Details Unclear as Corporate Transparency Act Heads Toward 2024 Debut
Tax attorney Alan Granwell was interviewed in a Anti-Corruption Report about the Corporate Transparency Act and the upcoming beneficial ownership registry. Mr. Granwell explained that many businesses are unaware of the registry and there are unanswered questions about ownership and privacy concerns, adding that businesses will need to start building the reporting requirements into their legal frameworks. Furthermore, he warned that balancing transparency with privacy for foreign individuals could be challenging.
"If you speak to people, say from Latin America, for example, they're very concerned that somehow that information could get back to the government and be very detrimental to them," he said. "You have to balance."
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