Wolters Kluwer Provides Key Compliance Resources for Startups Ahead of Corporate Transparency Act Reporting Deadline

Wolters Kluwer Provides Key Compliance Resources for Startups Ahead of Corporate Transparency Act Reporting Deadline

(IN BRIEF) Wolters Kluwer CT Corporation is helping startups navigate the Beneficial Ownership Information (BOI) filing requirements under the Corporate Transparency Act (CTA) by offering resources such as a white paper and podcast. As the deadline approaches, many startups seek clarity on whether they are required to file, with most needing to comply by January 2025. Wolters Kluwer’s Beneficial Ownership Platform helps streamline the filing process, ensuring businesses can securely manage and update their reports to the Financial Crimes Enforcement Network (FinCEN). Non-compliance can result in significant penalties.

(PRESS RELEASE) ALPHEN AAN DEN RIJN, 19-Oct-2024 — /EuropaWire/ — Wolters Kluwer CT Corporation is offering valuable insights and resources to assist startups in understanding and complying with the Beneficial Ownership Information (BOI) filing requirements under the Corporate Transparency Act (CTA). With the end-of-year deadline approaching, many startups are seeking clarification on their reporting obligations and eligibility criteria. To address this, Wolters Kluwer has released a comprehensive white paper and a podcast aimed at demystifying the BOI reporting process for businesses.

Rupak Venugopal, Vice President of Beneficial Ownership at Wolters Kluwer Financial & Corporate Compliance, highlighted the challenges startups face in determining their need to file. While certain highly regulated companies may be exempt, the majority of businesses—an estimated 32.6 million in 2024—will still need to submit initial reports and updates to the Financial Crimes Enforcement Network (FinCEN). Venugopal emphasized that non-compliance could result in severe penalties, both civil and criminal.

For entities formed before January 1, 2024, the initial BOI report must be filed by January 1, 2025. Businesses created in 2024 will have 90 days from the date of their formal establishment to submit their reports. Wolters Kluwer’s Beneficial Ownership Platform is designed to streamline the filing process, securely storing and managing BOI data, making the process easier for startups.

For more information on BOI compliance solutions, visit Wolters Kluwer CT Corporation’s website.

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.

Media Contact:

David Feider
Associate Director, External Communications
Financial & Corporate Compliance
david.feider@wolterskluwer.com
+1 (612) 852-7966

SOURCE: Wolters Kluwer