Policy & Regulatory Education Series: Corporate Transparency Act

Description

Passed by Congress on January 1, 2021, the Corporate Transparency Act (CTA) is set to dramatically change reporting requirements for many small and medium-sized businesses and organizations.

For the first time ever, the legislation will mandate that qualifying businesses self-report information about the people who created, own, lead or have influence over them, as well as information about the business itself.

All the information will be added to a federally managed database with criminal penalties for violations. Failure to comply can lead to criminal charges including jail time.

• Program 1 will cover key rules and exemptions and what they potentially mean to a business
• Program 2 will cover strategies for complying with CTA

Impact Audience - The two groups most likely to be impacted are:

• small businesses with less than 20 full-time employees and
• landlords (unless they have more than 20 full time employees. Landlords can include anyone who has a real estate holding company.

The program will be led by Robert A. Hamor, attorney, Foster Swift Collins & Smith, P.C., and will cover key rules and exemptions and what they potentially mean to a business and strategies for complying with CTA. This a hybrid program that will be held in person at the Lansing Regional Chamber of Commerce and via Zoom. Those who wish to attend virtually will need to register to receive the Zoom link.