The Corporate Transparency Act (CTA), a new federal law expected to go into effect on January 1, 2024, will affect approximately 32.6 million small and medium-sized businesses in unregulated industries in its first year. Companies falling under the new law may need to disclose details about those who own or control it to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
Companies should speak with their lawyers to analyze their current and future business structure to see whether or not the CTA applies. Companies who will need to file with the national database will need to keep their information updated with only 30 days to report any changes.
Schwabe provides an in-depth explanation of the CTA and what to do if your business qualifies. Read their full article here.
Partner and Broker Pat Kesgard, CCIM discussed the Corporate Transparency Act on KBND’s November 6, 2023 Morning News Interview. Play the full interview below.