Tax Notes Quotes Caplin & Drysdale Alert on FinCEN Proposes Rules
Proposed regs on beneficial ownership information reporting under the Corporate Transparency Act (CTA) are raising concerns among practitioners about the potential burdens and penalty liabilities imposed.
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In a December 17 firm alert, Caplin & Drysdale shared that sentiment, tagging the new rules as “broad and sweeping.” The alert asserts that the information gathering and client educational outreach about the requirements will require significant resources.
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At least one question about penalties remains unanswered. The Caplin & Drysdale alert argues that the rules do not make clear whether individuals must reach out to reporting companies to provide information and ensure the report is filed.
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To see the alert, please click here.