Implementing Liens and Other Statuatory Remedies / M&A Transactions Involving PPP Loans: A Path Forward (Spring 2021)

Contributors: Daniel Beederman, Andrew Weissman

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The Corporate Transparency Act:  What Business Owners Need to Know

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The Corporate Transparency Act (“CTA”) was enacted in 2021 to improve transparency in order to prevent bad actors from engaging in money laundering, tax fraud, and other illicit activities from exploiting US companies. Beginning January 1, 2024, the CTA requires “reporting companies” to report information about the individuals who own or control the company to the Financial Crimes Enforcement Network (“FinCEN”).