Preparing For Corporate Transparency Act Implementation

As we have previously reported, the much-discussed Corporate Transparency Act (sometimes abbreviated as the CTA) will go into effect on January 1, 2024, with the first company reports due 90 days later. The intent of this act is to combat money laundering, terrorist financing, fraud and other illegal activity by creating a place where law enforcement agencies can obtain information about those who own or control privately-held organizations.

The CTA information database will be created by requiring most companies to file online ownership reports with a branch of the U.S. Treasury Department. Federal officials are not planning to reveal the online filing site until the January 1, 2024, effective date, but new regulations and interpretations of the CTA are being issued in rapid succession leading up to that date, and the Bose McKinney & Evans team is monitoring these ongoing developments and preparing to implement filings when they are required.