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Corporate Transparency Act Developments

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Webcast

2.00 Credits

Member Price $89.00

Non-Member Price $139.00

Overview

U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) imposed a new reporting requirement that went into effect on January 1, 2024. Millions of businesses may have to file a Beneficial Ownership Information (BOI) Report. In a surprise turn of events, the Federal District Court from the Northern District of Alabama ruled on March 1, 2024 in National Small Business United v. Yellen (“NSB”) that the CTA is unconstitutional. This course will discuss the CTA’s provisions and the court’s decision in NSB. Also covered will be future implications for business entities and steps to consider given the recent ruling. We will also discuss recent proposed rulemaking by FinCen with respect to nonfinanced purchases of residential real estate and gratuitous transfers so that businesses can prepare for any additional reporting burdens that might arise.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

  • Course Instructor: Allison M. McLeod, LL.M., CPA
  • Highlights

    The major topics that will be covered in this course include:

    Prerequisites

    None

    Designed For

    This course is suitable for Corporate tax and finance executives, directors, managers and staff, CPAs, CAs Enrolled Agents, accountants, attorneys and business/financial advisors who work with and advise businesses and individuals that have these tax implications. All in-house and public practice t

    Objectives

    After attending this presentation, you will be able to...

    • Analyze the CTA’s reporting requirements for certain businesses.
    • Identify how the business will file its reporting requirements with FinCEN relating to the beneficial owners
    • Identify who must file a report and what information must be provided
    • Recall the necessary information needed for each Reporting Company.
    • Identify which individuals must be included in the report.
    • Recognize which entities are excepted from filing.
    • Recall what penalties are imposed for not reporting on a timely basis
    • Formulate a plan for reporting post-NSB.
    • Compare the potential implications of FinCen’s proposed rulemaking with respect to non-financed purchases of residential real estate and gratuitous transfers.

    Preparation

    None

    Notice

    This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by CPA Crossings. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.

    Non-Member Price $139.00

    Member Price $89.00