Corporate Transparency Act Developments

Overview

This course will be available for 90 days from your date of purchase.

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.

Prerequisites

None

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