinCEN, and other entities since its inception. EA serves registered asset management companies, public and private companies, beneficial owners, their in-house and outside counsel, corporate compliance teams, advisory and accounting teams, private equity, and investment banking partners.

For more information please contact boi@edgaragents.com

 

Act Now: The BOI Reporting Deadline is Fast Approaching

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Act Now: The BOI Reporting Deadline is Fast Approaching

As the deadline for Beneficial Ownership Information (BOI) reporting approaches, many businesses may feel overwhelmed by the new requirements. At FinCEN Filing Agents, we understand the pressure you might be facing, and we’re here to simplify the process for you.

Our platform is designed to help you file accurately and on time, ensuring that you meet all compliance obligations with ease. You won’t have to worry about navigating the complexities alone—our dedicated team is ready to guide you through every step of the process, giving you the confidence that your filing is in expert hands.

To further ease your mind, we offer filing insurance through our trusted partners at Protection Plus. This means that not only will your submission be handled with precision, but you also have an added layer of protection for peace of mind.

With the deadline approaching, now is the time to take action. Contact us today to learn how FinCEN Filing Agents can support you in meeting this important requirement. We’re committed to being your trusted partner, ensuring you’re well-prepared for what’s ahead.

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Beneficial Ownership Information Reporting

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About EA

The company behind FinCEN Filing Agents, EdgarAgents, has been in business since 2008. We are a leading regulatory compliance filing agency having filed nearly 500,000 reports to SEC, FinCEN, and other entities since its inception. EA serves registered asset management companies, public and private companies, beneficial owners, their in-house and outside counsel, corporate compliance teams, advisory and accounting teams, private equity, and investment banking partners.

For more information please contact boi@edgaragents.com

 

Your First 90 Days: A Guide to BOI Compliance for New Companies

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Your First 90 Days: A Guide to BOI Compliance for New Companies

Starting a new business is an exciting venture, filled with opportunities and challenges. One of the key challenges for startups today is navigating compliance with the Beneficial Ownership Information (BOI) regulations set forth by FinCEN. While companies that existed before 2024 have until January 1, 2025 to file, companies created or registered in 2024 must file within 90 days of receiving creation/registration notice. Understanding and adhering to these regulations is critical for ensuring your new business operates smoothly and avoids costly penalties. Here’s a roadmap for navigating BOI compliance within your first 90 days, with FinCEN Filing Agents as your essential partner for success.

Day 1-30: Understanding the Regulations

Get Informed

The first step in your BOI compliance journey is to familiarize yourself with the new regulations. Start by reviewing the FinCEN guidance documents and relevant legal resources to understand what constitutes beneficial ownership.

Identify Your Ownership Structure

Assess your ownership structure to determine who qualifies as a beneficial owner. This includes individuals with significant control over the company or those who own a substantial percentage of the business.

Engage with FinCEN Filing Agents

To better understand the nuances of the BOI regulations, consult with FinCEN Filing Agents. Our team is experienced in navigating these requirements and can offer insights to help you understand your specific obligations.

Day 31-60: Gathering Information

Collect Required Data

With a solid understanding of the regulations, it’s time to gather the necessary data. This includes names, addresses, dates of birth, and identification numbers for all beneficial owners.

Implement a Record-Keeping System

Establish a record-keeping system to manage your beneficial ownership data. Ensure that your system is secure and easily accessible for future reference.

Leverage Technology Solutions

Consider using FinCEN Filing Agents’ innovative platform to streamline the data collection process. Our user-friendly tools enable you to manage beneficial ownership information efficiently while ensuring that all data is secure and compliant with regulations.

Day 61-90: Reporting and Continuous Compliance

File Your Initial BOI Report

As you approach the end of your first 90 days, it’s time to file your initial BOI report. With the data gathered and organized, you can rely on FinCEN Filing Agents to assist you with the filing process, ensuring that all information is submitted accurately and on time.

Stay Informed and Compliant

Compliance doesn’t end with your initial filing. Keep abreast of any changes to BOI regulations that may impact on your startup. Regularly review your beneficial ownership information and update it as necessary to maintain compliance.

Partner with FinCEN Filing Agents for Ongoing Support

FinCEN Filing Agents is here to support your startup beyond the initial compliance phase. Our ongoing services ensure you stay compliant with BOI regulations as your business evolves. With our expertise, you can focus on growth while we handle the complexities of compliance.

Navigating BOI compliance may seem daunting for startups, but with a clear roadmap and the right partner, it becomes manageable. FinCEN Filing Agents is dedicated to helping you successfully meet your compliance obligations within your first 90 days and beyond. Let us be your trusted ally as you embark on this exciting journey, ensuring that your startup is not only compliant but positioned for success.

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Beneficial Ownership Information Reporting

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About EA

The company behind FinCEN Filing Agents, EdgarAgents, has been in business since 2008. We are a leading regulatory compliance filing agency having filed nearly 500,000 reports to SEC, FinCEN, and other entities since its inception. EA serves registered asset management companies, public and private companies, beneficial owners, their in-house and outside counsel, corporate compliance teams, advisory and accounting teams, private equity, and investment banking partners.

Common Misconceptions About BOI Reporting

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Common Misconceptions About BOI Reporting

As regulatory compliance evolves, more companies are facing the implications of Beneficial Ownership Information (BOI) reporting. This important requirement, introduced to enhance transparency and curb illicit activities, such as money laundering, has sparked its share of confusion and myths. With deadlines approaching, it is critical for businesses to fully understand their obligations and avoid falling prey to common misconceptions that could lead to non-compliance.

At FinCEN Filing Agents, we are committed to helping companies navigate these complexities with ease, while ensuring smooth, accurate, and timely filings every step of the way.

Myth 1: “BOI Reporting is Only for Large Corporations.”

Reality: One of the most widespread misconceptions is that only large corporations need to worry about BOI reporting. The reality is that the regulation specifically affects small and medium-sized businesses. Many smaller companies mistakenly believe they are exempt, but that’s simply not the case.

FinCEN Filing Agents offers tailored solutions to businesses of all sizes, ensuring they understand their specific obligations to avoid potential penalties for non-compliance.

Myth 2: “Once We File, We’re Done.”

Reality: Filing your BOI report is not a one-and-done process. Changes in ownership or control must be reported promptly, as well as ongoing obligations to update your information regularly. Many businesses  believe they only need to file once, but this approach can lead to lapses in compliance.

With FinCEN Filing Agents, you’ll never have to worry about missing an update. Our platform not only facilitates your initial filing but also provides tools to track changes, ensuring your reports are always up to date.

Myth 3: “Our Company Structure is Too Complicated for BOI Reporting.”

Reality: Complex ownership structures can complicate BOI reporting, but that doesn’t mean you’re exempt from filing. Whether your business has multiple layers of ownership, operates across various jurisdictions, or involves numerous stakeholders, you are still required to comply with BOI regulations.

We specialize in handling even the most complicated ownership scenarios. Our platform is designed to manage intricate filings, and our support team is always available to guide you through the process.

Myth 4: “We Can Just File Directly with FinCEN – It’s Free.”

Reality: While it’s true that businesses can file directly with FinCEN, many find that the process can be confusing and time-consuming. Free doesn’t always mean better. Errors or omissions can lead to rejections or penalties, and without expert guidance, many businesses struggle to meet all the requirements.

FinCEN Filing Agents offers a superior alternative, ensuring that your filings are handled quickly, accurately, and in full compliance with the law. Our experienced team and sophisticated platform reduce the risk of mistakes, giving you peace of mind that everything is done right the first time.

Don’t let misconceptions about BOI reporting hold your business back. Trust FinCEN Filing Agents to handle the process seamlessly, so you can focus on what really matters – growing your business. Reach out today to get started!

RELATED SERVICES AND SOLUTIONS

Beneficial Ownership Information Reporting

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edgar agents logo

About EA

The company behind FinCEN Filing Agents, EdgarAgents, has been in business since 2008. We are a leading regulatory compliance filing agency having filed nearly 500,000 reports to SEC, FinCEN, and other entities since its inception. EA serves registered asset management companies, public and private companies, beneficial owners, their in-house and outside counsel, corporate compliance teams, advisory and accounting teams, private equity, and investment banking partners.