The Corporate Transparency Act (the “CTA”) is a new federal law enacted in 2021 to combat money laundering, terrorism, tax fraud and other illegal activities. Starting January 1, 2024, the CTA will require a substantial number of business entities to report information regarding their “beneficial owners” to the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”).
Who is subject to the CTA?
All entities created by the filing of a document with a state (like limited liability companies, limited partnerships, corporations, etc.) and all non-U.S. entities registered to do business in a state; however, a number of exemptions do exist.
