Corporate Transparency Act
The Bass, Berry & Sims multidisciplinary Corporate Transparency Act (CTA) Team has been closely monitoring the CTA, which goes into effect on January 1, 2024. Under this law, various types of businesses in the United States – such as corporations, limited liability companies, and limited partnerships – must report their beneficial ownership information to the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN). The CTA aims to enhance transparency by disclosing who controls these businesses in order to detect and prevent money laundering, fraud, and other unlawful activity. Not every entity or business is subject to the CTA's reporting requirements, and certain exemptions apply. The Bass, Berry & Sims CTA Team will continue to monitor developments and publish regular updates to help impacted companies navigate the law and their reporting and compliance obligations. Please contact a member of the CTA Team with any questions. To sign up for timely alerts on this topic, click here to complete the subscribe form and check the box for Corporate Transparency Act.