Corporate Transparency Act Developments

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.

Highlights

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

Background of the Corporate Transparency Act
Beneficial Ownership Information Reporting (BOIR) Rule
Entities required to report.
Reporting requirements imposed by the CTA
Due dates of reports
Information needed to satisfy the BOIR
Impact of failure to report
How to submit a report
Court rulings on CTA’s unconstitutionality
Implications to entities as a result of the ruling in NSB.
Potential reporting requirements due to FinCen’s proposed rulemaking with respect to non-financed purchases of residential real estate and gratuitous transfers.

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.