Understanding the Corporate Transparency Act: A Conversation with Michael Zeuner & Joseph Kellogg
August 22, 2024
In the latest episode of The Wealth Enterprise Briefing, Michael Zeuner, Managing Partner at WE Family Offices, discusses with Joseph Kellogg, Partner and Head of Wealth Planning, the intricacies of the newly implemented Corporate Transparency Act (CTA) and its far-reaching implications for both U.S. and international families.
- The scope and purpose of the Corporate Transparency Act, including which entities are affected
- Detailed explanation of reporting requirements, including what information must be filed and with whom
- The concept of “ultimate beneficial ownership” and its complexities in various entity structures
- Critical deadlines for compliance and the potential consequences of non-compliance
- Privacy considerations and how FinCEN manages reported information
Michael and Joseph offer helpful discernment for understanding this new regulatory landscape. They emphasize understanding one’s obligations under the CTA and stress the need for expert guidance in complex situations, particularly for families with intricate entity structures or international connections.
As always, if you have questions about your investment strategy or would like to discuss how these insights apply to your personal financial situation, please don’t hesitate to contact us.