Corporate Transparency Act Developments

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.

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 t
  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.