How to Develop an Ongoing Compliance Training Program

Organizations need to prioritize ongoing compliance training to stay updated on regulatory changes. Key takeaways: Conduct a needs assessment first to identify gaps in compliance planning and where the team needs support and resources. Follow these best practices to design a compliance program: Identify compliance requirements Establish timelines Incorporate agency material Use diverse […]

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FinCen Advisors specializes in helping businesses comply with the Corporate Transparency Act and Beneficial Owner Information (BOI) filing requirements. We offer clear, stress-free solutions to ensure reporting obligations are met with ease, providing businesses with confidence and peace of mind in their compliance journey.

Please note that we are an independent advisory and report management firm and are not affiliated with the official Financial Crimes Enforcement Network website, FinCEN.gov.

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Step 1 of 2

Quickly find out if your business is exempt.

Take our 4 Question Exemption Quiz to determine your BOI filing responsibilities.

To get started, please enter your company name below:

Company Name

Email Address

How do I determine if my company has to report?

Can your entity be described as any of the following?

The Reporting Rule exempts the following twenty-three types of entities from the Beneficial Ownership Information (BOI) reporting requirements:

1. Securities reporting issuer
2. Governmental authority
3. Bank
4. Credit union
5. Depository institution holding company
6. Money services business
7. Broker or dealer in securities
8. Securities exchange or clearing agency
9. Other Exchange Act registered entity
10. Investment company or investment adviser
11. Venture capital fund adviser

12. Insurance company
13. State-licensed insurance producer
14. Commodity Exchange Act registered entity
15. Accounting firm
16. Public utility
17. Financial market utility
18. Pooled investment vehicle
19. Tax-exempt entity
20. Entity assisting a tax-exempt entity
21. Large operating company
22. Subsidiary of certain exempt entities
23. Inactive entity

How do I determine if my company has to report?

Are you a large operating company?

To qualify as a "large operating company" and be exempt from the Beneficial Ownership Information (BOI) reporting requirements, an entity must meet all of the following three criteria:

Does your entity employ more than 20 full-time employees in the United States?

Based on your responses, your business may NOT have to file a BOI Report as of January 1, 2024.

This conclusion is based on your responses compared to FinCEN's definition of a Regulated Entity.

Should your responses be inaccurate or otherwise not meet the statutory definition, or should your status as a “large” or “regulated” company change, you may have a BOI filing obligation. If you want to speak with an expert, review with your legal team, or use FinCEN Shield Premier Compliance Plan which includes access to our government legal and financial advisory team!

Based on the answers you selected and the definition of a Reporting Company under FinCEN, you are required to file a BOI Report to comply with the CTA (Corporate Transparency Act).

Disclaimer: FinCEN Advisor's is not a law firm and does not provide legal advice. All information shared by the user is self-reported and compared to FinCEN’s definition of a Reporting Company.

Does your entity have an operating presence at a physical office within the United States, which is a location that the entity owns or leases and is distinct from any other unaffiliated entity?

Did your entity file a federal income tax or information return in the United States for the previous year showing more than $5,000,000 in gross receipts or sales?

This amount should be net of returns and allowances. If the entity is part of an affiliated group of corporations, the consolidated return for the group applies.

How to Develop an Ongoing Compliance Training Program

Contact Us

Services

Language

Policies

Quickly find out if your business is exempt.

How do I determine if my company has to report?

Are you a large operating company?

Based on your responses, your business may NOT have to file a BOI Report as of January 1, 2024.

Based on the answers you selected and the definition of a Reporting Company under FinCEN, you are required to file a BOI Report to comply with the CTA (Corporate Transparency Act).

Did your entity file a federal income tax or information return in the United States for the previous year showing more than $5,000,000 in gross receipts or sales?

Enter Your Details.

Enter Your Details.

Enter Your Details.

Enter Your Details.

How to Develop an Ongoing Compliance Training Program

Contact Us

Services

Language

Policies

Quickly find out if your business is exempt.

How do I determine if my company has to report?

Are you a large operating company?

Based on your responses, your business may NOT have to file a BOI Report as of January 1, 2024.

Based on the answers you selected and the definition of a Reporting Company under FinCEN, you are required to file a BOI Report to comply with the CTA (Corporate Transparency Act).

Did your entity file a federal income tax or information return in the United States for the previous year showing more than $5,000,000 in gross receipts or sales?

Enter Your Details.

Enter Your Details.

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