The Corporate Transparency Act is Here: What Lawyers Should Know and Why They Should Care

As of January 1, 2024, most companies created in or registered to do business in the United States must report information about their beneficial owners to the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) as part of an anti-money-laundering initiative enacted through the Corporate Transparency Act (CTA). FinCEN estimates that this reporting requirement applies to an estimated 32.6 million companies, with about 5 million initial reports filed annually thereafter.

While the numbers of estimated reporting companies alone indicate how broad and sweeping the effects of the CTA are and will continue to be, various small business associations throughout the United States estimate that approximately 90% of existing reporting companies don't even know they have new reporting responsibilities under the CTA. This presentation will provide an overview of the CTA and its reporting requirements, including the types of entities that are required to report, the types of entities that are exempt from reporting, what information must be reported, when initial reports and changes must be filed, the penalties for failing to comply with the reporting requirements and steps to take to comply with the CTA.

Thank you to Fox Rothschild for sponsoring this event!

Questions: Kathleen Smits at charlotteAED@accglobal.com

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