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Navigating the Corporate Transparency Act and What We’ve Learned
Houston, Texas
The Corporate Transparency Act (CTA) is a new law that is scheduled to go into effect January 1, 2024, and will require entities (LLCs, Corporations, LPs etc.), unless they qualify for an exemption, to disclose information about their beneficial owners with the Financial Crimes Enforcement Network (FinCEN). Failure to comply can result in civil penalties and criminal penalties (including jail time). Most privately held entities will not qualify for an exemption and will need to comply with this new law. What we have learned in the first 10 months since the law entered into effect.