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Corporate Transparency Act Eligibility Quiz

Do you need to file beneficial ownership information to FinCEN?

The Corporate Transparency Act (CTA) legislation introduces beneficial ownership reporting requirements for new and existing companies that went into effect on January 1, 2024.

Unless exempt, newly formed companies will have to report required information to the United States Treasury’s Financial Crimes Enforcement Network (FinCEN).

Use this form to determine whether your business will be required to submit beneficial ownership information to FinCEN.*

* Nothing herein shall be construed as legal advice or counsel. CSC will not be responsible for any loss arising from reliance on this wizard.

Is the entity a corporation, limited liability company (LLC), or similar entity?

Was the entity formed in the United States or is it registered to do business in the U.S.?

Is the entity inactive because it meets ALL six requirements below?

  • Was in existence on or before January 1, 2020.
  • Is not engaged in active business.
  • Is not owned by a foreign person, whether directly or indirectly, wholly or partially.
  • Has experienced no changes in ownership in the preceding 12-month period.
  • Has not sent or received any funds in an amount greater than $1,000, either directly or through any financial account in which the entity or any affiliate of the entity had an interest, in the preceding 12-month period.
  • Does not otherwise hold any kind or type of assets, including any ownership interest in any corporation, LLC, or other similar entity.

Does the entity fall into one of the following categories?

  • Accounting firm
  • Bank
  • Broker or dealer in securities
  • Commodity Exchange Act registered entity
  • Credit union
  • Depository institution holding company
  • Entity assisting a tax-exempt entity
  • Financial market utility
  • Governmental authority
  • Inactive entity
  • Insurance company
  • Investment company or investment adviser
  • Large operating company
  • Money services business
  • Other Exchange Act registered entity
  • Pooled investment vehicle
  • Public utility
  • Securities exchange or clearing agency
  • Securities reporting issuer
  • State-licensed insurance producer
  • Subsidiary of certain exempt entities
  • Tax-exempt entity
  • Venture capital fund adviser

Does the entity meet ALL THREE of the following requirements?

  • Employs 20 or more full-time employees
  • On its tax return for the previous year had more than $5 million in gross receipts or sales in the aggregate
  • Has an operating presence at a physical office within the U.S