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CTA Compliance for Trusts and Estates: FinCEN Final Regulations, Reporting of Beneficial Owners, Safe Harbor Rules

Impact of CTA Rules on Estate Planning, BOI Reporting, Trustees as Beneficial Owners, Correction Procedures, and More

An encore presentation with Live Q&A.

A 90-minute CLE/CPE video webinar with interactive Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford CPE+ Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Friday, October 18, 2024 (in 7 days)

1:00pm-2:30pm EDT, 10:00am-11:30am PDT

or call 1-800-926-7926

This CLE/CPE webinar will provide guidance to estate planners on the impact of new reporting requirements and compliance for trusts and estates under the Corporate Transparency Act (CTA). The panel will discuss the CTA beneficial ownership information reporting rules, how these rules apply to trusts holding business assets, owners, and beneficiaries, necessary steps upon the owner's death, new safe harbor provisions, and correction procedures.

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). 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 federal reporting rules have levied a significant burden on trusts and estates which tend to use a variety of entities for estate planning purposes, and related 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, trusts and estates that are potentially impacted by these rules should commence determining: (1) whether a business arrangement or entity is within the scope of the final rule and considered a reporting company, or otherwise exempt from reporting; (2) who is a beneficial owner and a company applicant; (3) how trusts are treated under the CTA; (4) the information that is required to be reported by a reporting company, beneficial owner, and company applicant; (5) the necessary due diligence that a reporting company must undertake to file a true, correct, and complete report; (6) when a report is initially due, required to be updated, or required to be corrected; (7) the potential ramifications of noncompliance; and (8) how to establish a workstream to prepare for, collect, maintain, and report information required to be reported under the CTA in an estate planning context.

Listen as our panel discusses the CTA beneficial ownership information reporting rules, how these rules apply to trusts holding business assets, owners, and beneficiaries, necessary steps upon the owner's death, new safe harbor provisions, and correction procedures.

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Outline

  1. Overview of Corporate Transparency Act of 2021
  2. Reporting requirements and disclosure of information
  3. Potential challenges for trusts, owners, and beneficiaries
  4. Necessary steps upon owner's death
  5. Exemptions and safe harbors
  6. Correction procedures and potential penalties
  7. Best practices for estate planners

Benefits

The panel will discuss these and other key issues:

  • What are the key provisions of the CTA?
  • What are the reporting requirements under the CTA rules?
  • What is the impact on trusts and estate planning?
  • How do the CTA rules apply to trusts holding business assets?
  • 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 compliance challenges unique to trusts and estates?
  • What are the potential ramifications for noncompliance?

An encore presentation featuring Live Q&A.

Faculty

Bratt, Hill Jenny
Jenny Hill Bratt

Partner
Sheppard Mullin

Ms. Bratt is a partner in the Tax and Estate Planning Practice Group in the firm's San Diego (Del Mar)...  |  Read More

Kontrimas, Andrius
Andrius R. Kontrimas

Partner
Sheppard Mullin

Mr. Kontrimas is a partner in the Tax, Employee Benefits, and Trust & Estate Practice Group in the firm's...  |  Read More

Prewitt, Austin
Austin S. Prewitt

Associate
Sheppard Mullin

Mr. Prewitt is an associate in the Tax Practice Group in the firm's San Diego (Del Mar) office. He focuses his...  |  Read More

Attend on October 18

See NASBA details.

Cannot Attend October 18?

You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. CPE credit is not available on recordings. Strafford will process CLE credit for one person on each recording. All formats include course handouts.

To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

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