Overview
Effective January 1, 2024, an estimated 32.6 million entities will be required to report information about their beneficial owners to FinCEN as part of the Corporate Transparency Act (CTA). In an effort to combat money laundering and other illegal activities, the law provides harsh penalties for the failure to report the required information. This reporting specifically targets small businesses and holding entities, creating opportunities for accountants, tax practitioners, and other business advisors to expand their service offerings. The reports require the listing of all “beneficial owners,” and they are imprecisely defined, possibly requiring an exercise of judgement. Therefore, proper education of professionals and business owners is paramount for accurate reporting. The course includes an overview of the CTA and a detailed discussion of what information needs to be reported to FinCEN.
Major Topics:
- Updates on legislative challenges
- The Corporate Transparency Act and its goals
- Which entities need to file reports and which entities are exempt?
- Deep dive into the definitions of beneficial owner and substantial control
- Information that needs to be reported
- Logistics on how and when to file the forms
Learning Objectives
- Understand the goals of the beneficial ownership reporting
- Identify what entities need to file the reports and what information needs to be provided