The Corporate Transparency Act

Attorney Suzanne Sayward discusses the Corporate Transparency Act, for our Smart Counsel for Lunch Series. Please watch and if you have any questions or want to learn more please call us at 781 461-1020.

Read more of her article here: https://ssbllc.com/get-ready-small-business-the-corporate-transparency-act-is-coming-for-you-five-things-to-know-about-the-cta/

The Corporate Transparency Act (CTA) is a federal law passed in 2021 intended to reduce money laundering and tax fraud – noble goals. In order to achieve these goals, the federal government is going to require all ‘entities’ (other than those that are exempt…a story for another day) to file an annual report with the Financial Crimes Enforcement Network (FinCEN) disclosing detailed information about the entity and the individuals associated with it. The government expects over 32 million initial reports to be filed at an estimated cost of about $22 billion, plus an additional $2 billion each year for updated reports.

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