| Title: |
Novel Fiduciary Liability Risks under the Corporate Transparency Act. |
| Authors: |
Holinstat, Steven H., Wonn, Jacob E. |
| Source: |
Probate & Property. Nov/Dec2024, Vol. 38 Issue 6, p38-42. 5p. 2 Color Photographs. |
| Subject Terms: |
*TRUSTS & trustees, *FIDUCIARY responsibility, *CHARITABLE trusts, *APPLICABLE laws, *TRUST beneficiaries, *ELECTRONIC filing of tax returns |
| Abstract: |
The article discusses the implications of the Corporate Transparency Act (CTA) on fiduciaries of trusts that own interests in reporting companies. The CTA mandates the disclosure of beneficial owners and company applicants of reporting companies, with penalties for noncompliance. Fiduciaries may face potential liability risks under the CTA, and the article suggests practices to mitigate these risks. The text provides hypothetical scenarios to illustrate how trustees could be held responsible for compliance with the CTA's reporting requirements. [Extracted from the article] |
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