Wolters Kluwer survey cites maintaining compliance as a top concern among impacted U.S. Corporate Transparency Act reporting companies
Latest poll shows continuing questions in determining which organizations and beneficial owners are subject to new rule
“Submitting a company’s initial beneficial ownership reporting data by the specified deadline in no way means that this process is a one-time occurrence,” said
Other challenges cited by respondents include “Determining whether my business is subject to the reporting requirement,” at 25%, and “Identifying the beneficial owner(s) in an organization who are subject to the rule” at 24%. The remaining polling option, “Resource allocation of costs and staff time to gather and submit the required information,” was selected by 12% of respondents.
Since last November’s polling, overall readiness levels for CTA compliance have shown modest increases: the percentage of those confident that their organizations were at least 75% prepared rose from 15% in November, to 29% in January, to 33% in May’s polling, while 9% percent of respondents in May’s webinar considered their organizations fully ready to comply, an uptick from 7% in January and 3% in
The percentage who perceive their organizations as “Not at all ready” to comply decreased from 38% in November to 16% in May.
For more information on navigating the BOI reporting requirements, visit “Beneficial Ownership Information Compliance from
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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,
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Associate Director,
Financial & Corporate Compliance
Wolters Kluwer
Office +1 612-246-9454
david.feider@wolterskluwer.com
Source: Wolters Kluwer