Farmers State Bank Partners with Wolters Kluwer to Provide BizFilings Beneficial Ownership Reporting Solution

As of January 1, 2024, over 32 million businesses are required to file Beneficial Ownership Information (BOI) reports to comply with the Corporate Transparency Act. Farmers State Bank has partnered with Wolters Kluwer to provide the BizFilings Beneficial Ownership Reporting Solution, helping businesses comply with this new regulation. This convenient tool simplifies the process of filing Beneficial Ownership Reports, ensuring compliance with federal regulations and avoiding penalties.

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What is the Beneficial Ownership Information report and the Corporate Transparency Act?

BOI reporting is part of the Corporate Transparency Act that Congress passed in 2021 to crack down on money laundering, financing of terrorism financing, tax fraud, and other illegal acts. The BOI will contain personal identifying information about a company’s beneficial owners that will be filed with FinCEN, the Financial Crimes Enforcement Network of the U.S. Department of Treasury.

Use BizFilings’ Beneficial Ownership solution for fast and accurate BOI filings

Easy to Use

Reduce confusion using our guided five-step filing process

Secure Process

Safeguard your personal information using out robust security protocols

Efficient Filing

The fast and automated filing process saves house on each filing

Reduce Risk

Remove the threat of harsh civil and criminal penalties for non-compliance

Top 5 Things Small Businesses Need to Know About Corporate Transparency Act

The Corporate Transparency Act mandates that nearly all small businesses submit a Beneficial Ownership Report, disclosing individuals who hold 25% or more ownership or control of the entity. Failure to comply may lead to significant fines and potential imprisonment of up to two years.

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Explore Additional Resources for Beneficial Ownership Reporting

This section provides valuable tools to assist you in the Beneficial Ownership Reporting process. Access a comprehensive checklist to ensure you have all necessary documentation for your report, along with detailed information on compliance requirements. These resources are specifically designed to facilitate your understanding of the new regulations, helping to ensure your business remains compliant with the Corporate Transparency Act.