Fabio Giallanza of Weiss Serota Helfman Cole + Bierman. Courtesy photo Overview
The Corporate Transparency Act (the CTA, Title LXIV of the National Defense Authorization Act for Fiscal Year 2021) was enacted in 2021 in an effort to prevent the use of U.S. business entities for illicit purposes. The CTA notably introduced the requirement that reporting companies disclose their beneficial owner information (BOI), part of a growing international trend toward corporate transparency and accountability. According to the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN), the CTA will officially come into effect on Jan. 1, 2024, requiring reporting companies, such as corporations and limited liability companies, to submit reports including the identities of their beneficial owners.Corporate Transparency Act: Where We Are and What Is to Come
With three short months left before the CTA is set to go into effect, existing reporting companies should begin making plans on assembling their reports and possibly seeking guidance from their legal advisers.
October 23, 2023 at 12:53 PM
4 minute read
Fabio Giallanza of Weiss Serota Helfman Cole + Bierman. Courtesy photo
Overview
The Corporate Transparency Act (the CTA, Title LXIV of the National Defense Authorization Act for Fiscal Year 2021) was enacted in 2021 in an effort to prevent the use of U.S. business entities for illicit purposes. The CTA notably introduced the requirement that reporting companies disclose their beneficial owner information (BOI), part of a growing international trend toward corporate transparency and accountability. According to the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN), the CTA will officially come into effect on Jan. 1, 2024, requiring reporting companies, such as corporations and limited liability companies, to submit reports including the identities of their beneficial owners.
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