US Department of Treasury Appeals Alabama Corporate Transparency Act (CTA) Ruling
The US Department of the Treasury is taking steps to defend the CTA following a ruling by an Alabama federal judge deeming it unconstitutional. Ten days after the ruling, the Department lodged an appeal with the Eleventh Circuit on Monday, demonstrating its dedication to upholding the law and safeguarding the American public against financial crimes.
The CTA mandates that over 30 million businesses operating in the US report and keep current beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a division of the Treasury Department. The reported information will aid government officials in detecting tax evasion, money laundering, and other illicit activities conducted by shell companies. Enacted in 2021 with bipartisan support, this law aims to combat unlawful practices and safeguard small businesses.
The Department of Treasury is confident in interpreting the Constitution’s necessary and proper clause, which they argue justifies the CTA. They view this law as a crucial and effective tool for achieving Congress’ policy objectives and ultimately benefiting all Americans. Regardless of how the Eleventh Circuit Court rules, this case may go to the US Supreme Court.
The summary judgment issued by the Alabama district court had a limited impact on only about 60,000 entities out of the 30+ million entities affected by the CTA. Due to its restricted reach, it seems unlikely the CTA will be suspended while the appeals process is ongoing.
It’s widely believed that all companies that have to report BOI should file before the deadline. It is highly recommended that businesses take this matter seriously. If a company fails to file within the specified time, it might face significant civil fines and penalties, including jail time.
Harbor Compliance’s BOI Reporting Service can guide you through filing your BOI report with FinCEN, not just this year, but whenever you need to file updated reports with FinCEN.
Corporate Transparency Act Deemed Unconstitutional: Implications for Beneficial Ownership Reporting
Court Ruling Prevents NSBA Members From Having to Report BOI
A US Federal District Court has ruled that the Corporate Transparency Act, which requires businesses to disclose personal information to FinCEN, is unconstitutional. The court granted summary judgment for the National Small Business Association (NSBA) in a lawsuit filed in 2022, stating that the CTA unfairly burdens small businesses and could cost an average of $8,000 in the first year of reporting. The ruling permanently enjoins the government from enforcing the CTA against the plaintiff. The decision was made by Judge Liles C. Burke, who released a 53-page opinion on Friday, March 1, 2024.
Reporting Ban Applies to Less Than 1% of Organizations Impacted by New Requirements
This ruling only applies to the NSBA and its members. The Financial Crimes Enforcement Network (FinCEN) clarified that the ruling only affects the plaintiffs, “Isaac Winkles, reporting companies for which Isaac Winkles is the beneficial owner or applicant, the National Small Business Association, and members of the National Small Business Association (as of March 1, 2024).” Therefore, these parties are currently not required to report any beneficial ownership information to FinCEN.
Roughly 40,000 businesses will be impacted by the ruling, a vanishingly small percentage of the 30+ million organizations FinCEN estimates will need to report BOI in 2024.
Vast Majority of Businesses Should Proceed with BOI Reporting as Previously Planned
There have been no public announcements regarding the next steps in the court case. However, the decision will likely be appealed, and a request for a stay of judgment will be filed with the district court.
No other lawsuits against the CTA are currently in progress. Although many organizations have requested a delay in CTA enforcement, neither Congress nor the Treasury has shown any interest in extending the deadline beyond January 1, 2024.
While it’s unlikely that the Treasury will issue guidance suspending CTA enforcement while the appeals process continues, businesses should still consider filing to meet their CTA deadlines. Failure to file on time could result in significant fines and penalties, including potential jail time. Although filing may result in some costs, it provides peace of mind and satisfies CTA regulations.
How Harbor Compliance Can Help
Harbor Compliance has been leading the way in delivering technology-based business compliance services since 2012. Our primary focus is on securely collecting information and integrating it with government agencies to accurately and promptly complete filings. BOI reporting is just one of the many requirements we’re well-equipped to handle.
We have established long-lasting partnerships with CPAs, attorneys, and service companies. These professionals utilize our partner program to offer their clients industry-leading compliance solutions.
Our BOI Reporting Service is the easiest way to put this requirement behind. Get started today and experience:
- User-friendly information collection: Filling out our information forms is a breeze with helpful instructions.
- Support for future filings: Data is saved for future use, and corrected and amended reports are included.
- Multi-entity filer capabilities: Save even more time by providing beneficial ownership information only once.
- Data security: Rest easy knowing our technology is SOC 2-compliant and our forms are encrypted.
- Client support in every engagement: Client answers are just a call away, and partners receive dedicated support.
- Optional comprehensive compliance support: Reuse the data provided for broader multistate filings.
Beneficial Ownership Reporting Infographic
Discover our free Beneficial Ownership Information (BOI) Reporting Infographic intended as a beginners guide for owners of LLCs and corporations. As a small business owner, you’ll be introduced to the new 2024 beneficial ownership report you must submit to FinCEN. Learn about possible exemptions, the information required to file, and when you may need to file again.
Harbor Compliance’s BOI Reporting Service can guide you through filing your BOI report with FinCEN, not just this year, but whenever you need to file updated reports with FinCEN.
The New York LLC Transparency Act Requirement
In an effort to enhance corporate transparency and combat illicit activities, the Corporate Transparency Act (CTA) was put into effect on January 1, 2024, at the federal level. However, LLCs in New York need to be aware of the recent update specific to the state.
In December 2023, the New York governor signed SB 995 to enact the LLC Transparency Act, modeling the state’s reporting requirements after the federal CTA regulations.
Understanding the LLC Transparency Act
With the enactment of the LLC Transparency Act in New York, LLCs operating in New York will be required to report the same information filed with FinCEN under the CTA to the New York Department of State.
In fact, LLCs submitting beneficial ownership information (BOI) reports under the CTA can use the same form submitted to FinCEN to file with the NY Department of State. The new law defines “beneficial owner,” “reporting company,” and “exempt company” in the same way the CTA does, and the same exemptions apply as well. Information reported to the NY Department of State via the filing will be kept private.
The new law will go into effect on December 21, 2024. LLCs in existence on or before that date have until January 1, 2025, to file an initial report.
Fulfilling Your BOI Reporting Requirement
In essence, complying with the New York LLC Transparency Act, or the federal CTA, doesn’t propel your business forward. Rather, it is an additional regulation that must be addressed and treated seriously. While it’s important to handle it correctly to mitigate any risks, you also want to do so without causing significant disruption to your business operations or spending excessive resources.
Harbor Compliance’s Beneficial Ownership Information (BOI) Reporting Service makes the reporting process as simple as possible. Our service saves your organization valuable time, potentially up to three hours per report, by managing the collection and verification of beneficial ownership information and ensuring timely filing.
Your information is securely stored in our specialized software, which was specifically designed with filing accuracy and reliability in mind. This approach prevents you from having to enter your information over and over again every time you need to make an update. It also perfectly positions us to handle updated and corrected report filings as information changes.
Alabama Annual Report Requirement Update
Entities registered in Alabama must be aware of the recent amendment to the annual report requirement. This blog post will provide an overview of the previous requirements, explain the changes made, discuss the filing process, and offer tips for success.
Previous Annual Report Requirements
Previously, all entity types in Alabama were obligated to file an annual report alongside their Business Privilege Tax Return, which was submitted to the Alabama Department of Revenue. Annual reports were due to be submitted no later than March 15 of each year following the calendar year of initial registration.
Changes in the Annual Report Requirement
As of January 1, 2024, the annual report filing process has been modified. The Alabama Secretary of State’s Business Services Division will now process annual reports for Domestic and Foreign For-Profit Corporations and Professional Corporations.
With this new change, all other entity types, such as Limited Liability Companies (LLCs), are no longer required to file an annual report.
Key Deadlines and Filing Process
Along with the new requirement comes a new filing process. The Alabama Secretary of State’s website now provides a digital and printable form for the annual report. The filing fee for the annual report is $10 per report. The annual report due date of March 15, each year following the calendar year of initial registration, will remain the same.
How to Prepare
To ensure successful compliance with the new annual report requirement, here are a few practical tips for Alabama business owners:
- Stay informed: Regularly check the Alabama Secretary of State’s website for any updates or changes in the filing process or requirements.
- Mark key dates: Add the annual report filing deadline to your calendar and set reminders to ensure timely submission.
- Double-check information: Review all the details before submitting the report to ensure accuracy and completeness.
- Seek professional assistance if needed: Harbor Compliance’s Managed Annual Report Service can help save time and ensure on-time filing. Contact us today to learn more.
Understanding BOI Reporting Requirements for Nonprofits Under the CTA
While the CTA primarily targets for-profit businesses, it’s estimated that 2.4 million nonprofits will be impacted by the new legislation. The CTA aims to combat money laundering, terrorism financing, and other illicit activities by mandating the disclosure of beneficial ownership information. Beneficial ownership refers to individuals who ultimately own or control an entity. Under the CTA, organizations must report certain information about their Beneficial Owners to the Financial Crimes Enforcement Network (FinCEN), ensuring transparency and accountability.
Determining if Your Nonprofit Will Have to File
Of the 23 exemptions to the CTA, nonprofits are most likely to fall into the five categories below.
- Organizations with federal tax exemption under Section 501 or 527 of the Internal Revenue Code or federally tax-exempt trust or their subsidiaries
- Entities assisting a tax-exempt entities
- Large operating companies with more than 20 full-time employees, a physical office in the US, and gross receipts exceeding $5,000,000 reported on last year’s tax return or their subsidiaries
- Credit unions or their subsidiaries
- Inactive entities
On the other hand, nonprofits in the below scenarios may have to submit BOI reports.
- Nonprofits that do not intend to seek tax-exempt status at the federal level
- Organizations filing Form 1023 with pending tax-exempt status (Note that once the IRS grants tax exemption, an updated report would likely need to be submitted to declare the exemption.)
- Nonprofit corporations sharing tax-exempt privileges with a fiscal sponsor (Note that if their tax-exempt status changes, they may need to submit an updated report to maintain current records.)
- Nonprofits with revoked tax-exempt status (Note that if their tax-exempt status is reinstated, they may need to submit an updated report.)
Identifying Beneficial Owners
A beneficial owner is any person with at least 25% ownership or who has significant control over the organization’s operations. There is no limit to the number of individuals who can be reported for exercising substantial control. In general, an individual is considered to have significant control over an organization if they fall into any of the below categories:
- Senior Officer – any individual holding the position or exercising the authority of an Executive Director/CEO, President, CFO, General Counsel, COO, or any other officer, regardless of title, who performs similar functions as these officers.
- Appointment or Removal Authority – Anyone able to appoint or remove any senior officer or a majority of the board of directors or similar body.
- Important Decision-Maker – Anyone who directs, determines, or has substantial influence over important decisions made by the organization, including decisions regarding the organization’s
- Business, such as:
- Nature, scope, and attributes of the business
- The selection or termination of business lines or ventures or geographic focus
- The entry into or termination, or the fulfillment or non-fulfillment, of significant contracts
- Finances, such as:
- Sale, lease, mortgage, or other transfer of any principal assets
- Major expenditures or investments, issuances of any equity, incurrence of any significant debt, or approval of the operating budget
- Compensation schemes and incentive programs for senior officers
- Structure, such as:
- Reorganization, dissolution, or merger
- Amendments of any substantial governance documents of the reporting company, including the articles of incorporation or similar formation documents, bylaws, and significant policies or procedures
- Business, such as:
- Individuals with any other form of substantial control over the organization. Control exercised in new and unique ways can still be substantial. For example, flexible corporate structures may have different indicators of control than the indicators included here.
Required Information for BOI Reporting
The following organization details are required as part of the BOI report:
- The organization’s name
- Any trade or DBA names
- State of formation or registration
- Federal EIN
- ID number from its domicile Secretary of State
- Primary address within the US
Additionally, the following details about all beneficial owners must be included:
- Full legal name
- Date of birth
- Residential address
- Photo ID and issuing jurisdiction
Note that organizations formed in 2024 and beyond will be responsible for reporting the same information about “company applicants.” A company applicant refers to the individual(s) who filed the secretary of state documents to create or register your nonprofit entity. For example, you may be the company applicant if you formed your organization. Or, if you worked with a third party to complete filing, that person may be the company applicant.
Conclusion
As a nonprofit organization, staying informed about BOI reporting requirements is essential. By understanding the purpose of the CTA, identifying Beneficial Owners, knowing the required information for reporting, and being aware of exemptions and common reporting scenarios, nonprofits can navigate the regulatory landscape effectively.
To seamlessly meet BOI reporting requirements, we offer our BOI Reporting Service. We’ll complete the reporting process on your behalf, ensuring accuracy and adherence to regulatory standards. Stay ahead of the curve and order our BOI Reporting Service today to easily fulfill your reporting obligations.
Countdown to the Corporate Transparency Act: How to Prepare for Beneficial Ownership Information Reporting
The clock is ticking, and the deadline for beneficial ownership information (BOI) reporting is fast approaching. The Corporate Transparency Act (CTA) has brought about significant changes in the regulatory landscape and may have real impacts on teams across your organization. This blog post will dive into what the CTA means for your teams and how it impacts your organization’s reporting obligations.
The New Requirements in Brief
The primary objective of the CTA is to enhance corporate transparency by mandating companies to disclose information about their owners. A beneficial owner is any individual who exercises substantial control over an organization or owns or controls at least 25% of its ownership interests.
Organizations required to report BOI under the CTA, referred to as “reporting companies,” must report information about the organization and beneficial owners to the Financial Crimes Enforcement Network (FinCEN).
Failure to meet requirements imposed by the CTA can have ramifications for your organization. Penalties may include substantial fines of up to $500 per day and, in cases of deliberate violation, even criminal charges. Therefore, your team must proactively fulfill reporting obligations.
Preparing for the Requirements in Three Steps
It’s estimated that 97% of organizations operating in the US will need to report beneficial ownership information to FinCEN. Organizations formed before January 1, 2024 that aren’t exempt from the requirements can prepare for the upcoming deadline by following the steps below.
1) Identify Your Beneficial Owners
Beneficial owners are individuals who exercise substantial control over an organization or own or control at least 25% of its ownership interests. Either qualification is valid, meaning identifying beneficial owners is a two-part process.
Part 1: Individuals with substantial control
Generally, individuals with substantial control may be:
- Senior Officers – CEOs, Presidents, CFOs, General Counsel, COOs, or any other officer who performs similar functions as these officers, regardless of title.
- Individuals with Appointment or Removal Authority – Anyone able to appoint or remove any senior officer or a majority of the governing body, such as the board of directors.
- Important Decision-Maker – Anyone with the power to make or influence important decisions, such as:
- Determining the nature, scope, and attributes of the business, choosing or ending lines of business, engaging in new ventures, shifting geographic focus, or entering into, ending, or determining whether or not to fulfill major contracts.
- Selling, leasing, mortgaging, or transferring principal assets, making major expenditures or investments, issuing equity, incurring significant debt, approving operating budgets, or designing compensation plans for senior officers.
- Reorganizing, dissolving, or merging the organization with another, or amending any substantial governing documents of the organization, including formation documents, bylaws, and significant policies or procedures.
Individuals with any other form of substantial control over the organization. Control exercised in new and unique ways can still be substantial. For example, flexible corporate structures may have different indicators of control than the indicators included above.
Part 2: Individuals with at least 25% ownership interests
In general, ownership interests may include equity, stock, or voting rights; a capital or profit interest; convertible instruments; options or other non-binding privileges to buy or sell any of the foregoing; and any other instrument, contract, or other mechanism used to establish ownership. Also, a reporting company may have multiple types of ownership interests.
The formulas below are useful in determining ownership interest percentages:
If none of these calculations apply, identify any individual who owns or controls 25% or more of any class or type of ownership interest at the organization.
2) Gather the Information Required to File
BOI reports require specific information about your organization and its beneficial owners. As such, gathering the information is a two-part process.
Part 1: Company information
- Name(s) – For every organization you plan to report on, you will need its legal entity’s full name along with any trade name or “doing business as” (DBA) name.
- Address – List the organization’s complete current US address. If the organization’s principal place of business is outside the US, use the primary location in the US where the organization conducts business.
- Formation Jurisdiction – List the state, tribal, or foreign jurisdiction where the legal entity was formed. If you’re reporting an entity formed in a foreign jurisdiction, you’ll also need to report the state or tribal jurisdiction where the organization was first registered to do business in the US.
- Tax ID Number – List the organization’s Internal Revenue Service (IRS) Taxpayer Identification Number (TIN). An Employer Identification Number (EIN) is an example of a TIN. If you’re preparing a report for an organization formed in a foreign jurisdiction for which no TIN has been issued, report a tax identification number issued by a foreign jurisdiction and the name of the jurisdiction.
Part 2: Beneficial owner information
For every beneficial owner, you’ll need to provide the individual’s full legal name and date of birth. A complete current residential street address is also required. Note that the address doesn’t have to be in the US.
Each beneficial owner must also provide an image of one of the following non-expired forms of identification:
- US passport
- State driver’s license
- ID document issued by a state, local government, or tribe
- A foreign passport is acceptable only if the individual has none of the above-identifying documents.
3) Securely Store Your Information and Take Steps to Maintain It
Once you’ve gathered all the information required to complete the BOI report, storing and keeping the information up to date until it’s time to file is vital. Consider the following as you design your storage and maintenance processes.
BOI is personal identifiable information (PII)
Establishing stringent protocols and procedures to prevent unauthorized access, data breaches, or misuse is necessary. Adopting technologies for data encryption, secure storage, and regular audits can further fortify these controls, but these steps can be costly.
Training and educating your staff to understand their roles and responsibilities concerning BOI can also bolster the security of data-handling processes. However, no training program is perfect, and mistakes may occur.
Records Manager, part of the Harbor Compliance Software Suite, is purpose-built to store corporate records, track ownership and leadership, maintain board meetings and minutes, and more.
Changes in BOI must be reported to FinCEN within 30 days
BOI reporting is more than just a one-time filing. As information about beneficial owners changes, organizations must complete updated report filings to notify FinCEN of the updates. This means organizations have obligations beyond simply storing static information to complete BOI reports; they must maintain the information as it changes over time. Unlike the solutions offered by other providers, up to four initial, updated, and corrected reports are included in Harbor Compliance’s BOI Reporting Service annually.
Conclusion
As the countdown to BOI reporting continues, your team must prepare to meet the Corporate Transparency Act’s requirements. By identifying your beneficial owners, gathering the information required to file, and implementing robust internal data controls, you can confidently navigate this new regulatory requirement.
Harbor Compliance’s full-service support is the easiest way to stay ahead of the new requirements. Sign up today and experience:
- Simple, secure online information collection
- Centralized data storage that streamlines information tracking and updates
- Automated notifications to keep you up to date on ongoing filing requirements
- Filing support for initial, update, and correction reports
The result is that you spend more time focused on your strategic priorities and less time worrying about government filing requirements.
Countdown to BOI Reporting: Current Corporate Transparency Act Timeline
We’re less than a month away from the Corporate Transparency Act (CTA) coming into effect. While it may feel like Beneficial Ownership Information (BOI) reporting requirements have come out of nowhere, the rules have been developing over several years. This blog post will detail the history of the requirements to help you prepare for the changes that will impact your organization.
Understanding the Significance
The CTA plays a crucial role in promoting transparency and combating financial crimes. As part of this act, businesses will be required to report beneficial ownership information, unveiling the individuals who ultimately control and benefit from the company.
The Journey of the Corporate Transparency Act
For context, let’s take a step back and explore the journey of the Corporate Transparency Act.
- January 2021: The CTA was included in the Anti-Money Laundering Act of 2020 as part of the 2021 National Defense Authorization Act. It required businesses to report BOI to FinCEN.
- December 2021: FinCEN missed a Notice of Proposed Rulemaking to allow the public to review and comment on the proposed rule to implement the CTA’s BOI reporting requirements.
- September 2022: FinCEN released the Final Rule on Beneficial Ownership Reporting (BOI), designed to clarify which entities would need to report BOI and by what deadlines.
- December 2022: FinCEN released a second proposed rule that detailed access protocols for authorized users of BOI and invited comments on it.
- March 2023: FinCEN released a set of BOI FAQs to address common questions and concerns BOI FAQs.
- September 2023: FinCEN released a Compliance Guide designed to assist small businesses in determining their obligation to report beneficial ownership information. Additionally, FinCEN proposed changing the filing window for entities formed or registered in 2024 from 30 days to 90 days.
- October 2023: The deadline for submitting comments on the proposed reporting extension, as well as on the BOI reporting form and FinCEN Identifier, was October 30, 2023.
- November 2023: FinCEN confirmed that the filing window for entities formed or registered in 2024 would officially be changed from 30 days to 90 days.
- January 2024: The CTA is expected to come into effect, activating the following deadlines:
- Companies formed or registered before 2024 must file an initial report by January 1, 2025.
- Companies formed or registered during 2024 must file an initial report within 90 days of approval.
- Companies created or registered after 2024 must file an initial report within 30 days of approval.
Preparing for the Changes
As we approach the implementation date of January 1, 2024, businesses and professionals must be prepared for the upcoming changes. Here are some steps you can take to ensure compliance:
- Stay informed: Continuously monitor updates and guidance provided by FinCEN to stay up to date with any changes or clarifications.
- Seek guidance: Consider consulting with legal professionals or compliance officers specializing in BOI reporting to ensure you meet the requirements.
- Take early action: Get started today by gathering details about your beneficial owners. Harbor Compliance’s BOI Reporting Service offers guided information collection, and ordering today will allow you to sidestep deadline monitoring obligations.
In Conclusion
The Corporate Transparency Act and the subsequent BOI reporting requirements mark a significant shift towards greater transparency and accountability. Businesses and professionals need to understand the importance of BOI reporting and its impact on their operations.
If you have any questions or need assistance with compliance, please contact our expert team. We can embrace these changes and foster a more transparent business environment.
FinCEN Extends Deadline for Companies Registering in 2024 to Submit Beneficial Ownership Information Reports
The Financial Crimes Enforcement Network (FinCEN) has announced a final rule granting an extension to the deadline for selected reporting companies to file their initial reports on beneficial ownership information (BOI). Companies established or registered in 2024 will now have a 90-day window from the effective date to submit their reports rather than the 30-day window previously proposed.
This effectively creates three cohorts of filers:
- Companies created or registered before 2024 – Initial beneficial ownership information reports must be filed by January 1, 2025.
- Companies created or registered during 2024 – Initial beneficial ownership information reports must be filed within 90 days of receiving actual or public notice of creation or registration becoming effective.
- Companies created or registered after 2024 – Initial beneficial ownership information reports must be filed within 30 days of receiving actual or public notice of creation or registration becoming effective.
Please note that FinCEN will accept no reports before January 1, 2024.
How Harbor Compliance Can Help
Harbor Compliance is dedicated to simplifying regulatory requirements across the areas of entity, license, tax, and records management. That often starts with providing the best available educational resources to enable companies across industries to sail through government filing complexity.
To learn more about the Corporate Transparency Act (CTA) and its implications for your business, check out our Information Center. And, when you’re ready to put your BOI reporting on autopilot, our BOI Reporting Service is here to help you every step of the way.
Throughout the process, our deep expertise and client-centric approach allow you to focus on your core mission and business goal.
Harbor Compliance Ranked Number 466 Fastest-Growing Company in North America on the 2023 Deloitte Technology Fast 500™
For Immediate Release
PR Contact: Brock Klinger, Harbor Compliance, 717.431.9022, bklinger@harborcompliance.com
Attributes 258% Revenue Growth to Harbor Compliance’s unique multistate compliance platform and the expansion of Harbor Compliance Alliance (HCA) partners.
[Lancaster, PA], [November 8, 2023] — Harbor Compliance today announced it ranked 466th on the Deloitte Technology Fast 500™, a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America. Harbor Compliance grew 258% during this period.
Harbor Compliance’s President, Megan Danz, credits the company’s 258% revenue growth to the market need for our multistate compliance platform. Trends like hiring remote employees and internet sales have required more businesses and nonprofits to register and maintain business licenses across state lines.
“Harbor Compliance reached a significant milestone with 40,000 businesses and nonprofits using our services for their annual compliance needs. We created technology that makes it simple to handle the complicated process of registering, tracking, and renewing licenses across the United States.
We also launched solutions for our partners in the Harbor Compliance Alliance, like accounting firms, law firms, and technology companies. We now offer online ordering for over 500 common filings, improved Entity Manager to deliver most up-to-date secretary of state data available, and expanded our API capabilities.
Our success comes from our ability to quickly launch innovative solutions in a changing regulatory environment. Compliance requirements are interconnected: entity registration, record keeping, licenses, and taxes often depend on one another. We’ve positioned ourselves to handle all these aspects because they often go hand in hand for our clients. This holistic approach is important, especially as big trends like consolidation, remote work, and changes in sales tax rules reshape the compliance landscape.”
“Each year we look forward to reviewing the progress and innovations of our Technology Fast 500 winners. This year is especially celebratory as we expand the number of winners to better represent just how many companies are developing new ideas to progress our society and the world, especially during a slow economy,” said Paul Silverglate, vice chair, Deloitte LLP and U.S. technology sector leader. “While software and services and life sciences continue to dominate the top 10, we are encouraged to see other categories making their mark. Congratulations to all the winners who show us how creativity, hard work and perseverance can lead to success.”
“As for growing companies, it’s always rewarding to be recognized for the ongoing commitment it takes to navigate obstacles, transform when necessary and ultimately create a thriving business,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s audit and assurance practice. “Over the nearly 30 years we’ve been compiling the Technology Fast 500, we’ve seen new categories emerge, growth rates explode, and certain regional markets shine from the bright talent they attract. We are proud of all the winners for achieving this well-deserved honor.”
Harbor Compliance previously ranked 248 as a Technology Fast 500 award winner for 2020.
About the 2023 Deloitte Technology Fast 500
Now in its 29th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2019 to 2022.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
About Harbor Compliance
Harbor Compliance provides the simplest solution for businesses and nonprofit organizations to achieve multistate government licensing compliance. Whether you’re starting a new venture, expanding into new states, hiring remote staff, acquiring specialized industry licenses, or looking to outsource your compliance, we assist you in obtaining and renewing the necessary government licenses. Our purpose-built software platform and managed services offer you the option to put compliance on autopilot. In short, Harbor Compliance is your partner in ensuring you are licensed to do business.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 457,000 people worldwide connect for impact at www.deloitte.com.
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Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.