The Corporate Transparency Act: Where We Are Now
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Unlike Europe, the United States has never had a database identifying the owners of all the LLCs, Corporations, and Partnerships operating in this country. Thanks to the Corporate Transparency Act, that will all change. Unless the Treasury Department further delays implementation of this 2021 law, starting January 1, 2024 the beneficial owners of almost every entity will need to be reported to FinCEN unless a specific statutory exception applies. Existing entities will have one year to comply, while newly formed entities will have only 90 days to register. This presentation will help you identify a Reporting Company and a Beneficial Owner. You will learn what exceptions exist to the registration requirement, and what information must be disclosed. We will review who is a Company Applicant, as well as their reporting requirements. Practical examples will be discussed, and we will review some remaining areas of ambiguity. Given the omnipresent nature of legal entities, going forward a wide range of advisors will want to have a working knowledge of the CTA.
Learning Objectives:
- Identify Reporting Companies and Beneficial Owners
- Understand the main exceptions to being a Reporting Company
- Understand when an updated CTA report must be filed with FinCEN
- Learn what a FinCEN Identifier is and how it can simplify CTA reporting
Continuing Education has been filed with NYS CLE, CFP CE will be requested as CFPs register, CE available for CPAs and self-reporting designations.
