Wolters Kluwer announced the launch of an expert solution aimed at helping the nearly 33 million U.S. businesses impacted by the beneficial ownership reporting rule under the Corporate Transparency Act (CTA). This Wolters Kluwer solution spans its Financial & Corporate Compliance (FCC) and Tax & Accounting (TAA) divisions to serve the reporting and filing needs of small businesses, corporate, financial, legal, tax and accounting professionals across the U.S. The CTA requires that small businesses and entities subject to the new rule collect, document, and submit previously unreported beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This BOI reporting requirement applies to a wide range of domestic and foreign entities registered in the U.S., as specified by FinCEN.

The rule took effect on January 1, 2024. For small businesses, law firms and corporations with qualifying entities, CT Corporation, a business of FCC, and its partners have introduced the Beneficial Ownership Platform, which contains a secure, streamlined workflow to simplify filing and compliance for both single entity as well as multiple entity filers. The intuitive, five-step workflow dramatically increases efficiency, reduces the risk of incorrect filings, and offers a secure hosting environment for uploading, storing, and updating beneficial ownership information.

For accounting firms and their clients, TAA has launched the CCH Axcess?? Beneficial Ownership solution, which automates 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.