Corporate Transparency Act (CTA) Toolkit

The Corporate Transparency Act (CTA) was enacted by Congress on Jan. 1, 2021 to combat financial crimes, including money laundering, terrorist financing and tax evasion. The CTA tasks the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) with implementing the requirements of the CTA including creating a centralized, non-public database of the individuals who own or control certain businesses in the U.S. Pursuant to FinCEN’s rules, effective Jan. 1, 2024, with limited exceptions, corporations, limited liability companies, and similar entities created or registered to do business in the U.S. must comply with the CTA.

Taft’s CTA Committee has closely followed the CTA since its enactment and are familiar with its requirements and implications. Our attorneys are available to assist clients in determining the specific impact of the new law on their entities, as well as actions to ensure compliance with the CTA.

Corporate Transparency Act Ruled Unconstitutional by Alabama Federal District Court (3/6/24)
Fraud Alert for New FinCEN Reporting Requirements (3/5/24)
Instructions for Getting a FinCEN Identifier (1/2/24)
Taft CTA Summary (Last updated 11/30/23)
The Roadmap to the Corporate Transparency Act: Focus on Estate Planning (10/13/23)
FinCEN Issues Proposed Regulation Governing Financial Institution Access to Beneficial Ownership Information (12/22/22)
Corporate Transparency Act Requires Many Domestic and Foreign Companies To Report Beneficial Ownership Information to FinCEN (12/18/22)

FinCEN Resources

Taft has assembled a multi-disciplinary committee to address the specific impact of the new law and assist clients with complying with the CTA.

If you have questions or concerns regarding the CTA and its impact on your business, please contact any member of our task force or your Taft lawyer.