Corporate Transparency Act ("CTA")
- Enacted by Congress in 2021
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- Part of 2021 National Defense Authorization Act
- Went into effect 1/1/2024
- Overseen by FinCEN
Compliance and Enforcement
- FinCEN expected about 32 million reports in 2024
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- Reports filed (as of Nov. 2024): 5 million
- Enforcement?
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- Criminal and civil penalties
Filing Logistics
- Two ways to file:
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- Downloadable/fillable PDF
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- Savable, can use for future updated reports
- Web form
- Can't save work
- Third-party service providers
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