On March 1, 2024, Judge Liles C. Burke of the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act is unconstitutional in National Small Business United v. Yellen, No....more
As we discussed in parts one and two of this blog series, there’s a new compliance requirement for many small businesses: the Corporate Transparency Act. This law was designed to disrupt criminal activities such as money...more
As we discussed in part one of this series, the Corporate Transparency Act is in effect as of January 1, 2024, requiring that private companies report information about their beneficial owners to the Department of Treasury’s...more
The Corporate Transparency Act was passed by Congress with bipartisan support in 2021 and went into effect on January 1, 2024. Broadly speaking, the law requires private companies to file a report with the Department of...more
2/6/2024
/ Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Enforcement ,
Financial Crimes ,
FinCEN ,
Investigations ,
Money Laundering ,
Reporting Requirements ,
Securities Fraud ,
Tax Evasion ,
Taxpayer Identification Number ,
Terrorism Funding ,
U.S. Treasury
In January of 2021, Congress passed the Corporate Transparency Act of 2019 (the “CTA”) as part of the 2021 Defense Bill. Initially introduced in 2019, the CTA requires private companies to disclose their “Beneficial Owners”...more
12/12/2023
/ Beneficial Owner ,
CEOs ,
Civil Monetary Penalty ,
Corporate Transparency Act ,
EIN ,
False Statements ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Foreign Jurisdictions ,
Income Taxes ,
Limited Liability Company (LLC) ,
Ownership Interest ,
Reporting Requirements ,
SCC ,
Smaller Reporting Companies ,
Tax Exempt Entities ,
Transparency ,
Tribal Governments
In January 2021, Congress passed the Corporate Transparency Act of 2019 (the “CTA”) as part of the 2021 Defense Bill. Initially introduced in 2019, the CTA requires private companies to disclose their “beneficial owners” to...more