The new Corporate Transparency Act (“CTA”) takes effect January 1, 2024, and trustees are preparing for the reporting required of them for potentially the trusts they administer and certain entities owned by those trusts. The CTA has established various requirements for reporting “beneficial ownership” information for certain business entities created or registered to conduct business in the United States. For trusts, this will include information regarding the trustee, and may include information regarding the beneficiaries and trustors.
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