Foreign Bank Account Reporting, commonly known as FBAR now has a close cousin named CTA.
CTA is being created as of the beginning of the year 2021 and named the Corporate Transparency Act, to flush out Beneficial owners of Foreign Entities such as Corporations, LLC, and others where ownership is 25% as well as other criteria that includes tax fraud.
We will have a series of articles on CTA and the development as it applies to U.S. Citizens owning foreign assets and foreign entities. Please mark your calendar for upcoming information.
