Corporate Transparency Act and Proposed Regulations: The Start of Applicability Is Coming upon Us Quickly

Under the Corporate Transparency Act, certain corporations and limited liability companies will be required to report the beneficial owners of the entity to FinCEN, and those forming such entities will need to provide certain information as well.  Entities organized solely to hold real property are currently not exempt under the rules.  The related regulations were released in late 2021 and were only proposed regulations, so guidance to date is still potentially in flux, but are expected to go into effect in the foreseeable future.

Click here to read the full article by Pillsbury’s Megan Jones.