The new Corporate Transparency Act and its potential impact on North Carolina commercial real estate attorneys | Nexsen Pruet, PLLC jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
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The National Defense Authorization Act for 2021 enacted on January 1, 2021 contains Title LXI, the Corporate Transparency Act (“Act”). It institutes new reporting requirements for legal entities with few employees and limited purposes.
The Act requires reporting to the Financial Crimes Enforcement Network of the Department of the Treasury (“FinCEN”) by so-called “reporting companies.” Reporting is required for the names of individuals having an ownership interest of 25% or more of the equity or “substantial control” of the legal entity. The report must furnish for such individuals their date of birth, residence or business address and governmental identification number such as a driver’s license or passport. The reporting must be made for U.S. entities and for foreign entities qualifying to do business in the United States if they have 20 or less employees and $5,000,000 or less in gross receip