Wolters Kluwer has introduced a new beneficial ownership expert solution designed to assist the approximately 33 million US businesses affected by the beneficial ownership reporting rule outlined in the Corporate Transparency Act (CTA).
The offering extends across Wolters Kluwer’s financial and corporate compliance (FCC) and tax and accounting (TAA) divisions. It will cater to the reporting and filing requirements of small businesses, corporate entities, as well as professionals in financial, legal, tax, and accounting fields throughout the US, said the Dutch information services company.
Effective since 1 January 2024, the Corporate Transparency Act mandates that small businesses and entities falling under the new regulation must gather, document, and furnish previously undisclosed beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN).
The reporting obligation for BOI is applicable to a diverse array of both domestic and foreign entities registered in the US, as outlined by FinCEN.
Wolters Kluwer FCC CEO Steven Meirink said: “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.
“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.”
CT Corporation, a division of Wolters Kluwer FCC, in collaboration with its partners, has launched the Beneficial Ownership Platform for small businesses, law firms, and qualifying corporations.
The platform features a secure and streamlined workflow designed to streamline filing and compliance processes for both single-entity and multiple-entity filers. The user-friendly, five-step workflow is said to significantly enhance efficiency, minimise the risk of erroneous filings, and provides a secure hosting environment for the uploading, storage, and updating of beneficial ownership information.
TAA has introduced the CCH Axcess Beneficial Ownership solution for accounting firms and their clients. This solution automates the filing process for beneficial ownership information, particularly beneficial for accounting firms dealing with substantial report volumes.
Wolters Kluwer said that by incorporating BOI compliance into their business advisory services, accounting firms can strengthen their position as trusted advisors.