The Corporate Transparency Act will create significant privacy concerns for families, family businesses, and family offices. Specifically, this bill:
- Requires corporations and limited liability companies to disclose their true, beneficial owners to FinCEN at the time the company is formed.
- Establishes minimum beneficial ownership disclosure requirements: companies must provide beneficial owners’ name, date of birth, current address, and driver’s license or non-expired passport number.
- Requires companies to file annually with FinCEN a list of its current beneficial owners, as well as a list of any changes in beneficial ownership that occurred during the previous year.
- Provides civil and criminal penalties for persons who willfully submit false or fraudulent beneficial ownership information, or who knowingly fails to provide complete or updated beneficial ownership information.
It’s time to support the future of Family Businesses!!!
Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.