Millions of Americans Have Failed to Comply with New Tax Ownership Rules

Tax attorney Alan Granwell was quoted in a Barron's article discussing the challenges businesses face with the Corporate Transparency Act (CTA) compliance because of the law's complexity and the myriad of unanswered questions surrounding it. Mr. Granwell highlighted confusion among business owners from various sectors, including private equity and real estate, and the difficulty in filing with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) when required documents are not accessible or owners are unwilling to provide personal information. He advised those struggling to meet the requirements to file as best they can by the deadline while documenting their efforts and communicating with FinCEN about their specific challenges.

"We're getting calls left, right and sideways about this stuff. You have different questions arise depending on whether you’re in private equity, venture, construction, real estate — each has its own issues," he said.

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