Corporate Transparency Act Attorneys For Alpharetta, Kennesaw And The Atlanta Area

The Corporate Transparency Act (CTA) is a new federal law that impacts companies nationwide. Below are questions that our attorneys at Lerman Law Associates, P.C. are receiving about the CTA.

What Is The Corporate Transparency Act?

The act uses new reporting requirements to shine light on the ownership and control of U.S. businesses. The purpose of the CTA is to combat financial crimes such as money laundering, terror financing and tax evasion.

Where Did The Act Come From?

The act arose from concerns regarding anonymous business ownership used to shield criminal activities. Congress passed the CTA in 2021 to bring more transparency to the control and ownership of businesses. CTA was included in the National Defense Authorization Act.

What Are The Requirements Under The Act?

The CTA mandates that certain businesses file a Beneficial Ownership Information (BOI) Report with the Financial Crimes Enforcement Network (FinCEN). The law took effect on January 1, 2024, requiring most corporations and limited liability companies (LLCs) to file a BOI report. Companies formed before January 1, 2024, must file a BOI before January 1, 2025.

How Do I File The Beneficial Ownership Information Report?

You can file electronically through FinCEN’s BOI E-Filing system by completing and uploading the document. You will need to disclose details about your beneficial owners, including names, dates of birth, addresses and ID verifications.

But Wasn’t The CTA Ruled Unconstitutional?

The CTA is a controversial piece of legislation and is currently in flux. On March 1, 2024, a federal district court ruled the Act unconstitutional. However, the ruling only applies to the specific plaintiffs in the case and does not eliminate the CTA.

Learn More With A Free Consultation

Attorney Craig Lerman has a master’s degree in business administration and years of legal experience, which brings additional value to his business clients. Whatever your company’s needs regarding the CTA, he can provide insight and guidance. Are you unsure if the CTA applies to your business or are you having trouble filing? Contact Lerman Law Associates, P.C., today by dialing 678-888-5773 for a free consultation to discuss your specific CTA concerns.