The Corporate Transparency Act: What You Need to Know
In 2021, Congress enacted the Corporate Transparency Act. As a result, beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners--the individuals who ultimately own or control the company. Companies will be able to begin reporting beneficial ownership information to the U.S. Department of Treasury’s Financial Criminal Enforcement Network (FinCEN) at that time.
FinCEN has created additional guidance materials for the Beneficial Ownership Information (BOI) reporting requirements, included in the links below:
FinCEN will continue to provide guidance on how to submit beneficial ownership information.
Since this is a federal requirement, many states are collaborating to share information with their business populations. More information about the Corporate Transparency Act will soon be available at the International Association of Commercial Administrators’ (IACA) website, www.iaca.org.
Certificates of Existence are Now Online
Need a Certificate of Existence? They are now available online! Easy to access, and they can be emailed to you in just a few minutes. The cost is $10.
This certificate is used for any business entity registered with the Secretary of State that needs to show existence in the State of Oregon.
This certificate is like the “Certificate of Good Standing” issued by other states.
Just visit the Business page at the Secretary of State website, where you will see the link (below “Frequently Requested Services”) to access the Oregon Business Registry Certificates page. Click on the “Certificate of Existence” option and follow the prompts to order your certificate. The certificate can also be requested in person at the Salem office or by mailing a completed “Certificate Request Form” along with the $10 fee to the office in Salem. This process can take up to 2 weeks.
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License Spotlight: Eugene Payroll Tax
Are you aware of the City of Eugene’s Community Safety Payroll Tax?
The Eugene City Council passed the Community Safety Payroll Tax Ordinance (No. 20616) to provide long-term funding for community safety services. The Community Safety Payroll Tax became effective January 1, 2021. All employers paying wages to employees and self-employed persons with a physical business location in the Eugene city limits must file and pay the payroll tax. The tax has three components: a quarterly Employee payroll tax, a quarterly Employer payroll tax, and an annual Self-Employment tax.
To learn more, visit City’s website or contact the City of Eugene at cspayrolltaxhelp@eugene-or.gov or 541-682-5053.
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Online License Directory
The Secretary of State’s Corporation Division maintains a database of licenses that small businesses are required to have. State agencies and local governments send us information regarding licenses, permits, and registrations with fees and fee-related regulations, which we then make available for free through the Business Xpress License Directory. Keep in mind that, like any database maintained by humans, the License Directory is not a perfect system and it’s always possible we weren’t told about a license, permit, or registration. Still, there’s a lot of homework that comes with starting a business, and this is a helpful tool for folks who want to get started and don’t know what the government expects of them.
Business Xpress License Directory
Agency Spotlight: Jobs Plus
JOBS Plus is a subsidized wage program for participants receiving TANF benefits. There are six month placements at 30 hours per week. The employer is expected to train the participant and mentor them so they can move forward with their plan to get permanent employment. Employers are reimbursed at Oregon minimum wage the first month, with a reduction of one dollar per hour the second through the sixth month. Interested organizations can contact their local Oregon Department of Human Services office.
Find a DHS Office Near You
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If you spend time on websites for state agencies in Oregon, you may have noticed this button. Clicking the Need Help button will take you to our website that explains how we can help, as well as the circumstances under which we can or can’t assist you.
It’s not unusual for businesses to click this button thinking that they’re contacting the agency whose website they were visiting, but it’s actually us, at the Office of Small Business Assistance. We’re here to help you deal with those agencies, but we aren’t part of any of them: we’re with the Secretary of State’s Corporation Division. If you find yourself with an issue you’ve genuinely tried to resolve, and you just aren’t getting anywhere, please reach out to us.
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