Corporate Transparency Act

The Corporate Transparency Act (CTA) was enacted in 2021, as part of the National Defense Authorization Act. This act was formed to fight against money-laundering, terrorism, and misconduct through business entities. Beginning January 1, 2024, most small and mid-sized companies are required to disclose detailed information about any individual involved in the senior management of the company and any individual who, directly or indirectly, owns 25% or more of the company’s equity. Andrews Myers’ team of Corporate attorneys has set out to help navigate what this Act means to you and your business.

For more resources:

• Helpful Resources covering the CTA: CTA Full Text and FinCEN Small Entity Compliance Guide
• Reporting companies may request a FINCen ID by checking a box on the beneficial ownership information report upon submission. Individuals can obtain their FINCen ID here.
• A complete overview of the current Final Rule can be found here.