Preservation | Family Wealth Protection & Planning

In Congress’ ongoing fight against fraud, corruption, terrorism financing and money laundering, lawmakers passed the Corporate Transparency Act (CTA) on January 1, 2021, as part of the 2021 National Defense Authorization Act. The CTA contains significant new federal reporting obligations and imposes heavy civil fines and criminal penalties for noncompliance. It may have an especially onerous impact on estate planning clients who accomplish their planning goals through the use of one or more business entities.