A company built on business transparency and trust

Our service makes it easy for business owners to file FinCEN beneficial ownership reports.

Our objective is to make CTA filing easy while staying compliant with the new laws

Juggling everything required to run a profitable business is difficult enough without more tasks added to your list. New legislation like the corporate transparency act can be daunting and holds severe penalties for non-compliance. It cannot be ignored – but that doesn’t mean compliance needs to take a lot of your time or incur expensive legal fees! Our suite of services includes everything you need to stay compliant easily.

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Get prepared for the new beneficial ownership regulation

While FinCEN gets ready to accept CTA (Corporate Transparency Act) reports, we recommend getting prepared for the new CTA filing with our Prep Kit. This kit contains everything you need to prepare for filing and includes a free credit for your first year’s filing costs with TurboCTA. You will be ready to file once FinCEN releases the final process. Getting prepared early means less stress and saving money!

History of the Corporate Transparency Act of 2021

In short, the CTA exists because the U.S. Government wants to be sure malicious actors cannot use U.S. entities, like LLCs or Corporations, for illegal purposes. United States companies convey a high level of international trust, strong corporate protections, and advantageous corporate law. These benefits make them very popular for starting and growing companies for people that live in the U.S. and overseas. However, the owners of these companies are often unknown to the federal government. This provides an avenue for bad actors to use these companies for illegitimate purposes.

The new regulation will allow FinCEN to build a corporate database

CTA reports provide the U.S. Government with the information needed to research and fight illegal actions like international money laundering and terrorist financing. A CTA report lists all people that either own or make important decisions on behalf of a company. These reports were authorized in The Anti-Money Laundering Act of 2020 and allow for penalties up to $10,000 in criminal fines and two years imprisonment for failing to file or filing inaccurate information.

How to file a CTA Report

As of now, FinCEN has not released the final process for submitting these reports, but TurboCTA keeps track of the updates released by FinCEN for you. Once these final submission requirements are released, our systems will be ready to submit your CTA reports. We recommend getting prepared early to take this item off your to-do list today and ensure this critical task will not be overlooked.

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What to include in your CTA Report

CTA reports will include a list of identifying information for the company, such as your company name, state of incorporation, document number, tax number, and branch office locations. In addition to the company information, every owner or decision maker meeting the reporting threshold will need to provide their name, address, and identifying information to FinCEN. As this information updates over time, companies will need to update their reports to remain accurate.

The TurboCTA platform

TurboCTA systems are planned to handle both the initial and updated filings easily. Some companies are exempt from filing CTA reports as this regulation mostly applies to small companies. You do not need to file CTA reports if your company has more than 20 employees AND yearly sales of $5,000,000 or more. In addition to that exemption, some other companies are exempt based on serving specific industries that already require registration. We keep this list up to date so you can use our free company check tool to find out if you need to file. TurboCTA also has a suite of tools for the compliance and incorporation services industry. Our partners are Powered by TurboCTA and use our tools to simplify CTA compliance for their customers. To learn more about licensing TurboCTA tools, simply contact us.

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Get started for free. Pay only when you file.