Publications
Regarding the Corporate Transparency Act
“Who Gets to Know and For What Purposes? : The Other Side of the Corporate Transparency Act” 52 Bloomberg Tax Management International Journal No. 2 (February 3, 2023)
The CTA is explicit as to who is entitled to access the information gathered by FinCEN and the purposes for which such information may be used. The avowed purposes of the CTA are to “prevent money laundering, the financing of terrorism, proliferation financing, serious tax fraud, and other financial crime.”
“The Corporate Transparency Act: The Final Regulations Provide Limited Guidance With No Surprises” 51 Bloomberg Tax Management International Journal No. 12 (December 2, 2022)
With issuance of final regulations, the CTA becomes fully operative on January 1, 2024. Domestic entities formed on or after that date will have 30 calendar days to file an initial report with FinCEN which provides information required regarding the newly formed company, its beneficial owners, and each “company applicant” who submitted documents to form the entity with the state in which the company was organized.
“A New Era of Compliance Comes Closer: Regulations Proposed for Implementation of Corporate Transparency Act” 63 Tax Management Memorandum No. 3 (January 31, 2021)
Reporting companies will be required to submit identifying information regarding their owners and those who participate in the formation and domestic registration of those businesses. Implementation of the reporting requirements of the CTA is largely deferred.
“The Corporate Transparency Act Will Change the Way You Practice” Business Law Today (February 9, 2022)
At the core of the CTA are reporting requirements imposed on substantially every small business organized or registered to conduct business in the United States through any type of limited liability entity. Reporting companies will be required to submit identifying information regarding their owners and those who participate in the formation and domestic registration of those businesses.
“We May Not Know Who You Are or Where You Live, But We Intend to Find Out: The Corporate Transparency Act of 2020” 50 Bloomberg Tax Management International Journal No. 3 (March 5, 2021)
The express purpose of the CTA is to “establish uniform beneficial ownership information reporting requirements” so as to improve transparency for national security, intelligence, and law enforcement agencies and financial institutions, “discourage the use of shell companies as a tool to disguise and move illicit funds”, and “protect the national security of the United States.”