KPMG is reporting that OMB’s Office of Information and Regulatory Affairs (OIRA) reported that it has received for review from the U.S. Treasury Department an advance notice of proposed rulemaking concerning section 6403 and provisions for implementing the Corporate Transparency Act.
Section 6403 is the main Code section relating to the new beneficial ownership information reporting requirements.
The Corporate Transparency Act is part of the defense authorization legislation enacted in late December 2020. The legislation includes provisions regarding the rules for disclosure of beneficial ownership. Under these measures, corporations, limited liability companies, and other similar entities formed or registered to do business in the United States are to report their beneficial owners to the Treasury Department within certain time periods. The beneficial ownership information generally is to be confidential, but could be made available to authorized government authorities and to financial institutions in certain situations.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.