Corporate Transparency Act Overview and Issues

Jeff Gifford will present to a local San Antonio Real Estate Discussion Group about the Corporate Transparency Act (CTA) on September 14, 2023. Gifford will break down the CTA and discuss the rules and how to comply with the law.

Effective January 1, 2024, most U.S. corporate entities will be required to report certain personal information relating to that entity’s beneficial ownership to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) pursuant to the Corporate Transparency Act (CTA). The CTA was enacted by Congress in 2021, as an expansion of the anti-money laundering laws, intended to prevent terrorist financing, corruption, tax fraud, and other illicit activity using shell or front companies.  The CTA requires a Reporting Company to file reports identifying the company’s beneficial owners, as well as those who filed the documents to create or register the company with the State.