Corporate Transparency Act creates a reporting requirement for many family businesses

David Guin, Sarah McShane, and William Kambas contributed to the article "Corporate Transparency Act Creates a Reporting Requirement for Many Family Businesses," published in Corporate Compliance Insights

The CTA is the new US federal reporting requirement where owners and managers of the vast majority of US entities need to report their identity and association with the entity to the US Financial Crimes Enforcement Network (commonly referred to as 'FinCEN'). The purpose is to prevent bad actors from using US entities. There is no tax or fee to submit the report, but there are criminal and civil penalties for noncompliance.   

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