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September 16, 2024

Source: Wolters Kluwer

New resources focus on small business owner needs in complying with beneficial ownership filing requirements

Minneapolis — September 13, 2024 —Wolters Kluwer has developed a series of informative podcasts under its BizFilings brand to promote a greater understanding among owners of small business entities that are subject to the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting rule. The podcasts tackle some of the more complex data collection and filing requirements of BOI reporting to help foster greater clarity and compliance.

“Each year, small business owners, including those operating limited liability companies or corporations, must see to a number of year-end compliance tasks. In 2024, many owners will also need to prepare a beneficial ownership information report to submit to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN),” notes Rupak Venugopal, Vice President, Beneficial Ownership, Wolters Kluwer Financial & Corporate Compliance. “As we approach Q4 and the year-end BOI reporting deadline, it is imperative for business owners to get their arms around how they are going to meet these reporting requirements compliantly.  We are here to help.”

Podcast topics range from a “Corporate Transparency Act 101” overview and another focusing on key compliance tips, to a presentation devoted to special considerations for business owners seeking guidance for LLC and corporation reporting. The series also includes a podcast devoted to the New York LLC Transparency Act, a state law modeled in part after the federal CTA that goes into effect in 2026 and will have an annual filing requirement.

Consequences for non-compliance with the Corporate Transparency Act are considerable, including the potential for civil penalties of up to $591/day and criminal penalties of a fine up to $10,000, two years of incarceration, or both.  To date, only a small portion of the nearly 33 million businesses impacted by the reporting rule have filed their BOI details with FinCEN.

Wolters Kluwer’s BizFilings Beneficial Ownership Information Report is being used by small businesses to understand basic reporting requirements, file with confidence, and avoid penalties for non-compliance, leveraging the company’s expertise as a trusted provider that has been serving businesses for nearly 200 years. 

For more information about Wolters Kluwer, please visit: www.wolterskluwer.com.

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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.

Wolters Kluwer reported 2023 annual revenues of €5.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 21,400 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands. 

For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Facebook, YouTube, and Instagram.

Media Contact

David Feider
Associate Director, External Communications
Financial & Corporate Compliance
Wolters Kluwer
Office +1 612-246-9454
david.feider@wolterskluwer.com