Corporate Transparency Act: Does it apply to you?
On this episode of Inside R&E, Dave Lorenzo interviews R&E’s William Byers, a member of the firm and seasoned transactional attorney, who demystifies the Corporate Transparency Act (CTA). The CTA, enacted to combat money laundering and other illicit activities, mandates the disclosure of beneficial owners and controllers of companies.
Byers expertly navigates the nuances of this new and challenging area of legislation and sheds light on its implications for business owners, explaining several aspects of the CTA’s provisions, including reporting requirements and exemptions. Byers also clarifies the complexities surrounding beneficial ownership, outlining the parameters for identifying beneficial owners and those with substantial control. Through real-world scenarios and meticulous analysis, this episode demonstrates the CTA’s impact on various business structures, from LLCs to partnerships.
With fines and penalties looming for non-compliance, Byers emphasizes the importance of timely and accurate reporting, while offering practical strategies for navigating the filing process, from securing FinCEN identifiers to updating information promptly. This episode also addresses privacy concerns, assuring listeners of the confidentiality of disclosed information.
As the deadline for compliance approaches, Byers equips listeners with the knowledge and resources to navigate this evolving regulatory landscape. By demystifying the Corporate Transparency Act, the episode empowers business owners to uphold transparency while safeguarding their interests in an ever-changing legal environment. The FinCen’s Updated Corporate Transparency Guide is available here. For questions related to this episode or to the CTA, contact Bill Byers at [email protected] or (212) 551-8456.