FinCEN Fed Ownership Report Appointment

File Your FinCEN Fed Ownership Report Today

Book a virtual appointment with Nantz Law to ensure your business is compliant with the new FinCEN Corporate Transparency Act changes.

Book Your Virtual FinCEN Fed Ownership Report Appointment

You can't set it & forget it

Business Compliance Is Always Evolving

A significant recent change is the introduction of the Corporate Transparency Act (CTA), which mandates that certain U.S. and foreign entities report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN).

This measure aims to enhance transparency and combat illicit activities, but it also means new compliance obligations for businesses.

If you’re operating a corporation, LLC, or similar entity, it’s crucial to understand whether these reporting requirements apply to you, who qualifies as a beneficial owner, and what information must be disclosed to avoid potential penalties.

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Corporate Transparency Act Reporting

Who must report?

The act generally applies to corporations, LLCs, and other similar entities created by filing a document with a secretary of state or similar office. It also applies to foreign entities that are registered to do business in the U.S.

Corporate Transparency Act Penalties for Non-Compliance

Penalties for Non-Compliance

The CTA imposes penalties for willfully providing false information or willfully failing to report complete or updated information, including significant fines and potentially even jail time.

Corporate Transparency Act Beneficial Owner

What is a Beneficial Owner?

A beneficial owner is defined as any individual who, directly or indirectly, (i) exercises substantial control over the entity, or (ii) owns or controls at least 25% of the ownership interests of the entity.

Corporate Transparency Act Reporting Requirements

What to Report?

Entities must provide FinCEN with the full legal name, date of birth, current address, and unique identification number (from a passport, driver’s license, or other ID) for each beneficial owner.

Corporate Transparency Act Reporting Exemptions

CTA Exemptions

Certain entities are exempt from the reporting requirements, such as publicly traded companies, certain regulated entities (banks, credit unions, investment companies, etc.), and companies that employ a large number of people and have a substantial physical presence in the U.S.

Corporate Transparency Act Privacy and Security

CTA Privacy and Security

Information reported to FinCEN is not publicly accessible and is intended to be available only to law enforcement and, in certain circumstances, financial institutions conducting due diligence.

Attorney Trey Nantz Managing Partner Nantz Law Firm
Carolyn Suhocki, Charleston Attorney at Nantz Law Firm

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Learn more about managing attorney Trey Nantz and attorney Carolyn Suhocki. 

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