Pat Shriver and Adam Brown analyze the Corporate Transparency Act (CTA), which became effective on January 1, 2024. The CTA is a federal law that includes new reporting requirements applicable to almost any business registered or doing business in the United States. Pat and Adam discuss the history and purpose of the CTA, how it works, what needs to be reported, and who needs to report. They also talk about deadlines, beneficial ownership information, company applicants, exemptions, civil and criminal penalties, potential strategies for tracking and compliance, updating reports, ongoing requirements, and more.

Pat confirmed that we do not need to panic, but every organization needs to be aware of the CTA and analyze whether they need to file a report. This can be a rather complicated analysis, and it is probably something most organizations should discuss with their legal advisors soon.