Corporate Transparency Act Developments
Available Until
(Check-In )
On-Demand Only
2.00 Credits
Member Price $79.00
Non-Member Price $109.00
Overview
Description:
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.
Learning 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.
Program Content:
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
Who Should Attend?
This course is suitable for Corporate tax and finance executives, directors, managers and staff, CPAs, Enrolled Agents, accountants, attorneys and business/financial advisors who work with and advise individuals
Developed By:
Allison McLeod
Instructor:
Allison McLeod
Prerequisites
None
Preparation
None
Leader(s):
Leader Bios
Allison McLeod, Business Professionals Network Inc ACPEN
Allison McLeod, CPA, JD Professor Allison McLeod is currently a full-time Senior Lecturer at the University of North Texas, and has taught classes in Corporate Income Taxes, Multi-jurisdictional Taxation, Individual Taxes, Tax Research, Ethics and Financial Accounting. Prior to going into academia, she worked for 18 years in industry and in a Big Four accounting firm. Professor McLeod earned a law degree from Baylor School of Law, and an LL.M. degree in Taxation from Southern Methodist School of Law. She has been a licensed CPA since 1993 and has been licensed to practice law since 1992. She is a member of the Professional Ethics Committee for the Texas Society of CPAs and works part time for the Dallas law firm of Grable Martin Fulton, PLLC.
Non-Member Price $109.00
Member Price $79.00