Corporate Transparency Act
In 2021 Congress passed the Corporate Transparency Act (CTA) that went into effect on January 1, 2024. This new law may apply to some of our clients, so we want to help spread awareness. If you own your investment(s), or anything else, in an entity such as an LLC or Corp, you may need to file information with the US Financial Crimes Enforcement Network (FINCEN). There is a summary of this new law available on the FINCEN brochure and additional information and resources on their website.
There are exemptions to this law, but it is strongly recommended that you speak to your legal advisor or accountant to discuss the requirements and compliance deadlines. There are many articles that have been published after the law’s passing, and quite a few since the end of 2023. More information can be found on this lega...