Corporate Transparency Act Compliance: Beneficial Ownership Reporting, Filing Requirements and Exceptions

Recording of a 90-minute premium CLE/CPE video webinar with Q&A

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Conducted on Tuesday, August 8, 2023

Recorded event now available

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Course Materials

This CLE/CPE webinar will provide tax attorneys and advisers guidance on the compliance and reporting requirements of the Corporate Transparency Act of 2021 (CTA) which will take effect Jan. 1, 2024. Our panel also will address issues relating to (i) the obligations of professional advisors to inform former or current clients of the CTA reporting obligations, (ii) how the CTA may impact planning, notices, engagement letters, legal agreements, opinions and (iii) the impact of the CTA on privacy concerns, both of US and foreign persons.

Description

The CTA requires certain U.S. and foreign entities that are defined as reporting companies to report beneficial owners and company applicants to FinCEN (the Department of the Treasury’s Financial Crimes Enforcement Network), beginning January 1, 2024. FinCEN will establish and maintain a non-public national registry of beneficial owners and company applicants of reporting companies to prevent and combat money laundering, terrorist financing, corruption, tax fraud and other illicit activity.

These first ever federal and new reporting rules will impact millions of reporting companies formed prior to, and after the effective date of the CTA. Noncompliance with these reporting rules may result in significant civil and criminal penalties.

Therefore, it is important that entities that are potentially impacted by these rules commence to determine (i) whether a business arrangement or entity is out of scope as a reporting company, a reporting company, or otherwise exempt from reporting; (ii) who is a beneficial owner and a company applicant; (iii) how trusts are treated under the CTA; (iv) the information that is required to be reported by a reporting company, beneficial owner and company applicant; (v) the necessary due diligence that a reporting company must undertake to file a true, correct and complete report; (vi) when a report is initially due, required to be updated or required to be corrected; (vii) the potential ramifications of non-compliance and (viii) and how to establish a workstream to initially prepare for, collect, maintain and report information required to be reported under the CTA.

Listen as our panel discusses the CTA's key provisions, determining whether companies are reporting companies or beneficial owners, and applying both civil and criminal penalties for noncompliance.

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Outline

  1. Overview of Corporate Transparency Act of 2021
  2. Reporting requirements and disclosure of information
  3. Exemptions
  4. Penalties
  5. Best practices for tax counsel

Benefits

The panel will review these and other key issues:

  • What are the key provisions of the CTA?
  • What is the impact on domestic and foreign companies?
  • What are the reporting requirements under the CTA rules?
  • How do you determine which companies are considered reporting companies under the CTA?
  • How do you determine who are beneficial owner(s) under the CTA?
  • What are the potential ramifications for noncompliance?

Faculty

Austen, James
James Austen
Partner
Collyer Bristow

is a Partner specialising in Trusts, tax and estate planning, specifically acting for high net worth individuals,...  |  Read More

Granwell, Alan
Alan Winston Granwell
Of Counsel
Holland & Knight

Mr. Granwell has been practicing in international taxation for more than 45 years and previously was director of the...  |  Read More

Kemm, Lawrence
Larry R. Kemm
Partner
Holland & Knight

Mr. Kemm is a business attorney in Holland & Knight's Tampa office who focuses on tax matters for domestic...  |  Read More

Jauregui, Eddie
Eddie A. Jauregui
Partner
Holland & Knight

A former federal prosecutor, Mr. Jauregui focuses on internal corporate investigations, corporate compliance and...  |  Read More

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