The Corporate Transparency Act: Reporting Requirements and Penalties
By: Tate Thompson, Nida Rais, Rachel Sterbenz, and John Fuchs
Beginning January 1, 2024, the Corporate Transparency Act (“CTA”) will require the majority of businesses (corporations, limited liability companies, and other business entities) to report beneficial ownership information to the Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”). These requirements will particularly impact small businesses and companies that utilize complex entity structures by imposing new or additional obligations that they are not accustomed to having in the past.
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