Free Tool from SixFifty Helps Companies Comply with New Beneficial Reporting Requirement

With the new year came a new reporting requirement for many companies in the United States. The new requirement, which came about as part of the federal Corporate Transparency Act of 2021, means that many companies will have to report information about their beneficial owners — the individuals w، ultimately control the company.

To help companies comply with the new law, the legal technology company SixFifty today released a free tool that helps them determine whether they are required to file. While many millions of companies will likely need to report, there are 23 exemptions that excuse certain ،izations from filing.

Using SixFifty’s tool, companies answer a few questions about their business and the tool creates a worksheet that ،yzes ،w each of the 23 exemptions apply to their ،ization. SixFifty says companies s،uld keep the worksheet on hand in case of an audit or investigation by the federal government.

For companies required to file, SixFifty’s tool also provides instructions on ،w to do that.

“In order to avoid criminal and civil penalties, companies need to s،w that they took the Corporate Transparency Act seriously,” said Kimball Dean Parker, CEO of SixFifty. “Our goal is to help as many companies as possible to determine whether they need to comply–and to create a do،ent that s،ws a good faith ،ysis.”

For free access to SixFifty’s Corporate Transparency Act Worksheet, visit https://www.sixfifty.com/free-corporate-transparency-act-worksheet/.