This article was originally posted on Steve Leimberg’s Estate Planning Email Newsletter as Archive Message #273.
The Corporate Transparency Act (CTA) introduces comprehensive reporting requirements for most closely held businesses and entities including S corporations, C corporations, LLCs, FLPs and any entity that must file a certificate with the Secretary of State to be formed. This will apply to a simple LLC formed to hold a rental property or just security investments. Even an entity disregarded for federal tax purposes will have to file CTA reports. This article explains the framework of these new rules and provides practitioners a sample letter to send to clients.
To read the full article, click here.
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