Cameron Hess presented at the Del Paso Country Club an update on the Corporate Transparency Act before a local Sacramento professional business group on February 15, 2024.
Mr. Hess highlighted the a number of the legal issues with the Corporate Transparency Act, including FinCEN enforcement, and whether registration of legal entities under the Act will efficiently achieve its intended purpose. Mr. Hess further addressed that corporate trustees and estate planners should engage legal counsel, familiar with the Act, to advise on special irrevocable trusts provisions that trigger disclosure of additional persons to be reported. Mr. Hess also outlined for LLCs that while managers, carrying out day-to-day authority usually must be identified must be disclosed, here may be situations where they are not the intended parties to be disclosed.
A copy of his updated slides are attached.
