Beginning on January 1, 2024, certain U.S. and foreign entities will be required to report beneficial ownership information to the U.S. Department of the Treasury pursuant to the Corporate Transparency Act (“CTA”).
Join Greenberg Traurig Shareholders, Kyle R. Freeny and Marina Olman-Pal, on October 20 from 1 - 2 p.m. ET for a CLE where they will explain, among other things:
• Which legal entities are subject to the CTA’s new disclosure requirements (and which are exempt).
• The CTA’s broad definition of beneficial owner and what information must be disclosed.
• The requirement that reporting companies disclose identifying information for the person(s) responsible for forming or registering them and the person(s) directing or controlling the filing.
• Under what circumstances the U.S. Government may disclose beneficial ownership information to third parties, including foreign governments.
CTA Stats at a Glance
• 32 million - The estimated number of entities that will be required to report beneficial ownership information to the Department of the Treasury in 2024.
• $21.7 billion - The estimated cost of compliance with the CTA in 2024.
• 2 years - The potential term of imprisonment for willful compliance violations.