California Cannabis: Corporate Transparency Update (HR 2513)

If you wish to re-publish this story please do so with following accreditation AUTHOR:  aBIZinaBOX Inc. CPAs – Jordan S. Zoot, CPA PUBLISHER:  CANNABIS LAW REPORT Corporate Transparency Update. The focus of this website has been on the legal cannabis industry in California. However, many of our clients and regular readers are aware that our practice also focuses on:   Taxation and Transactional Consulting for pass-thru entities, [limited liability companies [“LLC’s], partnerships and S Corporations Alternative Asset and Debt Hedge Funds and Private Equity US Title 31 – anti-money laundering [“AML”] provisions and virtual currency US Title 26 [“IRC”] – IRS practices and procedures relating to civil and criminal tax controversies   We have written about FinCEN’s Cannabis Industry Policy[1], AML anti-structuring policy[2], and the FDIC’s initial efforts at beneficial ownership, transparency for LLC’s acquiring residential property in major markets[3] and the application to the California cannabis industry[4].   HR 2513 – Corporate Transparency Act On October 23, 2019, the House passed H.R. 2513. H.R. 2513 is a two-part Bill. Division A is the Corporate Transparency Act, or CTA[5]. If enacted, the CTA would require certain, defined U.S. companies to report identifying information regarding their beneficial owners to the Treasury Department – so that…

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Source : CANNANNEW REPORT
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