Welcome to Citrin Cooperman's Taxes in Ten podcast. Each episode will be around 10 minutes long and feature our Tax Practice Leader, Joe Bublé, interviewing different subject matter professionals on a variety of tax subjects.
In this episode of Taxes in Ten, Joe Bublé is joined by Citrin Cooperman Tax Manager Liz D'Amore to discuss the Corporate Transparency Act (CTA). In January, the CTA was enacted as part of the National Defense Authorization Act for Fiscal Year 2021. The CTA requires reporting a corporation or LLC’s direct or indirect individual owners to FinCEN likely by the beginning of 2022. Its purpose is to remedy what Congress believes are individuals using corporate structures to participate in various illegal activities such as money laundering, tax evasion, terrorism, and other national security threats.
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