Corporate Transparency Act
The U.S. Corporate Transparency Act (“CTA”) was enacted on January 1, 2021. The CTA will be enforced by the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”). It is estimated that over 32 million existing entities will be impacted by the CTA along with almost 5 million new entities annually. FinCEN's goal is to unmask shell companies used to hide illegal activities by creating a beneficial ownership registry. Are you ready for day 1 of the CTA: January 1, 2024?
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