Glazer Financial Network


Contact us for a complimentary consultation or call (972) 385-0007 or (800) 999-8931.
Tuesdays With Morey
Tax Blog
Financial Articles
Webinar Archive
P&C Blog

Congress Passes Corporate Transparency Act: What It Means for You


If you’ve formed a limited liability company (LLC) or corporation to operate your business or are thinking about doing so, you need to know about the Corporate Transparency Act.

Enacted in January 2021, Congress’s new law will end business owners’ ability to form business entities without revealing their identities to the government.

The new law intends to prevent the formation of anonymous shell companies for illegal purposes such as money laundering and tax evasion. But the transparency rules apply to all small LLCs and corporations, including your legitimate business.

For the first time, LLCs and corporations will have to file with the federal government when formed. Existing entities also have to comply with the law.

When forming an LLC or a corporation, the new law requires you to provide the names, addresses, and other information for the entity’s real “beneficial” owners. You provide the information to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN)—the Treasury Department’s financial intelligence unit.

Individuals and businesses form two million new LLCs and corporations each year, so there will be much new paperwork.

At least five million existing LLCs and corporations will have to provide the same information and keep it updated.

The program begins in January 2022. Existing LLCs and corporations have until January 2024 to comply.

Not all LLCs and corporations are subject to the new law—larger businesses are exempt.

FinCEN will not make the ownership information available to the public. But the information will be available to federal, state, and local law enforcement agencies, including the IRS.

If you have any questions on this new law or need my assistance, please contact me.

If you have any questions about whether or not this applies to you please email Morey at

LinkedIn YouTube Twitter

Securities offered through Kovack Securities, Inc. Member FINRA / SIPC.
6451 N. Federal Highway, Suite 1201, Ft. Lauderdale, FL 33308 (954) 782-4771.
Advisory Services offered through GFN Capital Management a Registered Investment Advisor.
GFN Capital Management and Glazer Capital Management are not affiliated
with Kovack Securities, Inc or Kovack Advisors, Inc.

Glazer Financial Network is located at 
13747 Montfort Drive, Suite 350 
Dallas, TX 75240

Copyright © 2017, Glazer Financial Network. All rights reserved.