Herrick K. Lidstone (Burns, Figa & Will, P.C.; University of Denver Sturm College of Law) has posted The Federal Corporate Transparency Act on SSRN. Here is the abstract:
The federal Corporate Transparency Act (CTA) became effective on January 1, 2024 and its applicability should be considered by all businesses in the United States. The paper includes a discussion of the reasons for the CTA and its applicability to "Reporting Companies" as defined in the CTA. Its applicability is very broad and the amount of information that must be disclosed is extensive in an effort to combat money laundering and other criminal activities. The CTA is under the jurisdiction of the Financial Crimes Enforcement Network and there are criminal and civil sanctions for a failure to comply. This paper is intended to guide businesses, their accountants, and their legal counsel through various issues that arise in determining whether the business in question is a "Reporting Company" and how to apply the rules.
