October 2024 Newsletter
From The Certified Elder Law Attorney's Desk:
William W. “Bill” Erhart
THE CORPORATE TRANSPARENCY ACT: DOES IT AFFECT YOU?
A number of clients have contacted us regarding the Corporate Transparency Act asking if their trusts are affected by this law. For almost every trust we have assisted clients with the answer is no.
The Corporate Transparency Act (CTA) was enacted in 2021 over President Trump’s veto. The purpose is “intended to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, while minimizing the burden on entities doing business in the United States.” The Financial Crimes Enforcement network (FinCEN) bureau of the Department of the Treasury is tasked with enforcing the law. All western European countries have had similar laws for many years and the United States has been pressured to enact its own version.
The American Bar Association has said, “Congress directs the United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to establish and maintain...”