2023-11-01
Congress passed the CTA in December 2020, requiring disclosure of extensive information on the owners and persons in control of entities, including most private businesses with less than 20 full-time employees, and less than $5,000,000 annual gross receipts, to the Financial Crimes Enforcement Network (“FINCEN”) beginning on January 1, 2024. The CTA’s reach is very broad and will impact persons who own businesses, LLCs to hold real estate, family limited partnerships, and virtually any entity other than some limited exceptions.
See the Corporate Transparency Act (“CTA”).
Note that the Financial Crimes Enforcement Network (“FINCEN”) posted a SCAM on the front page of its website:
