The Corporate Transparency Act – Pay Attention To the Beneficial Owner Behind the Curtain

Congress’s January 1, 2021 passage of the National Defense Authorization Act for Fiscal Year 2021 included passage of the Corporate Transparency Act (“CTA”), and in doing so established reporting requirements for many U.S. businesses with the intent of creating a database of beneficial ownership controlled by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”).

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