Kevin L. Shepherd, Michael D. Schiffer, and Alexander W. Koff published “Inside the Twists and Turns of a New Business Reporting Mandate” in the Baltimore Business Journal. The following is an excerpt:
The Corporate Transparency Act (CTA) rollout has experienced twists, turns, and intrigue that would rival those found in an Agatha Christie novel. Congress passed the CTA in 2021 with the goal of combatting money laundering and other financial crimes by requiring millions of small businesses to report their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). Ever since, the CTA has been the target of administration, congressional and judicial efforts seeking to curtail its reach or clarify its application. This article discusses the CTA’s winding path, current status and ways to (hopefully) avoid CTA whiplash.
Click here to access the article.