Wolters Kluwer has developed an expert solution to help companies subject to the Corporate Transparency Act compliantly file “beneficial ownership” information to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN).
The CTA requires that small businesses and entities subject to the new reporting rule collect, document, and submit beneficial ownership information (BOI) to FinCEN. The rule applies to a wide range of domestic and foreign entities registered in the U.S. and took effect on January 1, 2024.
In a January 2, 2024 press release, Wolters Kluwer noted that its Beneficial Ownership Platform provides a secure, streamlined workflow to simplify filing and compliance for both single entity as well as multiple entity filers that will include small businesses, law firms and corporations with qualifying entities.
“Trust is foundational to a vibrant and inclusive economy. Wolters Kluwer is proud to introduce a solution to support industry-wide compliance with this critical new regulation to increase transparency of entities operating in the United States,” said Steven Meirink, CEO, Wolters Kluwer Financial & Corporate Compliance division. “Our expert solution uniquely supports businesses of all sizes and their professional advisors with a secure and seamless experience, drawing upon our deep expertise in compliance and technology.”
Wolters Kluwer described its solution as providing an intuitive, five-step workflow “that dramatically increases efficiency, reduces the risk of incorrect filings, and offers a secure hosting environment for uploading, storing, and updating beneficial ownership information.”
“Entities subject to filing must have access to the right infrastructure to store sensitive information, and the expert resources to send an updated report every time that entity or beneficial owner information changes,” said George May, Vice President, Small Business Segment Leader, CT Corporation, noting it guides users step-by-step through a transparent, simplified process to reduce the confusion and time spent on each report filing.
Wolters Kluwer has launched the CCH Axcess™ Beneficial Ownership solution to automate the beneficial ownership information filing process for accounting firms that need to file large volumes of reports. By offering BOI compliance as part of a business advisory relationship, accounting firms can enhance their role as trusted advisors.
“CCH Axcess Beneficial Ownership software uses a smart form to walk users through the BOI report step-by-step and validate that required fields are complete,” said Cathy Rowe, Senior Vice President and Segment Leader, U.S. Professional Market, Wolters Kluwer Tax & Accounting division. “The dashboard provides an overview of all the firm’s BOI reports, with the ability to create custom groups to organize data, track status from creation through completion and make edits directly within the platform.”
In previous announcements relating to the Corporate Transparency Act, Wolters Kluwer has cited its own survey findings that point to relatively low awareness of the new reporting requirements. Among nearly 1,000 U.S.-based companies, law firms and accounting firms participating in its 2023 survey, 74% of the entities for which the CTA rule will be applicable indicated they only became aware of the rule by having taken the survey, while 41% were unsure whether the beneficial ownership rule, as implemented by FinCEN, would apply to them.
Wolters Kluwer continues to follow developments around the new beneficial ownership rule and is promoting the sharing of best practices amongst all industry participants. Its resources included a self-guided eligibility quiz, webinar presentations, and content to help impacted entities prepare for and navigate the new requirements. More information is available on the Wolters Kluwer resource page: “Understand beneficial ownership information.”