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ARTICLE · 02 MARCH 2023

Corporate Transparency Act Guidance

Arnold & Porter
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The Corporate Transparency Act (the CTA) is a new federal law that creates significant federal reporting requirements for most US companies

United StatesCorporate/Commercial Law
Matthew S. Kirsch
Matthew S. Kirsch
Erik Walsh
Erik Walsh
Ellen Fleishhacker
Ellen Fleishhacker
Darren Skinner
Darren Skinner
Amy B. Rifkind
Amy B. Rifkind
Carlyn S. Williams
Carlyn S. Williams
Kevin Toomey
Kevin Toomey
Kelsey Guinn
Kelsey Guinn
Author LinkedIn connections

Background

The Corporate Transparency Act (the CTA) is a new federal law that creates significant federal reporting requirements for most US companies, including corporations, partnerships, and LLCs. On January 1, 2021, Congress enacted the CTA as part of the Anti-Money Laundering Act of 2020.1 On September 30, 2022, the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) finalized the reporting requirements to implement the CTA2 and published guidance on the final regulations.3

The CTA and reporting requirements aim to combat money laundering, tax fraud, and other corrupt activity by using corporate structures to obfuscate the perpetrators' identities.4 The rules will become effective on January 1, 2024 for new companies and January 1, 2025 for existing companies.

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