CLIENT ALERT – Summary of the Corporate Transparency Act
The Corporate Transparency Act (the “Act”) comprises one section of the National Defense Authorization Act. The purpose of the Act is to provide the federal government information pertinent to identifying and stopping instances of corporate crime. The Act requires certain entities to provide information to the Financial Crimes Enforcement Network (“FINCEN”), part of the United States Treasury Department. The information collected by FINCEN will be used to create a private database that will help monitor and stop illegal corporate activity. The requirements of the Act will take effect on the effective date of the regulations prescribed by the Secretary of the Treasury, which will be published no later than January 1, 2022. Please download the document below for more information.
Wegman Hessler specializes in business law for business leaders, applying legal discipline to solve business problems to help business owners run smarter. For more than 50 years, this Cleveland business law firm provides full-service strategic legal counsel for closely held businesses. Learn more at www.wegmanlaw.com.
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