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Corporate Transparency Act Goes into Effect Jan. 1, 2024: What Companies Need to Know
Millions of corporations, limited liability companies and other legal entities are formed within the United States annually. According to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), while most of these entities play a viable and legitimate role in the U.S., unfortunately many are also used to facilitate illicit activities – enabling those who threaten national security to access and transact in the U.S. economy. Cracking down on such illegal activities – among them money laundering, tax fraud and terrorism financing – the Corporate Transparency Act (CTA) was passed in 2021 and takes effect on January 1, 2024. Now, many business owners are wondering about its implications and next steps. Our attorneys Phil Jelsma and Ulrick Matsunaga recently summarized what companies should know about the new legislation in an article written for The Daily Journal and The Daily Transcript.
The full article can be read in The Daily Journal here and The Daily Transcript here (subscriptions required).