CTA Compliance
Navigating Beneficial Ownership Information Reporting.
INFORMATION
About the CTA
The Corporate Transparency Act (CTA), enacted in 2021, is a U.S. federal law aimed at combating money laundering, terrorism financing, and other illicit activities by requiring corporations, limited liability companies (LLCs), and similar entities to disclose key information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). A beneficial owner is defined as any individual who exercises substantial control or owns at least 25% of a company.
The CTA seeks to prevent the use of anonymous shell companies for illegal activities, enhancing corporate transparency and accountability. Compliance with the CTA is mandatory, and failure to report accurate information can result in significant penalties.​
FinCEN began accepting reports on January 1, 2024. Entities formed in 2024 have 90 days in which to file the initial BOI report to avoid penalties of greater than $500 per day. Entities formed prior to 2024 have until December 31, 2024 to file the initial BOI report to avoid the same penalties.​
Could you be required to file?
REPORTING COMPANIES (FAQ at www.fincen.gov/boi)
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Companies required to report are called reporting companies. There are two types of reporting companies:
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1. Domestic reporting companies are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.
2. Foreign reporting companies are entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.
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EXEMPTIONS (FAQ at www.fincen.gov/boi)
23 types of entities are exempt from the beneficial ownership information reporting requirements. These entities include publicly traded companies meeting specified requirements, many nonprofits, and certain large operating companies. To learn more, go to fincen.gov/boi or visit an attorney for an anaylsis
BOIR Filling
SingleFile BOI Reporting
Filing the BOI Report with SingleFile
​Filing with SingleFile will cost $150 which includes the use of the industry leading SingleFile Platform. With SingleFile, we provide a system of record that keeps information in one location while providing alerts should certain information change. This helps to avoid the $500 per day penalty if you miss reporting these changes with FinCEN within 30 days. A variety of quantity discounts are also available.​​
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Filing Process
1. Determine Reporting Company status
2. Identify Beneficial Owners
3. Gather required reporting information
4. Enter information into the SingleFile CTA form
5. Log into the SingleFile platform to see filing evidence
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Why use SingleFile for your CTA compliance needs?
Benefits
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Free Entity Management Platform
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Automated Alerting and Monitoring
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Knowledge Support Staff
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Bulk BOI Upload and Filing
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Concierge and DocuSign Filing Options
Annual Pricing per Entity*
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$200 CTA Filing & Monitoring Service
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$150 CTA Initial Filing Only*
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$100 CTA Update Filing Only
* Quantity discounts available