The Corporate Transparency Act Part Two: The impact on family firms doing business in the US

The CTA requires existing and future companies, either formed or registered to do business in the US, to electronically file a report with the Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department. These reports will file into an as-yet-nonexistent database of individuals who are direct or indirect beneficial owners of the reporting company, as well as individuals reporting the information for the reporting company. Companies must provide beneficial ownership information.