December 12, 2023
In an earlier newsletter, we advised that new reporting requirements had been mandated under the CORPORATE TRANSPARENCY ACT (“CTA”) for all companies created or registered to do business in any state.
The reporting requirements under the CTA will apply to most family businesses, professional practices, LLCs, S-Corps, companies, and partnerships. More than 30 million existing companies will be impacted. Whether the benefits sought through the CTA will outweigh the burden on U.S. private businesses and possible impact on business formation is a significant question according to our Managing Partner, Michael Macaluso.
Unless your company is already regulated and/or required to report beneficial ownership information, or is a publicly traded company, you are probably subject to the new transparency disclosures. The gathering of the data and the analysis and determinations regarding what information must be reported will require far more resources that the completion and filing of the actual report with FinCEN.
For more information, click see the link below.
Michael Macaluso, JD, MBA 
Posted on December 12, 2023
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