The Corporate Transparency Act

The Corporate Transparency Act (“CTA”), which went into effect on January 1, 2024, represents a significant shift in the regulatory landscape for small businesses in the United States. It is aimed at increasing transparency in corporate ownership to combat illicit activities. More specifically, enacted as part of the National Defense Authorization Act for Fiscal Year 2021, the CTA mandates the reporting of beneficial ownership information to the Financial Crimes Enforcement Network (“FinCEN”) to make it more difficult for individuals to use complex corporate structures to facilitate illegal activities, evade taxes, or launder money. 

Here are some resources on this critical topic:

• The Corporate Transparency Act is on Appeal! How That Impacts Your Business Plans, Associated General Contractors of Minnesota, June 2024 (Kyle Willems, Wynne Reece, James Kovacs)
• The Corporate Transparency Act – What You Need to Know, Attorney at Law, April 2024 (Kyle Willems, Wynne Reece, James Kovacs)
• A Guide to the New Corporate Transparency Act, Associated General Contractors of Minnesota, January 2024 (Kyle Willems)

At Bassford Remele, our corporate team is dedicated to informing you about the latest legislative changes impacting your business. We proactively track and analyze newly passed laws and regulations, ensuring you stay ahead of compliance requirements. Please feel free to reach out to our team with any questions.

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Bassford Remele proudly serves as local and national counsel for many major corporations and Fortune 500 Companies and is a go-to litigation firm representing local, national, and international clients in state and federal courts across the region. The firm provides comprehensive counsel and representation in litigation and dispute resolution, family law, and corporate matters, ensuring prompt and effective service for its clients.

Established in 1882, Bassford Remele is proud to be the oldest top-25 law firm based in Minnesota.