The Corporate Transparency Act

In prior newsletters, I alerted readers that a recently enacted federal law, the Corporate Transparency Act (“CTA”), will require most existing and new corporate entities (e.g., corporations, limited liability companies, etc.) to submit to the United States Department of Treasury personal information regarding those who own and form the entities. The face of the CTA raised many questions as to the precise scope of law and its implementation. On December 7, 2021, the Department of Treasury published its 55-page Notice of Proposed Rulemaking. The proposed rules have been highly anticipated because it is hoped that they will answer many of the questions raised by the CTA.           

Conclusion

Please stay tuned for more information about the proposed CTA rules as they are analyzed in the coming weeks. If you would like more information about the CTA, please feel free to contact me or visit my January 18, 2021 and May 3, 2021 website blogs. If you would like more in-depth information on the CTA, you may wish to view a pre-recorded two-hour webinar I presented on April 27, 2021. Please feel free to contact me for information about the webinar.      

PLEASE NOTE: This blog is merely for the general interest of the reader. It is not legal advice or opinion and it does not create an attorney-client relationship. Please call me at 973-921-0600 if you’d like to have a free initial telephone consultation or learn more about me or my practice. Thank you.