The Corporate Transparency Act (CTA) was enacted by the Financial Crimes Enforcement Network (FinCEN) to combat money laundering and financial crimes. The act requires some 32 million businesses to report beneficial ownership information by January 1, 2025, and carries steep consequences for non-compliance. This episode, Wes Benally discusses the impact to Tribal businesses and entities that are subject to the CTA, exemptions, required reporting information, and more, with REDW Senior State and Local Tax Advisors Jeanna Schenk and Thomas Miller. Unsure if the CTA applies to your organization? Don't guess. Tune in to learn more or reach out to REDW's trusted business advisors for guidance.

Chapters

• 00:00 - Introduction to the Corporate Transparency Act
• 04:43 - Reporting Requirements and the Beneficial Ownership Information Report (BOIR)
• 09:07 - Considerations for Tribal Entities and Sovereignty
• 12:25 - Unique Structures and Entities Subject to the CTA
• 15:24 - Deadlines and Penalties for Non-Compliance
• 17:13 - Security and Access to Reported Information

Takeaways

• The Corporate Transparency Act (CTA) requires many businesses to report beneficial ownership information to combat money laundering and financial crimes.
• The deadline for filing the Beneficial Ownership Information Report (BOIR) is January 1, 2025, for established businesses. For businesses created on or after January 1, 2024, the deadline is within 90 days.
• Failure to comply with the reporting requirements can result in significant penalties, including fines and criminal charges.
• Many Tribal businesses and entities are subject to the CTA, but there are exemptions for certain types of tribal businesses.
• The information reported to FinCEN is highly secure and access is limited to authorized entities.

Meet the CTA Deadline with Confidence

REDW's trusted team of experts are handling the reporting process through the FinCEN website for business leaders in Indian Country. Our comprehensive services ensure that all aspects of Beneficial Ownership Information Reporting are covered, including identifying any applicable filing exceptions for your business. As part of our filing services, we will consult with you to determine which entities need to file and identify who qualifies as a Beneficial Owner.

The consequences for non-compliance are too steep to delay checking this off your list.

Purchase REDW's BOI Reporting services in a matter of minutes.

Do you have more than seven entities to report on? Schedule a Complimentary BOI Reporting Consultation. We help Tribal entities determine their reporting obligations and provide guidance throughout the process.

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REDW Advisors and CPAs is proud to bring you the Insight in Indian Country Podcast, covering important advisory, accounting, and finance topics that impact Tribal Nations and business affairs. Thanks for listening!