Do Trusts Have Reporting Requirements Under the CTA?
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Question:
Do I need to report my revocable trust and irrevocable trusts of which I am trustee to the government under the Corporate Transparency Act?
Response:
No, only limited liability partnerships and corporations need to be reported. That said, if the trust is a principal owner of a corporation or limited liability entity, you may have to report that interest, or make sure someone else is doing so.
The Corporate Transparency Act is a new law that requires that all corporations and limited liability partnerships and corporations report their beneficial ownership to the U.S. Department of the Treasury. All existing entities must file these reports by the end of 2024. New entities must file reports within 90 days of their creation or reorganization. The filings are made on line at fincen.gov/boi.
If you have more questions, you can check out these FAQs we posted on my law firm’s website or, for more detailed information, the Treasury Department’s extensive FAQs.
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