The Corporate Transparency Act: Be Afraid. Be Very Afraid.
The Corporate Transparency Act
Congress passed the Corporate Transparency Act (CTA) as part of the National Defense Authorization Act on January 2, 2021. It did so by overriding President Donald Trump’s veto. (Maybe it offered another reason to want to tear down the house four days later.)
The CTA required action by a division of the Treasury Department – the Financial Crimes Enforcement Network for implementation. Its Final Rule – 99 pages of dense text – issued on September 30, 2022. The law takes effect as of January 1, 2024, but it gives entities in existence as of December 31, 2023 one year to report. Entities established on or