Some people are terrified of heights. Others are scared of public speaking. What should keep attorneys up at night is a little-known law called the Corporate Transparency Act (CTA)[1].
The CTA is a new, groundbreaking federal reporting law for business entities that may leave your office inundated with calls from disgruntled clients blaming you for failing to warn them about it. Here’s what you should know:
What is the CTA?
The CTA was enacted on Jan. 1, 2021. It imposes stringent reporting requirements on business entities. You’re likely thinking, “Which ones?”
The answer is most of them.