What is the CTA? Congress passed the Corporate Transparency Act (“CTA”) at the end of 2020 as part of a larger bill referred to as the Anti-Money Laundering Act, which in turn was part of the National Defense Authorization Act of 2021. It was signed into law by President Biden on January 1, 2021. The…
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The Corporate Transparency Act (“CTA”) was passed on January 1, 2021, under the Anti-Money Laundering Act of 2020. As previously written about by Josh Sage[1] and Devin Mills[2], the CTA subjects reporting companies, their beneficial owners, and the company applicant (all defined hereunder) to report certain information to the Financial Crimes Enforcement Network (“FINCEN”), or…
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In a recent case out of the United States Court of Federal Claims, the Court held that the plaintiff was not required to pay the full amount of the assessed Report of Foreign Bank and Financial Accounts (“FBAR”) penalty in order for the Court to have jurisdiction over a suit for refund.[1] The Court of…
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