Corporate Transparency Act of 2021: Ramifications for Businesses and their Owners
At the beginning of 2021, the U.S. Congress passed The Corporate Transparency Act (CTA), which established new beneficial ownership reporting requirements for both existing companies and newly formed companies. Compliance will be crucial for all companies that fall within the scope of CTA and noncompliance or inaccurate compliance could lead to civil and criminal penalties.
- Background and overview of The Corporate Transparency Act
- Which business entities are, and are not, exempted
- The personal information to be disclosed to FinCEN
- Reporting requirements and associated considerations
- The penalties for noncompliance or inaccurate compliance