New Corporate Transparency Act Will Impose Beneficial Ownership Reporting Requirements on Many Companies, Particularly Small Businesses

Friday, January 8, 2021 – How does the CTA apply to federal contractors? The CTA requires the Administrator for Federal Procurement Policy to revise the Federal Acquisition Regulations not later than two years after enactment of the CTA to require any contractor or subcontractor that is a reporting company required to report beneficial ownership information under the CTA to provide such information to the federal government as part of any bid or proposal exceeding the applicable simplified acquisition threshold.