The Corporate Transparency Act – the Good, the Bad and the Ugly
By Gisele M. Goetz – April 2023
In a wide-ranging bid to reduce money laundering, in 2020 Congress enacted the Corporate Transparency Act (codified at 31 U.S.C. 5336). The CTA will take effect on January 1, 2024. Non-exempt corporations, limited liability companies and limited partnerships are going to have to comply with the CTA by filing a beneficial ownership report. Any other entity created by filing with a state’s Secretary of State (or similar department) or a comparable Native American tribal organization is also required to comply.