Tax News Letter

 Visit Website :U.S. Beneficial Ownership Information Registry Now Accepting Reports | FinCEN.gov for more information.

 Read more about the Corporate Transparency Act on Wolters Kluwer's website.

Visit Website :Read more about the Corporate Transparency Act on Thomson Reuters' website

Visit Website :  FinCEN Beneficial Ownership Information (BOI) page

 

1- What is the corporate transparency Act (CTA)?

The Corporate Transparency Act (CTA), enacted in 2021, was passed to enhance transparency in entity structures and ownership to combat money laundering, tax fraud, and other illicit activities.
It is designed to capture more information about the ownership of specific entities operating in or accessing the U.S. market.

2-Does the corporate transparency Act provide a minimum level of ownership?

The Corporate Transparency Act does not quantify the level of ownership by an exempt entity that requires reporting.
In prescribing regulations under the Corporate Transparency Act, Treasury should set forth a minimum level of ownership (such as 25%)
that would give rise to a reporting obligation by the reporting company or an applicant.