The Corporate Transparency Act (CTA), aimed at combating illicit financial activity, went into effect on January 1, 2021. Under the act, small businesses in the United States need to file beneficial ownership information reports (BOIR) with the Department of the Treasury by January 1, 2025.  Failure to submit new paperwork by the deadline of January 1, 2025, puts small business owners at risk for criminal penalties, imprisonment, and fines up to $10,000.

What is the Corporate Transparency Act?
What is the Corporate Transparency Act? The Corporate Transparency Act (CTA) was enacted on January 1, 2021, as part of the National Defense Authorization Act. The CTA included significant reforms to anti-money laundering laws and is intended to help prevent and combat money laundering, terrorist financing, corruption, and tax fraud. There are several lawsuits challenging the constitutionality of the Corporate Transparency Act. Small businesses must still comply with the law unless a court has specifically ruled them exempt based on the court’s decision. The U.S. Chamber of Commerce is committed to providing information like this guide to help small businesses comply with the law and we are working to convince Congress and the Treasury Department to extend the deadline for one year due to the lack of awareness by small business owners of the CTA and its reporting requirements.

1. Determine if your business needs to file a BOI Report: All businesses that fall under the definition of a reporting company must file a BOIR by January 1, 2025. What is a reporting company?
• A for-profit, privately held company registered to conduct business in the U.S.
• Has 20 or fewer employees or has $5 million or less in gross sales or receipts.
• There are 23 exemptions. Find out if your business is exempt here. Note: Publicly traded companies and non-profits do not fall under the CTA, as they are subject to their own reporting requirements.

2. If your business needs to report, identify the beneficial owners. A beneficial owner is any individual who:
• Owns or controls at least 25% of an organization.
• Serves as a senior officer, such as a president, CEO, or general counsel.
• Has authority to appoint or remove senior officers, board members, or other similar roles.
• Makes important decisions concerning the company’s business, finances, and/or structure.

3. Note your deadline to file. For most eligible small businesses, the deadline to file these reports is January 1, 2025. Here are some exceptions:
• New companies created between Jan. 1, 2024 and Jan. 1, 2025 need to file within 90 days of formation.
• Companies formed after Jan. 1, 2025 will need to file within 30 days of formation.
Note: BOIR updates or corrections need to be filed within 30 days of the change.

4. Gather the required information. Eligible small businesses will need to report the following information about their companies:
• Full legal name
• Any trade names or “doing business as” names
• Current U.S. address
• Jurisdiction of formation
• Tax Identification Number (e.g., EIN)
Reports must also include the below information about any beneficial owners:
• Full legal name
• Date of birth
• Current address
• Unique identifying number from a valid government ID
• Image of the ID document

5. File your BOI Report. Reports must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of Treasury.
• Go to FinCEN’s BOI E-Filing website: https://boiefiling.fincen.gov/
• Choose to file online or upload a completed PDF form.
• Enter the required information for your company and beneficial owners.
• Upload images of identification documents.
• Review and submit your report.

Additional Tips for Compliance
• Create a secure process for collecting and storing beneficial owner information.
• Stay informed about any changes in ownership or control of your company.
• Set reminders for filing deadlines and updates.
• Consider seeking legal advice if you’re unsure about your reporting obligations.

Additional BOIR Resources
• Read this article from CO— by the U.S. Chamber of Commerce: How to File a Beneficial Ownership Information Report for Your Business.
• Check the FinCEN’s FAQ page: FinCEN BOI FAQs

Source
Complying with the Corporate Transparency Act: A Guide for Small Businesses
Provided by the U.S. Chamber of Commerce

As businesses explore how their organization can grow with technology, understanding the cyber landscape is key. But all cyber policies are not created equal and there is no standard policy. In this article, we offer guidance to help avoid some common pitfalls.

Ask yourself:
Do we have cyber coverage/do our current policies cover an incident?
Many businesses assume that their existing policies cover cyber incidents, but this is not always true. Conduct a thorough assessment of your existing coverages to help prevent you from being financially liable after an incident.

Which internal stakeholders should be involved?
Cybersecurity IT leaders, finance, legal, C-suite, and board members should communicate about the organization’s cyber risk and the resulting financial exposure. Determine who will oversee selecting cyber insurance and file claims.

Can we meet the coverage requirements?
Cyber insurers continue to increase the prerequisites insureds need to meet to obtain coverage. Most insurers want to see that you have certain measures in place, including:

• Employee awareness trainings and phishing simulations
• Multi-Factor Authentication (MFA)
• Password manager
• Frequent and replicated back-ups
• Back-up testing
• A principle of least privilege policy
• Use of a Virtual Private Network (VPN)
• Secure Remote Desktop Protocol (RDP)
• Encrypted backups
• Removal of end-of-life (EOL) and end-of-service life (EOSL) devices and software
• Endpoint detection and response (EDR) solution
• Enable and analyze logs for your devices and digital landscape
• Patch management program
• Continually tested incident response plan
  
  

What does our cyber policy cover?
A comprehensive cyber insurance policy includes first-party coverage and third-party liability.
First-party cyber liability insurance helps protect your company by responding to data breaches at your own business. It can cover costs for:

• Communicating with impacted customers
• Credit monitoring
• Forensic analysis
• Data restoration
• Public relations and reputation management
• Losses due to ransomware, etc.
• Expenses for remediation activities
• Loss of income
• Other recovery activities
  
  

Third-party liability coverage provides financial protection if you fail to prevent a data breach at a client’s business, as well as if another company sues you for compromising their data – causing losses or damages. It can cover:

• Legal fees
• Government penalties and fines
• Cost of responding to regulatory inquires
• Settlements and judgments related to the claim
  
  

Are there coverage exclusions we need to be aware of?
Don’t assume your insurance will cover the costs of an incident. Policy wordings and definitions are inconsistent, with some policies clearly stating inclusions and exclusions, and others not being very explicit in what they cover. Many insurers exclude or severely limit coverage for these events:

• Consumer protection acts
• War and terrorism
• Contractual liability
• Electrical or mechanical failure
• Infrastructure breaches or failures
• Voluntary shutdown coverage
• Regulatory fine limitations
• Loss at an associated company not explicitly listed in policy

 
Find the right coverage
Partnering with a team of experts dedicated to improving your approach to cyber risk can help render optimal results from the cyber insurance market. Contact The Baldwin Group for help creating cyber programs tailored to your needs. www.baldwin.com​

 The Lakeland Chamber of Commerce is excited to announce the 15th annual Small Business Saturday, happening this year on Saturday, November 30. Join us as we rally our community to celebrate and support the small businesses that are the backbone of our local economy.

Shop Small is a movement that supports small, independent businesses and spotlights their valuable contributions to their communities and the economy.  The Shop Small movement was inspired by the widespread participation in Small Business Saturday®, a day founded by American Express in 2010 on the Saturday after Thanksgiving. Now a national holiday, Small Business Saturday is dedicated to celebrating small businesses by helping to drive more customers through the doors of retail stores, restaurants, fitness studios, salons — and everything in between. Since its inception, this initiative has generated an estimated $201 billion in reported spending at small businesses across all 50 states.

In 2023, over three-quarters of Small Business Saturday shoppers visited stores in person, underscoring the enduring importance of local shopping. This year, the Lakeland Chamber of Commerce encourages everyone to embrace the future and continue making an impact by supporting our neighborhood businesses..

Here’s how you can get involved:

• PLAN: Spread the word about Small Business Saturday and make plans to shop at local businesses. Look for window posters, social media advertisements, and other ways to recognize those participating.
• RALLY: Collaborate with local entrepreneurs and businesses to share ideas and resources, creating a collective community experience. Work together to spread the word!
• CELEBRATE: Show your love for small businesses on November 30 by shopping, dining, and experiencing the unique offerings of Lakeland’s small business community.
• KEEP IT GOING: Small Business Saturday is just the beginning! Let’s continue to Shop Small throughout the holiday season and beyond.

The Lakeland Chamber of Commerce is proud to serve as a Neighborhood Champion for this year’s event, uniting businesses and consumers in a shared celebration of community. Together, we can help sustain and grow the vital contributions small businesses make to our economy and way of life. For more information, contact the Lakeland Chamber of Commerce at 863-688-8551.

At Bank of Central Florida, we take pride in supporting local organizations that have a positive and lasting impact on our communities. One such organization is Heartland for Children, a vital community-based care agency serving Polk, Hardee, and Highlands Counties. Through our partnership, we have provided the financial tools and personalized support Heartland for Children needs to carry out their mission of helping foster children and families, making a tangible difference in the lives of thousands.

Heartland for Children: A Pillar of Support in Foster Care
Heartland for Children manages the foster care system for over 2,100 children across three counties, ensuring that children who have been removed from their homes due to abuse, neglect, or abandonment receive the care they need. From case management to adoptions, independent living, and service development, Heartland for Children plays an essential role in safeguarding these children’s futures. However, this work cannot be done alone. The organization depends on the support of foster parents, volunteers, and local businesses to provide care for these vulnerable children. The COVID-19 pandemic created significant challenges, including a shortage of foster families. Today, there’s an urgent need for more families willing to open their hearts and homes, with a current gap of about 80 foster families needed to meet community demand. For those considering fostering, Coady Cheek, Relationship Manager at Bank of Central Florida, wisely notes, “There will rarely be the ‘perfect time.’ Jump right in and know you will be encouraged. The support and training we received from Heartland for Children and their staff was extremely valuable. Fostering and understanding the importance of providing care to those in need will have everlasting impacts. All children deserve the opportunity to be loved and cared for!” His engagement goes beyond a professional level; he has actively worked with Heartland to foster a deeper understanding of the needs of children in the system.

Financial Tools that Empower Community Care
Bank of Central Florida is proud to be a partner in Heartland for Children’s efforts. As a community bank, we understand the importance of providing not only financial services but also personalized support that meets the unique needs of organizations like Heartland. Through this collaboration, we’ve offered them the financial tools they need to succeed in their mission. Our partnership includes managing their development account, where donations for key events such as their annual Rudolph Roundup Toy Drive are collected and processed. Heartland for Children’s Rudolph Roundup Toy Drive is one of their most important initiatives, providing holiday gifts for over 1,500 foster children each year. As the season approaches, we ensure that their banking needs are met, whether it’s through our secure online banking services, debit cards for purchasing gifts, or increasing purchase limits to accommodate large-scale shopping efforts. The Rudolph Roundup Toy Drive is a monumental task, and our team at Bank of Central Florida, including Coady, is always ready to step in when needed. Whether it’s helping to troubleshoot technical issues with their check scanner, ensuring smooth transactions during the holiday shopping season, or offering prompt support whenever it’s required, we’re committed to making their operations as seamless as possible.

A Personalized Banking Experience
At Bank of Central Florida, we believe that fostering strong relationships with our clients means going beyond the traditional banking experience. Our partnership with Heartland for Children is a testament to the power of personalized service. When Heartland needed support during the pandemic to secure a Paycheck Protection Program (PPP) loan, our team moved quickly to guide them through the process, helping secure essential funding to keep their programs running. Additionally, we provide quick responses to ensure Heartland for Children can focus on what matters most—caring for children and families. Whether it’s resolving day-to-day banking issues or increasing transaction limits during high-demand periods like the holiday season, our team is always ready to lend a hand.

Looking Ahead to the 2024 Rudolph Roundup Toy Drive
As we move into the 2024 holiday season, Heartland for Children is gearing up for another successful Rudolph Roundup Toy Drive, bringing joy to hundreds of foster children and ensuring they have a bright and happy holiday. Bank of Central Florida is proud to continue supporting this initiative by providing the financial tools and resources needed to make it a success. At Bank of Central Florida, we are more than just a bank—we are a community partner. Our relationship with Heartland for Children exemplifies how personalized service and financial support can empower organizations to make a real difference. As we continue this partnership, we are committed to supporting Heartland’s mission to create safer, brighter futures for children and families across Polk, Hardee, and Highlands Counties. This holiday season, we invite you to join us in making the 2024 Rudolph Roundup Toy Drive a success. Together, we can spread hope and joy to foster children, ensuring they feel the warmth and love of a caring community. Contact [email protected] to learn more and become a Rudolph Champion this year!

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