Reporting Requirements under the Corporate Transparency Act with Mark High

In this video, Mark High from the Detroit office of Dickinson Wright presents a detailed overview of the Corporate Transparency Act (CTA) and its implications for businesses. He explains the requirements for reporting companies to register the personal information of beneficial owners with FinCEN at the US Department of Treasury, highlighting the urgency for new entities formed in the current year to comply within 90 days of formation. The presentation also addresses the substantial penalties for noncompliance and the importance of designating a CTA compliance officer within each company to ensure ongoing adherence to the act.

• The Corporate Transparency Act is a recent legislative effort to collect beneficial owner information for companies in the U.S.
• Newly formed companies must comply with CTA reporting requirements within 90 days of formation, while existing entities have until the end of 2024.
• There are exemptions to the CTA reporting requirements, including for entities already regulated elsewhere, publicly traded entities, and large operating companies meeting specific criteria.