Corporate Transparency Act (CTA) Compliance Services

On December 26, 2024, the Merits Panel of the Fifth Circuit Court of Appeals issued an order in the case of Texas Top Cop Shop, Inc. et al. v. Garland, et al., effectively reinstating the injunction against the enforcement of the Corporate Transparency Act (CTA) and the Beneficial Ownership Information (BOI) Reporting. This decision came just three days after the same court had lifted the preliminary injunction, allowing the enforcement of the CTA and BOI reporting to proceed.

For now, reporting companies and affected individuals should closely monitor developments in the case and either voluntarily file their BOI report or prepare to file by gathering all required information, in case the injunction is lifted again.

The Corporate Transparency Act (CTA) took effect on January 1, 2024, and requires “reporting companies” to report information related to the business and its Beneficial owners to the Financial Crimes Enforcement Network (FinCEN).

Failure to comply with CTA or missing filing deadlines can result in substantial civil (monetary) penalties and criminal (fines and/or imprisonment).

For some, understanding and navigating the intricacies of the CTA can be daunting. The advisors at Boyer & Ritter can help you navigate the process. Our team can assist your business in meeting the necessary reporting requirements, helping you become compliant and avoid potential penalties for noncompliance.

Our Services Include:

• Initial Online Submission: We can assist with the initial online submission of your reporting company's Beneficial Ownership Information Report (BOIR) to FinCEN, ensuring accuracy based on the information you provide.
• Information Gathering: We can assist in gathering the necessary information to complete your submission.

Important Notes:

• To complete the initial BOI Reporting, we will need you to provide us with:
  • A signed engagement letter (we will provide, once requested)
  • Information on the Reporting Company, and
  • Information on each beneficial owner
    • We will require each beneficial owner's FinCEN ID instead of their detailed personal information, which would include a copy of an identification document. (See details below for more information on the FinCEN ID)
• To assist with timely completion of initial BOI Reports, Boyer & Ritter requires all client information, including FinCEN ID’s for each Beneficial Owner.
• Any updates or changes to the initial BOIR are the responsibility of the reporting company. Boyer & Ritter services are for initial filings only. Our services do not include making updates or changes to an existing BOIR.

For companies with highly complicated fact patterns, we recommend consulting with an attorney familiar with the CTA to better support your compliance efforts.

Many companies can file on their own. For detailed instructions, we have prepared several videos and articles to guide you. Review the tabs labeled Multimedia for related videos and the News and Events tab for articles. 

If you have questions or would like our assistance with your company’s compliance with the CTA, please contact Boyer & Ritter at BeneficialOwnerIR@cpabr.com.

Articles

Events

CTA Compliance: Quick Video Guides

To help you better understand and navigate the requirements of the Corporate Transparency Act (CTA), we’ve created a series of four informative videos. Each video addresses a key aspect of the CTA and provides practical guidance on compliance.