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With the brand new yr got here a brand new reporting requirement for a lot of firms in the US. The brand new requirement, which took place as a part of the federal Company Transparency Act of 2021, signifies that many firms should report details about their helpful house owners — the people who in the end management the corporate.
To assist firms adjust to the brand new regulation, the authorized expertise firm SixFifty at the moment launched a free software that helps them decide whether or not they’re required to file. Whereas many thousands and thousands of firms will probably must report, there are 23 exemptions that excuse sure organizations from submitting.
Utilizing SixFifty’s software, firms reply a couple of questions on their enterprise and the software creates a worksheet that analyzes how every of the 23 exemptions apply to their group. SixFifty says firms ought to hold the worksheet available in case of an audit or investigation by the federal authorities.
For firms required to file, SixFifty’s software additionally offers directions on how to try this.
“As a way to keep away from prison and civil penalties, firms want to point out that they took the Company Transparency Act critically,” mentioned Kimball Dean Parker, CEO of SixFifty. “Our aim is to assist as many firms as attainable to find out whether or not they should comply–and to create a doc that exhibits a very good religion evaluation.”
At no cost entry to SixFifty’s Company Transparency Act Worksheet, go to https://www.sixfifty.com/free-corporate-transparency-act-worksheet/.
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