Corporate Transparency Act Revisited: A Step by Step Instruction

In a previous newsletter, we introduced the Corporate Transparency Act (CTA) and its significance for your business. This edition will guide you through the registration steps.

For business owners, there are two phases to the registration. In Phase I, each owner must each register and obtain a FINCEN ID. This same ID is used for each entity you own.  Phase II is then reporting each entity and disclosing the owners using the owner's FINCEN ID. See the steps following.

PHASE 1: OWNER REGISTRATION (one-time)

Step: 1: Gather Necessary Information for your Personal Registration
Before you begin the filing process, ensure you have the following information ready for each beneficial owner:
 
1. Full legal name
2. Date of birth
3. Residential or business street address
4. Unique identifying number from an acceptable identification document (e.g., passport, driver's license)

Step 2: Access the FinCEN Registration Site
 
Visit the FinCEN Registration Site to start the filing process. This portal is specifically designed for businesses to submit their beneficial ownership information securely.

Step 3: Create an Account

Be sure you do not already have an account. Click on this "Create Account with Login.gov" button and follow the prompts to set up your profile. Make sure to use a secure password and keep your login details safe.

Step 4: Complete FINCEN ID Application

Once your account is set up, log in and navigate to the Beneficial Ownership Reporting section. Fill out the required fields with the information gathered in Step 1. Double-check all entries for accuracy to avoid any delays or issues with your submission.

Step 5: Save you FINCEN ID
Note your FINCEN ID and download a copy of the submission receipt for your record.

PHASE II: ENTITY REGISTRATION (each entity)
 
Step 1: Go to boiefiling.fincen.gov and choose "Get Started" next to BOI efiling

Step 2: Choose File Online BOIR

Step 3: Complete the information related to the entity you are registering.

Step 4: Submit and save a copy of your submission for your records.


 Additional Resources
 
For further assistance, FinCEN provides a detailed FAQ section on their website. You can also contact their support team for specific queries or issues during the registration process.

 Stay Compliant
 
Compliance with the Corporate Transparency Act is an ongoing requirement. Ensure that you update your beneficial ownership information within 30 days of any changes to avoid penalties.
 
Questions

By following these steps, you can ensure your business remains compliant with the CTA and contributes to the broader goal of enhancing transparency in the financial system. If you have any questions or need further assistance, please do not hesitate to contact TrueBlaze Advisors.  We are here to help you navigate these new requirements seamlessly.

 

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