Today, SixFifty released a free tool to help companies comply with the Corporate Transparency Act. The law went into effect on January 1, 2024 and requires companies to file a report with the federal government about their ownership structure. There are civil and criminal penalties for companies who do not comply. Tens of millions of companies will likely need to report, but there are 23 exemptions that excuse organizations from filing.
SixFifty created a free tool to help companies determine whether they need to comply with the new law. Companies answer a few questions about their business and SixFifty creates a worksheet that analyzes how each of the 23 exemptions apply to their organization. Companies are encouraged to keep the worksheet on hand in case of an audit or investigation by the federal government. SixFifty also provides instructions on how to file.
“In order to avoid criminal and civil penalties, companies need to show 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 document that shows a good faith analysis.”
SixFifty specializes in helping companies with multi-state employment compliance. But SixFifty uses its automation software for pro bono purposes as well. The company is offering the Corporate Transparency Act Worksheet for free as a public service.
