Implementation of the Corporate Transparency Act
Implementation of the Corporate Transparency Act
The Corporate Transparency Act (CTA) represents the most significant reformation of the Bank Secrecy Act and related anti-money laundering rules since the US PATRIOT Act. Although the CTA is mainly focused on reporting of beneficial owner information (BOI) by corporations, limited liability companies, and partnerships, trusts and beneficiaries of trusts may also find themselves the subject of required disclosures related to BOI. With the reporting requirements under the CTA becoming effective January 1, 2024, now is the time for wealth planning and tax practitioners to better understand these compliance obligations and gain knowledge of how and when to provide notice of reporting requirements, how to modify and update planning documents, and how the implementation of the CTA will impact the planning and privacy concerns of clients.
Glenn Fox, Esq.
Glenn G. Fox is a partner of Baker McKenzie's Wealth Management and Tax Practice Groups in New York and a member of the firm’s Global Tax Wealth Management Steering Committee. He is a domestic and international tax, estate planning, and tax-exempt (charitable) organizations lawyer with vast experience working with closely held businesses, families and charitable organizations from the US and overseas. Glenn is a member of the American College of Trust and Estate Counsel and of the Society of Trust and Estate Practitioners and has been recognized for fourteen consecutive years (2007-2020) as a "New York Super Lawyer" by the New York Times.
