Passed by Congress on January 1, 2021, the Corporate Transparency Act (CTA) is set to dramatically change reporting requirements for many small and medium-sized businesses and organizations. For the first time ever, the legislation will mandate that qualifying businesses self-report information about the people who created, own, lead or have influence over them, as well as information about the business itself. All the information will be added to a federally managed database with criminal penalties for violations.
So what effect will this have on your organization in 2022 and beyond?
In an effort to further educate businesses and organizations on the obligations and implications regarding the CTA, our team has put together this page that will be periodically updated to include additional CTA resources such as articles and videos to assist entities in being better prepared for the days ahead. Last updated: August 1, 2022.
Foster Swift Articles (Most Current First)
Have Legal Questions?
If your business or organization is facing potential legal issues caused by the requirements of the Corporate Transparency Act, we encourage you to contact one of Foster Swift's designated Corporate Transparency Act Coordinators: