The Corporate Transparency Act (“CTA”) goes into effect on January 1, 2024 and will require many existing and newly formed entities to report personal information about its beneficial owners to the U.S. Treasury’s Financial Crimes Enforcement Network (“FinCEN”). Not only may many of the entities in our affordable housing and community development transactions now be required to disclose their beneficial owners to FinCEN, but penalties for noncompliance are stiff. Read more about the Corporate Transparency Act by clicking here and learn how it may affect your business, and please do not hesitate to reach out to your Applegate & Thorne-Thomsen attorney with any questions.