Corporate Transparency Act Developments

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.

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.