TSL Express Daily News
The Secured Lender
![Screen Shot 2024-07-30 at 12.32.40 PM Screen Shot 2024-07-30 at 12.32.40 PM](/images/default-source/default-album/screen-shot-2024-07-30-at-12-32-40-pm.tmb-small.png?Culture=en&sfvrsn=68e037c7_1)
SFNet's The Deals and Data Issue
Intro content. Orci varius natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Curabitur iaculis sapien sagittis, accumsan magna ut, blandit massa. Quisque vehicula leo lorem, a tincidunt eros tempor nec. In quis lacus vitae risus egestas tincidunt. Phasellus nulla risus, sodales in purus non, euismod ultricies elit. Vestibulum mattis dolor non sem euismod interdum.
-
Top 5 Apps for Organizing
Mar 7, 2019If you’re like most of us, we try to stay organized in business and life, but it gets increasingly complicated…
-
The Importance of Stretching
Mar 7, 2019Every personal trainer and athletic coach I have ever worked with has stressed the importance of stretching. When working out…
-
SFNet's 40 Under 40 Award Winners Panel Recap
Mar 6, 2019Moderator: Samantha Alexander, regional underwriting manager, Wells Fargo Capital Finance’s Corporate Asset Based Lending group and 2016 CFA 40 Under…
-
SFNet's Inaugural YoPro Leadership Summit
Mar 6, 2019The Secured Finance Network brought together the next generation of commercial finance leaders for a full day of learning and…
-
It’s a Marathon, Not a Sprint
Aug 22, 2018I was recently invited to participate in an executive panel to answer questions from a credit training class comprised of...
-
It’s Not Too Late – Five Member Benefits to Cash In On Now
Aug 1, 2018As we hit the half way mark on calendar year 2018, it is a good time to take stock and…
-
It’s Time To Break Up With Your Phone
Jul 18, 2018Do I have your attention? Let’s be honest here: do you have the attention span to read this article? Compared…
-
Lien Management – What You Need to Know
Jun 6, 2018UCC filing is the cornerstone of all loans and every lien portfolio...
-
Potential Impacts of Blockchain on Commercial Lending
Jan 15, 2018By Raja Sengupta, Executive Vice President and General Manager, Wolters Kluwer’s Lien Solutions When it comes to the rising importance…
-
How to be a Good Leader
Dec 5, 2017I know what you’re thinking…another article about how to be a good leader? The short answer is yes…but this time,…
-
Fintech and Due Diligence – Disruptors and Established Firms Evolve
Oct 30, 2017The fintech sector has gone through a number of manifestations in the past two decades.
-
A Commercial Banker’s Tickler Transition Plan
Oct 18, 2017Just do a keyword search for “bank tickler,” and you’ll quickly realize that banks are still heavily reliant on manual…
-
Understanding and Developing Your Personal Brand: Four Steps to a More Intentional Career Progression
Sep 5, 2017It is imperative for individuals to have a general idea about their future career aspirations, just as companies should have clearly defined strategies.
-
Selecting a Technology Vendor: 3 Questions to Ask
Jul 5, 2017As with anything else at your bank, selecting a technology vendor can be a challenging decision. Users from across different…
-
Why Back-Office Lending Automation Enhances Customer Satisfaction
Apr 25, 2017Every bank strives to keep its customers happy. Of course, some institutions are better at achieving this goal than…
-
The Lost Art of the Loan Purchase
Mar 2, 2017Purchasing a loan directly from a bank whether at par or discount is a not-often-used technique that is easily…
-
Audit Prep: Why a Paperless Approach Makes Sense
Feb 15, 2017How much time does your financial institution spend preparing for audits? We recently surveyed 187 community banks, and the results…
-
Back Office Support Services: Helping you approve more clients
Feb 7, 2017How many times have you come across a potential client who’s financials are either not up to date, not accurate,…
-
“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
Jan 30, 2017Even when prepared by outside or in-house counsel, many lenders pay close attention to draft UCC financing statements before they…
-
Paper Loan Files: Does Your Bank Know the True Cost?
Jan 12, 2017Sure, there’s a tangible cost associated with deploying an electronic loan imaging system. Software, support, and scanning hardware are just…
July 8, 2024
Source: Wolters Kluwer CT Corporation
Eligibility considerations for larger institutional reporting are clarified to drive deeper market understanding
With Beneficial Ownership Information (BOI) reporting requirements now in effect as part of the Corporate Transparency Act (CTA), Wolters Kluwer CT Corporation is responding to a range of questions submitted by businesses and individuals seeking clarity on “large operating company” exemptions. CT Corporation online BOI resources are helping address those queries to aid greater understanding of impacted organizations’ reporting obligations.
Wolters Kluwer has published a white paper and created a podcast clarifying the circumstances for which organizations are exempt from the new BOI reporting requirements under the large operating companies category and what this means for their subsidiaries.
Catherine Wolfe, Executive Vice President and General Manager for CT Corporation, points to the complexities in determining whether an organization qualifies for a large operating company exemption—and whether its subsidiaries will be eligible under the “subsidiary of certain exempt entities” exemption. Exempt entities do not have to file a BOI report with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN).
“Determining whether an organization is exempt from the reporting requirements begins with three major factors; however, if subsidiaries are involved, the eligibility calculation takes on added complexity,” says Wolfe.
A large operating company, she explains, must 1) employ more than 20 full-time employees in the United States; 2) have an operating presence at a physical office within the U.S.; and 3) have grossed more than $5 million in receipts or sales from U.S. sources, as reported in the prior year’s federal tax filing.
“Entities that qualify for the large operating company exemption do not need to apply for that status nor do they have to file a BOI report,” Wolfe notes. “There is an exemption for subsidiaries of certain exempt entities—including for subsidiaries of large operating companies—where the subsidiary qualifies for an exemption if their ownership interests are controlled or wholly owned, directly or indirectly, by a large operating company.”
Per FinCEN, a subsidiary’s ownership interests must be 100 percent owned or controlled by an exempt entity to meet the exemption: “If an exempt entity controls some but not all of the ownership interests of the subsidiary, the subsidiary does not qualify.”
CT Corporation offers a full suite of BOI solutions to help even the largest and most complex organizations meet their obligations. CT’s Beneficial Ownership Platform securely stores and retains BOI filing information, making both multiple entity filings and amendments much less time-consuming. For operating at scale, CT is also an authorized API participant for FinCEN. The CT technology connects directly to FinCEN via the API, enabling the upload of thousands of filings in real time to FinCEN in a compliant, secure manner.
About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software solutions and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.