Planning Alert: The Corporate Transparency Act


The Corporate Transparency Act (CTA) mandates specific reporting requirements for beneficial owners of many entities and small businesses. The purpose of the act is to “better enable critical national security, intelligence, and law enforcement efforts to counter money laundering, the financing of terrorism, and other illicit activity.”

Compliance with the CTA is important, as penalties are significant, including fines of $500 per day, up to $10,000, and imprisonment for two years. FinCEN estimated 32.6 million entities will be required to comply with the CTA in 2024, in addition to five million new entities annually over the next 10 years. The CTA will require many Callan Family Office clients who own interests in an LLC or other businesses to file a report with FinCEN by year end.


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