Are You Ready for the Corporate Transparency Act Starting January 1, 2024?

Are You Ready for the Corporate Transparency Act Starting January 1, 2024? Episode 245 – The effective date of the Corporate Transparency Act, January 1, 2024, is nearly upon us. Are you affected and, if so, prepared to comply with its mandates and regulations? More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 245 Hello this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: Are You Ready for the Corporate Transparency Act Starting January 1, 2024? On January 1, 2021, the National Defense Authorization Act of 2021 (“NDAA”) was passed by Congress over the veto of President Trump. Included in the NDAA was the Corporate Transparency Act (“CTA”), designed to develop a more robust regulatory framework to combat money laundering and tax evasion activities using potentially anonymous entities. The main requirements of the CTA are the full disclosure of the identities of the individual owners of an entity, or those who control the entity as beneficial owners. Reporting occurs when the entity is created or when there is a change of ownership or control. The CTA will also create a national registry of entities and their owners. On September 29, 2022, the Financial Crimes Enforcement Network (“FinCEN”), which will maintain the registry and to whom the reporting will be made to, issued final regulations. These final regulations have an effective date of January 1, 2024. For entities that have existed prior to that date, the deadline to file the re