The Corporate Transparency Act: What You Need to Know
Tax attorney Alan Granwell hosted a discussion addressing what you need to know to comply with the Corporate Transparency Act (CTA), which enters into force on January 1, 2024. The CTA will require certain entities – such as corporations, limited liability companies (LLCs) and other similar entities – to report to the federal government identifying information about the individuals who directly or indirectly own or control a company within scope of the new legislation.
- What is a reporting company?
- What entities are out of scope?
- What entities are exempt from reporting?
- Who is a beneficial owner?
- Who is a company applicant?
- What information must be disclosed in a report?
- What is a Financial Crimes Enforcement Network (FinCEN) identifier?
- When are reports due?
- What are the penalties for noncompliance?
- What steps should one take to comply?
- What's next?