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.

Topics covered:

• Background
• 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?

Duration: 1:01:56