The Corporate Transparency Act (“CTA”) requires certain entities to report their “beneficial ownership” information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury.

The CTA's beneficial ownership reporting requirement will apply to many law firms and their clients. This article explains the beneficial ownership reporting requirement and which law firms may be exempted from the requirement, examines compliance considerations and procedures, and provides sources for more helpful information about the CTA.