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The effectiveness of the federal Corporate Transparency Act (the “CTA”) has the potential of impacting every company doing business in the United States, whether formed in the United States or elsewhere. All businesses need to determine whether they are subject to the CTA reporting requirements and how to comply. Herrick K. Lidstone, Jr., partner at MSI member firm Burns, Figa & Will, P.C. provides further insight,

On January 1, 2021, the U.S. Congress passed the NDAA, which included the Corporate Transparency Act (CTA). The CTA's purpose is to establish a federal database for the collection of beneficial ownership information (BOI) for corporations, limited liability companies and other similar entities. MSI's NYC law member Moses Singer provides further insight.

Confronted with the steady increase in money laundering, trafficking, counterfeiting, securities fraud, tax fraud, and other malevolent schemes, Congress passed the Corporate Transparency Act (“CTA”). It assigned enforcement to the Financial Crimes Enforcement Network (FinCEN), the same department that for years has been involved in tracking large foreign accounts owned by U.S. citizens and residents. FinCEN issued final regulations in September 2022, and enforcement will begin on January 1, 2024. MSI's NYC accounting member Gettry Marcus provides further insight.

New rules to govern all entities doing business in the United States. MSI's Denver law member Burns, Figa & Will provides an update on what businesses need to know about the new Corporate Transparency Act.

Herrick K Lidstone Jr of MSI's Colorado law member Burns, Figa & Will, P.C's writes his fourth article on 'The Federal Corporate Transparency Act' providing further insight on this significant act aimed at combatting money laundering, terrorism financing, and other criminal activities.