The Corporate Transparency Act (“CTA”) has arrived, ushering in a new era for Reporting Companies. This landmark legislation mandates crucial changes, making swift and accurate compliance a top priority. Entities must be proactive, with compliance deadlines varying based on their formation date. Deadlines: Entities formed during 2024 have a 90-day…
Although there are various categories of entities exempt from reporting to FinCEN, as discussed in Part 3 of this blog series titled, “Entities Exempt from Reporting to FinCEN under the Corporate Transparency Act,” it is unlikely the exemptions will be as frequently applicable to small businesses or real estate holding…
As discussed in Part 1 of this blog series titled, “The Corporate Transparency Act’s Implications,” there are various exemptions as to which types of businesses do not have to report to FinCEN under the Corporate Transparency Act (CTA). The following twenty-three business types are exempt from being considered “reporting entities”…
The Corporate Transparency Act (the “CTA”) goes into effect on January 1, 2024, and requires businesses to report information to FinCEN pertaining to the businesses’ beneficial owners. As discussed in Part 1 of this blog series entitled, “The Corporate Transparency Act’s Implications,” the CTA requires businesses to report information to…
On January 1, 2024, the Corporate Transparency Act (the “CTA”) will take effect and may impact the disclosure requirements for you and your business. The CTA is an anti-money laundering law that aims to force bad actors to reveal ownership of various business structures. Congress states that bad actors seek…