Dear Valued Client,

Based on a number of factors, we are writing to inform you that our firm will not be assisting with Corporate Transparency Act (CTA) compliance filings. Effective January 1, 2024, the CTA requires many businesses to file beneficial ownership information reports with FinCEN.

If your business is subject to these requirements, you will need to file independently or secure third-party assistance. Some clients are choosing to file themselves. Other clients are having their CPA/accountants file on their behalf. And others choose to have third party companies assist them with the filing.

For your convenience, we recommend the following resources that can help with CTA filings:

1. FinCEN’s BOI E-Filing Portal (https://boifiling.fincen.gov)

2. Vendor Recommendations:

   – Parasec (www.Parasec.com/corporate-services/beneficial-ownership-information/)

             – Northwest Registered Agent (www.northwestregisteredagent.com)

In an effort to assist those who wish to file themselves, please see the Corporate Transparency Act (CTA) Self-Filing Guide below.

Important Filing Deadlines:

– Existing entities: File by January 1, 2025

– New entities formed in 2024: File within 90 days of formation

– New entities formed after 2024: File within 30 days of formation

Penalties for non-compliance can include significant civil and criminal penalties. We strongly encourage prompt attention to these requirements.

Please note that by providing these vendor recommendations, we are not endorsing or guaranteeing their services. You should independently evaluate and select a filing solution that meets your specific needs.

Corporate Transparency Act (CTA) Self-Filing Guide

Step-by-Step Filing Instructions

Preparation

  1. Gather Required Information
    • Full legal name of the company
    • Trade name or DBA (if applicable)
    • Current business address
    • State of formation
    • Tax Identification Number (EIN)
  2. Collect Beneficial Owner Details For EACH beneficial owner, you’ll need:
    • Full legal name
    • Date of birth
    • Residential address
    • Identifying document (driver’s license or passport)
    • Unique identifying number from the document

Filing Process

  1. Access FinCEN BOI E-Filing Portal
  2. Select Filing Type
    • Initial Report
    • Correction to Previous Report
    • Updated Report
  3. Company Information Section
    • Enter precise business details
    • Upload supporting documentation
    • Verify all information accuracy
  4. Beneficial Owner Information
    • Enter details for each qualifying owner
    • Minimum threshold: 25% ownership or substantial control
    • Attach copies of identifying documents
  5. Company Applicant Information
    • Required for entities formed after January 1, 2024
    • Typically the person who filed formation documents

Important Compliance Notes

  • No filing fee required
  • Electronic filing only
  • Penalties for incorrect or late filing:
    • Civil penalties up to $500/day
    • Potential criminal penalties
  • Updates required within 30 days of changes

Who Must File

  • Corporations
  • Limited Liability Companies (LLCs)
  • Similar entities created by filing with a state secretary
  • Exceptions include:
    • Publicly traded companies
    • Certain regulated entities
    • Large operating companies with 20+ employees

Recommended Documentation Checklist

  • Articles of Organization/Incorporation
  • Current EIN documentation
  • Ownership certificates
  • Identification documents for owners
  • Organizational charts (if complex ownership)

Technical Requirements

  • Internet connection
  • PDF document scanning capability
  • Valid government-issued ID
  • Access to company formation documents

After Filing

  • Save confirmation number
  • Keep a copy of submitted report
  • Set calendar reminder for future updates

Additional Resources