Corporate Transparency Act Update- December 26, 2024
The Corporate Transparency Act (“CTA”), which became effective January 1, 2024, impacts almost all closely held corporations, limited liability companies (LLCs) including single-member LLC, limited partnerships, and other closely held entities, as well as the legal and beneficial owners of such entities such as trusts and estates. This is the case even if such entities only hold real estate and conduct no active business. This post contains important CTA updates as of 12/26/2024 and will continue to be updated.