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Tag: CTA
Business Compliance and Regulations

Is Your Privacy Under Attack? The CTA Will Make You Uncomfortable and Vulnerable

The Corporate Transparency Act (CTA) is a new law that will require privately held entities to report detailed private information to the Treasury. The rules are complex and provide for stringent penalties for noncompliance. The CTA will have a significant impact on individuals and businesses that have undertaken estate planning, asset protection planning, own real estate, and more. Complying with the new CTA rules will be costly, nettlesome, concerning in terms of penalties, and will make individuals and businesses very uncomfortable disclosing information that they probably never did before. The CTA aims to create a comprehensive, searchable, national database of
Finance

New Massive FinCEN Filing Requirement for All Small Businesses

Do you own a corporation, limited liability company (LLC), limited partnership, limited liability partnership, limited liability limited partnership, or business trust? Or are you planning to form one of these entities? If so, be alert. There’s a new federal filing requirement coming. Back in 2021, Congress passed a new law called the Corporate Transparency Act (CTA) that requires corporations, LLCs, and other business entities to provide information about their owners to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), which is a unit separate from the IRS. The CTA is part of a government crackdown on corruption, money