The Corporate Transparency Act Part II
The Corporate Transparency Act Part II
As mentioned in last months’ edition of the Tax Focus, The Corporate Transparency Act (CTA) goes into effect January 1, 2024. The CTA mandates the filing of ownership information for corporations, limited liability companies and other entities that are registered to do business in the United States. These filings have the intention to identify illegal activities like drug trafficking, terrorism and money laundering via these filings which will report on the ownership and beneficial ownership of the entities.