Your Trusted Partner for complying with the BOI Reporting requirements of the Corporate Transparency Act
Simplify compliance for timely FinCEN reporting
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BOI Reporting
Beginning on January 1, 2024, the Financial Crimes Enforcement Network, FinCEN, will require businesses to file beneficial ownership information, or BOI reports, in an effort to reduce money laundering and other illicit financial efforts. Businesses established prior to 2024 must file BOI reports by January 1, 2025. Businesses formed in 2024 must file BOI reports within 90 days of its formation date. Businesses formed in 2025 must file BOI reports within 30 days of its formation date.
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Streamlined Data Collection
Beneficial Ownership Information reporting is now required in the US. Crosswalk Compliance maximizes efficiency and compliance with cloud-based technology to securely collect, submit and confirm FinCEN BOI filings. Our service can support BOI updates over time.
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Professional Support
Our customer centric professionals are focused on providing an effective and cost-efficient service.
FinCEN BOI Filing Solution
Secure beneficial owner information collection
Professional support
FinCEN confirmation report delivered upon successful filing
Why Crosswalk Compliance?
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Enhanced Efficiency
Cutting-edge technology automates compliance tasks, saving our clients time and money, making complex reporting simple and secure.
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Enabling Regulation
Professional support for accurate compliance with regulatory requirements, helping FinCEN to obtain data they need as quickly and easily as possible.
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Business Minded Solutions
As an independent service provider not affiliated with any law firm, Crosswalk Compliance offers service tiers to meet your business needs.
Frequently Asked Questions
Explore common questions about The Corporate Transparency Act.
What is the Corporate Transparency Act?
The Corporate Transparency Act is a federal law that will require millions of businesses to file a beneficial ownership information (BOI) report with the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). This report will contain personal identifying information about a company’s beneficial owners. The requirement is effective January 1, 2024. Harsh civil and criminal penalties can be imposed on companies that fail to comply.
Which types of organizations are considered reporting companies?
The answer is found in the final reporting rule’s definition of reporting company, which is stated below. If the organization meets the definition it is required to file a report unless it qualifies for an exemption. The final rule states that Beneficial Ownership Information reports have to be filed by domestic reporting companies and foreign reporting companies. A domestic reporting company is defined as an entity that is a corporation, LLC or other entity created by the filing of a document with a secretary of state or similar office under the laws of a state or Indian tribe. A foreign reporting company is an entity that is a corporation, LLC, or other entity created under the law of a foreign country and registered to do business in any state or tribal jurisdiction by filing a document with a secretary of state or similar office under the law of a state or Indian tribe.
Which types of organizations are exempt from filing BOI reports?
There are 23 exemptions. Most are for companies that are already subject to substantial federal or state regulation under which their beneficial ownership may already be known. This includes, among others, entities that file reports with the SEC, governmental authorities, banks, credit unions, money services businesses, investment advisors, securities brokers and dealers, tax exempt entities, entities assisting tax exempt entities, insurance companies, state-licensed insurance producers, pooled investment vehicles, public utilities, inactive entities, subsidiaries of certain exempt entities, accounting firms, and large operating companies. For more information, readFinCEN’s Beneficial Ownership Information Frequently Asked Questions.
Who is a beneficial owner under the Corporate Transparency Act?
The final rule defines a beneficial owner as follows: “For purposes of this section, the term “beneficial owner,” with respect to a reporting company, means any individual who, directly or indirectly, either exercises substantial control over such reporting company or owns or controls at least 25 percent of the ownership interests of such reporting company.” For more informationread FinCEN‘s Beneficial Ownership Information Frequently Asked Questions.
Take Control of Your Compliance Journey Today
Contact us now to learn about the Corporate Transparency Act’s BOI reporting requirements.
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Crosswalk Compliance, LLC is not a law firm, nor a CPA firm and cannot provide legal or accounting advice, including providing advice as to whether any specific entity will be required to file a BOI report. Crosswalk Compliance cannot provide its own interpretation of the statute or FinCEN’s final Corporate Transparency Act report ruling, however many of the questions can be answered by referring to the text of the final rule. You can also direct questions to FinCEN. The phone number of the FinCEN Regulatory Support Section is 1-800-767-2825 and you can email them at frc@fincen.gov.
