Visit the CTA Reference Center to receive the latest updates on the Corporate Transparency Act. Click here!
Visit the CTA Reference Center to receive the latest updates on the Corporate Transparency Act. Click here!
Important Update: NYS Franchise Tax Search Changes and What It Means for You
Submitted by UCS on September 18, 2024
In a recent update shared by the NYS Franchise Tax Search Unit, effective August 15, 2024, UCS will no longer process New York State (NYS) Franchise Tax searches. This significant change impacts how businesses will access critical tax information moving forward. To ensure our clients are well-informed and able to navigate these...
Canada introduces the Business Corporations Act
Submitted by UCS on March 15, 2024
In 2019, a new regulation was implemented in Canada, mandating federally incorporated, privately held companies incorporated under the Canada Business Corporations Act (CBCA) to establish and maintain comprehensive records of individuals who have significant control (ISCs) of the company. The objective behind mandating such re...
New Diligence Opportunity for Financial Institutions
Submitted by UCS on February 14, 2024
In this guest blog post, we present an article authored by Andrew J. Kimball, an Associate at Norris McLaughlin, P.A., and Peter D. Hutcheon, Of Counsel at the same firm. The article delves into the necessary measures that financial institutions must undertake to obtain the beneficial ownership information housed by FinCEN under...
FinCEN Releases BOI Access Rule
Submitted by UCS on January 5, 2024
Our guest blog post showcases an article authored by Jonathan Wilson, a co-founder of FinCEN Report Company LLC. Originally published on December 24, 2023, the article offers a comprehensive overview of the Access Rule under the Corporate Transparency Act as defined by FinCEN. Last week, the Financial Crimes Enforcement Netwo...
Updating Beneficial Ownership Information with FinCEN
Submitted by UCS on December 15, 2023
In previous installments of this blog series, we have addressed the immediate changes taking effect in January of 2024. The Corporate Transparency Act (“CTA”) not only alters the process of establishing a new corporate entity, but the CTA also mandates that Beneficial Ownership Information (“BOI”) remains accurate at a...
What is the Corporate Transparency Act?
Submitted by UCS on December 14, 2023
It is normal to feel overwhelmed, frustrated, and possibly even worried about how to comply with any new regulation, especially if the rules are constantly evolving and being defined, redefined, explained, and reevaluated. So, let’s take a step back before diving into the minutia. What is the Corporate Transparency Act ("CT...
What is a FinCEN Identifier?
Submitted by UCS on November 8, 2023
Of the changes coming with the new legislation regarding the Corporate Transparency Act (“CTA”), a new government identifier will be obtainable to streamline the process of submitting Beneficial Owner Information (BOI) reports and fill out company applicant information. This new identifier is called the FinCEN Identifier and...
What is the New Beneficial Ownership Information (BOI) Reporting and How Does it Affect Your Business?
Submitted by UCS on November 7, 2023
Our guest blog post features an article written by Norris McLaughlin, P.A. Associate Samuele Riva and co-authored by Member, Jeff Cassin. Mr. Riva and Mr. Cassin offer an overview of the Beneficial Ownership Information Reporting and the Corporate Transparency Act from the perspective of two corporate attorneys. Commencing ...
Business Lawyers, the Corporate Transparency Act and New York State’s Response
Submitted by UCS on November 7, 2023
Our guest blog post, written by Tom Pitegoff has been published in the New York Law Journal with the article titled, “Business Lawyers, the Corporate Transparency Act and New York State’s Response.” Published on August 2, 2023, in the article, Tom discusses the upcoming requirement for millions of privately held businesses...
What is a Reporting Company under the Corporate Transparency Act?
Submitted by UCS on November 7, 2023
When it comes to the Corporate Transparency Act ("CTA"), it is vital to understand if your company is a “Reporting Company,” since determining this will decide whether or not any Beneficial Ownership Information ("BOI") filing is required. The flow-chart included below is FinCEN’s definition of what determines a “Reporti...
