The deadline to comply with the Corporate Transparency Act (CTA), a new law that aims to combat illegal activity typically organized and run by nefarious entities, is fast approaching. Many corporations, LLCs, and other business entities that are privately held or family-owned will likely be subject to the reporting requirements under the CTA. Entities subject to the CTA reporting requirements will be subject to fines and other penalties if compliance is not met.
Tune in as George, Bob, and Travis highlight the importance of understanding if a company qualifies as a reporting entity and the potential implications for small businesses. The discussion covers the exemptions available, and the challenges businesses may face in complying with the reporting requirements of the CTA. They also delve into who can access the reported information, mentioning criminal enforcement agencies and specific financial institutions. Krieg DeVault is actively assisting clients through alerts and communications while emphasizing the need for awareness and proactive planning to navigate the CTA successfully.