The new St. Lucy’s Shelter has opened its doors at 612 Grove St. in Jersey City, following a project by Arc Building Partners in conjunction with the Archdiocese of Newark. — Courtesy: ARC By Joshua Burd Arc Building Partners has…
Government & Public Policy
From zoning disputes to the federal tax code, public policy affects the commercial real estate sector far more than you may realize. For industry leaders, government and politics demand constant attention.
Greater sunshine ahead or an incoming storm? Preparing for corporate transparency act compliance in 2024
For decades, the real estate industry has been particularly adept at using various corporate structures such as limited liability companies, limited partnerships and corporations in order to maximize the numerous liability and privacy protections and tax benefits afforded to such businesses. Commencing Jan. 1, 2024, however, many U.S. businesses will be required to disclose (and update) information with respect to their beneficial ownership to the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) pursuant to the Corporate Transparency Act (the CTA), giving rise to many privacy and regulatory concerns.
The CTA will apply to tens of millions of new and existing businesses throughout the country, including many real estate businesses, individual and family investment vehicles, and smaller private companies and joint ventures.
