Free Corporate Transparency Act Worksheet

The new requirement goes into effect on January 1, 2024 and there are criminal penalties for not complying (in addition to civil penalties).

There are 23 exceptions to registering, some of which are easy, some complicated. It’s important to run through those exceptions to determine whether your company needs to comply.

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The US Treasury issued a new regulation that requires companies to file a report that discloses information about their ownership structure. The point of the filing is to weed out shell companies used for money laundering.

FinCEN estimates that tens of millions of existing legal entities, plus an additional three million new legal entities each year, will meet the “reporting company” criteria.

This Corporate Transparency Act Worksheet will help you determine whether your business is likely to be subject to the new reporting requirement and will provide you with a worksheet documenting your analysis.

You should print, sign, and retain the completed worksheet for record keeping purposes. Completing and retaining this Corporate Transparency Act may reduce the potential risk of civil and criminal liability. 

The document contains information about the Treasury’s new regulation requiring companies to disclose their ownership structure. We’ll ask you a series of questions about your business and then map your answers onto the FinCEN framework to let you know whether you need to comply. The end product is a document that shows that you took the obligation seriously, whether you need to comply or not. Showing that you tried in good faith to determine whether to comply can help you to avoid serious fines and penalties.

If you do need to report your ownership structure, we’ll walk you through what you need to disclose.