Corporate Transparency Act Developments
Online
2.00 Credits
Member Price $89.00
Non-Member Price $124.00
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.
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.
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.
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 impl
Prerequisites
None
Preparation
None
Notice
You will receive an email from CPA Crossings via Webex with instructions to access the webinar.
Leader(s):
Leader Bios
Allison Henry, CPA, VP-Professional & Technical Standards, Pennsylvania Institute of CPAs
Allison, who has been with the Pennsylvania Institute of Certified Public Accountants (PICPA) since 2003, works to elevate CPA practice quality through advocacy, outreach, and education. She currently administers PICPA’s Joint Ethics Enforcement Program with the American Institute of Certified Public Accountants (AICPA), oversees the administration of the AICPA’s Peer Review Program for Delaware, New York, Pennsylvania, and U.S. Virgin Island firms, monitors emerging global trends in the accounting profession, and serves as the PICPA technical liaison for several statewide committees and working groups that reach out to regulatory agencies in Pennsylvania on behalf of the profession. She frequently shares her expertise by speaking at PICPA events, hosting webinars on key topics, teaching ethics training, writing for the CPA Now blog, writing articles for the Pennsylvania CPA Journal, and fielding technical inquiries.
Before joining the PICPA, Allison spent several years as a senior manager with a regional accounting firm and nine years at Deloitte & Touche LLP, where she worked in the assurance and advisory services group. Allison’s diverse client service experience has included many not-for-profit, health care, and world relief organizations, as well as small and large manufacturing, distribution, and service-oriented entities. She has also served as the designated employee benefits specialist.
Allison is a graduate of Washington University in St. Louis, Mo., and holds an accounting equivalency from the University of Arkansas in Little Rock. She spent four years in internal accounting positions, including the Department of Defense, while her husband served on active duty with the U.S. Army.
Allison recently obtained AICPA’s Blockchain Fundamentals for Accounting and Finance Professionals Certificate.
Allison is a member of the PICPA and AICPA. She volunteers for various local ministries and is a member of River of Live Church. She is a native of St. Louis, Mo. and is an avid runner.
Non-Member Price $124.00
Member Price $89.00