Is Your Business Ready to Comply with The Corporate Transparency Act?

December 6, 2022

By: Gil B. Selinger and Matt C. Cooper

On September 29, 2022 as part of the Anti-Money Laundering Act of 2020, the U.S. Department of the Treasury's Crimes Enforcement Network issued a final rule for implementation of reporting requirements of the Corporate Transparency Act. The implications of the CTA and its reporting requirements are far reaching and affect entities, investors, managers, officers, directors, owners, and even advisors to businesses of all shapes and sizes. In this article we discuss: (i) the CTA and the Beneficial Ownership Information ("BOI") reporting requirements promulgated thereunder; (ii) who the CTA and BOI reporting requirements apply to; (iii) what information must be disclosed ans when; (iv) penalties for non-compliance with the CTA and BOI reporting requirements; and (v) hoe business owners, officers and companies can prepare to comply with the CTA. On January 1, 2024 will your company be prepared?

 

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