With an end-of-year deadline looming for the Beneficial Ownership Information (BOI) reporting rule as part of the Corporate Transparency Act (CTA), a range of startup businesses seek greater clarity on eligibility and compliance requirements.
Wolters Kluwer CT Corporation has developed an array of resources to help address BOI-related queries, including an expert thought piece and a podcast to help foster greater understanding among startup entities of their reporting obligations.
“BOI reporting presents certain challenges for startups in determining their eligibility and complying with the CTA reporting requirements,” says Rupak Venugopal, Vice President, Beneficial Ownership, Wolters Kluwer Financial & Corporate Compliance. “While some companies may be exempt from having to file, these exemptions are generally reserved for highly regulated businesses. This leaves millions of businesses still needing to file initial reports and updates on previously reported information with the Financial Crimes Enforcement Network (FinCEN).”
For reporting companies created before January 1, 2024, Venugopal notes that the initial BOI report must be filed with FinCEN by January 1, 2025. For those created in 2024, the initial BOI report must be filed within 90 calendar days of the date the entity receives notice that its creation is effective. An estimated 32.6 million entities are subject to BOI reporting in 2024 alone.
“Consequences for non-compliance are significant, including the potential for civil and criminal penalties,” he notes.
CT Corporation offers a suite of BOI solutions to help impacted organizations meet their obligations. Its Beneficial Ownership Platform securely stores and retains BOI filing information, making both multiple entity filings and amendments much less time-consuming.
For more information on navigating the BOI reporting requirements, visit “Beneficial Ownership Information Compliance from CT Corporation.”
For more information about Wolters Kluwer, please visit: www.wolterskluwer.com.
About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software solutions and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.
Wolters Kluwer reported 2023 annual revenues of €5.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 21,400 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
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