New Mandatory Reporting Requirements for LLC’s and Corporations
Udall Shumway represents Limited Liability Companies and Corporations in their formation, as statutory agents, and in tax, business, and litigation matters. We want to let our clients and other businesses know about new federal reporting requirements that take effect on January 1, 2022.
In 2020, Congress passed, and President Trump signed the “Corporate Transparency Act” (the “CTA”). The purpose of the Act is to prevent money laundering and other illegal activity by small companies. Usually, the federal government excludes small businesses from laws because of the burden on them. The CTA does