Solo and Small Firm
The Practitioner VOLUME 30, ISSUE 1, SPRING 2024
Content
- Ask Your Peers: What Suggestions Do You Have For Fellow Lawyers In the Process of Going Solo? If You Had To Do It All Over Again, What Would You Do Differently?
- EXECUTIVE COMMITTEE & EDITORIAL BOARD
- Good Experts... Investigate Like Sherlock Holmes, Think Like Lawyers, Write Like Journalists, and Present Like Walter Cronkite
- Inside This Issue
- Letter From the Chair
- Letter From the Editor
- New Laws For California Employers
- Pay Transparency - Your Wages Don't Have To Be a Secret Anymore
- Table of Contents
- The Corporate Transparency Act Goes Into Effect January 1, 2024 Some Important Points To Know
THE CORPORATE TRANSPARENCY ACT GOES INTO EFFECT JANUARY 1, 2024 SOME IMPORTANT POINTS TO KNOW
C. Margaret Tritch*
As of January 1, 2024 there is a new federal reporting regime with the Financial Crimes Enforcement Network or FinCEN as it is referred to. The new regime took effect Jan 1, 2024, and the new forms were only made available on New Year’s Day. Up until December 21, 2023, the reporting details were still being finalized.
CORPORATE TRANSPARENCY ACT (CTA) COMPLIANCE
The impetus of the new reporting regime comes from the Corporate Transparency Act that was passed by Congress back in 2021. It is designed to bring the U.S. into compliance with international standards for anti-money laundering rules. The U.S. Government, FinCEN to be specific, will require the individuals behind companies operating in the U.S. to report various information about themselves. Its intention is to stop money laundering, illegal activities, and tax evasion that heretofore is believed to have been done by opaque corporate structures. The impact is, however, far reaching.