The Illinois Bar Journal’s February issue reports on the Corporate Transparency Act’s new FinCEN filing requirements, which took effect January 1. “The comprehensive legislation requires many companies doing business in the U.S. to report information about the individuals who own or control the business entity,” writes attorney Amelia Buragas in her LawPulse article, “Beneficial Information.”

Buragas adds that the “goal of the legislation, according to the U.S. Department of Treasury, is to curb illicit financial activities.” Attorneys should be especially aware of what’s expected of entrepreneurs and small businesses, Buragas notes. For them, meeting the new FinCEN requirement may not be easy.

 Read the February IBJ article, "Beneficial Information."