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What To Know About The Corporate Transparency Act (CTA)

Monday, February 19, 2024

Is my company considered a reporting entity?  When do I need to file?

The Corporate Transparency Act (CTA), signed into law on January 1, 2021, is a response to growing concerns over the use of anonymous shell companies for illegal purposes. The CTA mandates that certain entities must report their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

One of the central provisions of the CTA is the requirement that entities disclose their beneficial owners and make updates within 30 calendar days of any changes to the Beneficial Owner.

Learn more with this article from Schneider Smeltz Spieth Bell LLP.

Picture of the US Capitol Building at dusk with the caption: What To Know About The Corporate Transparency Act (CTA).

Please contact any of our attorneys at 216-696-4200 with questions.

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