The federal government has developed yet another tool to help crack down on money laundering and bad actors—this time by documenting who owns and controls closely held companies. Private companies that are accustomed to the privacy that state law has afforded them will now have to provide key information to the federal government about who actually owns and controls the companies, resulting in a first of its kind centralized repository in the United States for information about private entities. This new tool is the Corporate Transparency Act. Join us as we provide an overview of the Corporate Transparency Act and discuss best practices in addressing its requirements with estate planning clients.
Originally presented as part of the
Estate Planning Short Course 2024Credits: 1.25 General, 0 Diversity/Inclusion PR, 0 MH/SA PR, 0 Other PR
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The federal government has developed yet another tool to help crack down on money laundering and bad actors—this time by documenting who owns and controls closely held companies. Private companies that are accustomed to the privacy that state law has afforded them will now have to provide key information to the federal government about who actually owns and controls the companies, resulting in a first of its kind centralized repository in the United States for information about private entities. This new tool is the Corporate Transparency Act. Join us as we provide an overview of the Corporate Transparency Act and discuss best practices in addressing its requirements with estate planning clients.
Christopher Floss, ArentFox Schiff, LLP., Lake Forest
