Corporate & Securities practice group members Jill Braunstein and Ashley Cohen contributed an article in Bloomberg Tax titled “New Corporate Transparency Rules Require Attention to Details“. The article discusses how companies can prepare for compliance with the new Corporate Transparency Act reporting requirements.
“Starting Jan. 1, most businesses must report information about beneficial owners—those who own at least 25% of a company or exercise significant control over it—to the Treasury Department.
While the idea of such requirements may seem daunting, preparing for the new reporting will ensure a smooth filing for businesses in 2024 and beyond.
The idea is simple: Entities doing business in the US must report basic personal information on their beneficial owners to the Financial Crimes Enforcement Network, known as FinCEN. But determination of entities required to report, information required to be reported, and timing of the reports are nuanced.”
The article goes on to explain:
- Who Must Report
- When to Report
- What to Report
- How to Prepare
Click here to read the full article.
Jill Braunstein is a Partner at Abrams Fensterman, LLC and Co-Chair of the firm’s Corporate and Securities Law Practice Group working in the Lake Success office.
Ashley Cohen is an Associate at Abrams Fensterman and member of its Corporate and Securities Law group.
