The Corporate Transparency Act (CTA) took effect January 1, 2024 as part of a broad antiterrorism and anti-money laundering effort of Congress. The CTA requires certain entities, known as "reporting companies,".
On March 29, the Federal Crimes Enforcement Network (FinCEN), in collaboration with other federal agencies, issued a Notice and Request for Information and Comment (Notice and Request).
On February 16, 2024, the Treasury Department published a proposed regulation relating to new reporting requirements for certain transfers of residential real estate.
Since the passage of the Corporate Transparency Act ("CTA") and the implementation of the associated regulations, various parties have been arguing that the statute was an overreach and unconstitutional.