April 2022

An informative e-newsletter for the Real Property Law Section of the State Bar of Michigan.

The Corporate Transparency Act & Real Estate

By Lexi Woods, Warner Norcross + Judd LLP

On January 1, 2021, Congress passed the Corporate Transparency Act (CTA). To "better enable critical national security, intelligence, and law enforcement efforts to counter money laundering [and] the financing of terrorism," the CTA imposes reporting obligations on "reporting companies." Reporting Companies are required to file reports to the Financial Crimes Enforcement Network (FinCEN) identifying applicants and beneficial owners of an entity.

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The views and opinions expressed in these articles are those of the authors, and they do not reflect in any way the positions of the State Bar of Michigan or the Real Property Law Section. These columns are meant for informational purposes only and should not be construed as legal advice. IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding tax-related penalties or (ii) promoting, marketing, or recommending to another person any transaction or matter addressed in this communication.