Wolters Kluwer survey reveals misconceptions among small businesses that are subject to Beneficial Ownership reporting
2024年8月1日 - 10:04PM
ビジネスワイヤ(英語)
One-third of respondents mistakenly believe
Corporate Transparency Act rule doesn’t apply to their
businesses
As a year-end filing deadline approaches, confusion remains high
among small businesses that are subject to beneficial ownership
reporting under the Corporate Transparency Act (CTA). A new survey
by Wolters Kluwer reveals that 33% of respondents representing
small businesses that meet the reporting criteria and should be
filing this year mistakenly don’t believe that beneficial ownership
information (BOI) reporting applies to their organizations.
While 39% acknowledge the applicability of the rule to their
organizations, 23% confessed their uncertainty on its relevance.
When asked about the status of their BOI filing, 16% have no
intention of filing beneficial ownership details, rising to 36%
among businesses with annual revenues below $500,000. A summary of
the survey findings is available online.
“One of the biggest takeaways from our survey is the disconnect
among many small businesses about their eligibility status and
intent to file BOI details by year-end,” said Rupak
Venugopal, Vice President, Beneficial Ownership, Wolters
Kluwer Financial & Corporate Compliance. “A significant
portion of respondents mistakenly believe their organizations’
annual revenue or employee counts make them too small for
eligibility. We strongly encourage all businesses to familiarize
themselves with BOI reporting requirements and the specific
exemptions listed by the CTA and the Financial Crimes Enforcement
Network (FinCEN).”
Venugopal points to Wolters Kluwer’s Bizfilings Beneficial
Ownership Eligibility Quiz as a means of helping small businesses
quickly understand whether they need to file.
Conducted June 21-July 1, the survey of 302 U.S. small
businesses collected input from organizations with less than $5
million in annual revenues and fewer than 20 employees.
The survey also explores the resources small businesses are
tapping for BOI compliance, with law firms being relied upon three
times more than CPA/accounting firms. Among the top sources cited
in having helped generate awareness of the reporting rule among
small businesses, law firms led (32%), followed by websites (27%)
and word-of-mouth (22%).
Wolters Kluwer’s BizFilings Beneficial Ownership Information
Report solution helps small businesses understand basic reporting
requirements, file with confidence, and avoid penalties for
non-compliance.
For more information about Wolters Kluwer, please visit:
www.wolterskluwer.com.
About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in
information, software solutions and services for professionals in
healthcare; tax and accounting; financial and corporate compliance;
legal and regulatory; corporate performance and ESG. We help our
customers make critical decisions every day by providing expert
solutions that combine deep domain knowledge with technology and
services.
Wolters Kluwer reported 2023 annual revenues of €5.6 billion.
The group serves customers in over 180 countries, maintains
operations in over 40 countries, and employs approximately 21,400
people worldwide. The company is headquartered in Alphen aan den
Rijn, the Netherlands.
For more information, visit www.wolterskluwer.com, follow us on
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version on businesswire.com: https://www.businesswire.com/news/home/20240801419463/en/
David Feider Associate Director, External Communications
Financial & Corporate Compliance Wolters Kluwer Office +1
612-246-9454 david.feider@wolterskluwer.com