Reporting Requirements of the Corporate Transparency Act of 2021: Compliance Challenges, Beneficial Owners, Penalties

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


Conducted on Wednesday, June 9, 2021

Recorded event now available

or call 1-800-926-7926
Course Materials

This CLE/CPE course will provide corporate, real estate and tax attorneys and advisers guidance on the compliance and reporting requirements of the new Corporate Transparency Act of 2021 (CTA). The panel will discuss key provisions of the CTA, determining what companies are "reporting companies" and who are "beneficial owners" under the Act, and the application of both civil and criminal penalties for failing to comply with the new rules.

Description

The recently enacted CTA may require companies to report beneficial owners and additional information to the U.S. Department of Treasury. Corporate, real estate, and tax professionals must know the applicable rules and filing requirements to advise companies and review corporate structures and governing documents to determine compliance requirements in light of the new law.

The CTA was enacted on Jan. 1, 2021, as part of the overall 2021 National Defense Authorization Act and under the scope of the Anti-Money Laundering Act of 2020. Regulations to implement the CTA are expected to be proposed by the Treasury not later than January 1, 2022, and will be important in implementing the new law. U.S. companies and foreign companies with operations in the U.S. must report their beneficial owner(s) to FinCEN (the Treasury's Financial Crimes Enforcement Network) unless exempt, significantly impacting millions of business entities. Noncompliance with the new law can result in significant civil and criminal penalties.

Under the CTA, determining which companies are considered "reporting companies" and which natural persons are considered to be "beneficial owner(s)" is critical to ensure compliance. However, the law provides exemptions for businesses in certain regulated industries or that meet other requirements, which may provide relief to some companies, and the possibility of avoiding the costs and privacy concerns associated with this collection and reporting of data.

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

READ MORE

Outline

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

Benefits

The panel will review these and other key issues:

  • What are the key provisions of the Corporate Transparency Act of 2021?
  • What is the impact on domestic and foreign companies?
  • What are the reporting requirements under the CTA?
  • 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?
  • What is the likely timeline for implementation and the issuance of the Treasury Department's implementing regulations under the CTA?

Faculty

Adrion, Harold
Harold Adrion

Consultant
EisnerAmper

Mr. Adrion specializes in international tax. He has advised U.S. and foreign-based multi-national publicly and...  |  Read More

Beeler, John
John C. Beeler

Partner
Porter Wright Morris & Arthur

Mr. Beeler maintains a general corporate practice with an emphasis on international business transactions, affordable...  |  Read More

Grady, Ellen
Ellen C. Grady

Partner
Pillsbury Winthrop Shaw Pittman

Ms. Grady advises public, private and nonprofit entities on corporate transactions, principally mergers and...  |  Read More

Jia, Diana
Diana Lingyu Jia

Attorney
Porter Wright Morris & Arthur

Ms. Jia counsels clients on a wide range of matters, including dispute resolution, mergers and acquisitions, commercial...  |  Read More

Access Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. CPE credit is not available on recordings. All formats include course handouts.

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

CLE On-Demand Video

Download