Corporate Transparency Act

July 16, 2024

The Corporate Transparency Act (CTA) is effective as of January 1, 2024.

This federal legislation requires "Reporting Companies," i.e., certain domestic and foreign entities, such as corporations or limited liability companies, to report information about individuals who are classified as "Beneficial Owners" of the Reporting Companies to the federal government, which will be maintained on a national, non-public database for use by governmental authorities.

The CTA has introduced significant, new compliance burdens on Reporting Companies and Gilpin Givhan, PC can help you navigate this new law by advising you on CTA reporting obligations.

Overview

The CTA requires Reporting Companies to report personal identifying information about the individuals who are determined to be Beneficial Owners of Reporting Companies and Company Applicants to the Financial Crimes Enforcement Network (FinCEN), a unit of the U.S. Department of the Treasury, which will maintain such information on a secure, non-public database for use by governmental authorities.

Gilping Givhan, PC stands ready to assist clients in determining the specific impact of the new law on their organizations and transactions, as well as actions to take to comply with the CTA. Click here for answers to some basic questions regarding the CTA.

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