Simplifying the Corporate Transparency Act for Private Companies

Corporate executive partner David Barrett authored an article for the Indiana Manufacturers Association on what private companies need to know about the Corporate Transparency Act (CTA) and how this new law went into effect on January 1, 2024.

Barrett notes that the CTA carries potential criminal penalties for noncompliance. He addresses why Congress passed the CTA and explains the companies to which it applies, likely exemptions for private companies and the potential impact on subsidiaries and affiliates. Barrett also shares information companies must file, filing deadlines and ongoing obligations.