BarbriSFCourseDetails
  1. keyboard_arrow_leftBack

Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Law

Date & Time
  • event Date

    Monday, January 29, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$347.00
CLE
CPE
ALL

This CLE/CPE webinar will provide tax attorneys and advisers guidance on the compliance and reporting requirements of the Corporate Transparency Act of 2021 (CTA), effective Jan. 1, 2024. Our panel also will address issues relating to (1) the obligations of professional advisers to inform former or current clients of the CTA reporting obligations, (2) how the CTA may impact planning, notices, engagement letters, legal agreements, and opinions, and (3) the impact of the CTA on privacy concerns, both of U.S. and foreign persons.

Faculty

Alan Winston Granwell
Of Counsel
Holland & Knight LLP

Mr. Granwell has been practicing in international taxation for more than 45 years and previously was director of the Treasury Department’s Office of International Tax Affairs.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio
Eddie A. Jauregui
Partner
Holland & Knight LLP

A former federal prosecutor, Mr. Jauregui focuses on internal corporate investigations, corporate compliance and training, False Claims Act matters, white collar criminal defense, and complex business disputes. His clients include senior corporate officers and directors, financial institutions, product manufacturers, energy companies, entertainment companies, real estate developers and other corporate entities. Prior to joining Holland & Knight, Mr. Jauregui served as an Assistant U.S. Attorney in the Los Angeles U.S. Attorney's Office, where he prosecuted high-profile fraud and public corruption cases. He currently serves as an adjunct lecturer in law at the University of Southern California Gould School of Law.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio

Description

The CTA requires certain U.S. and foreign entities that are defined as reporting companies to report beneficial owners and company applicants to FinCEN (the Department of the Treasury's Financial Crimes Enforcement Network). FinCEN will establish and maintain a non-public national registry of beneficial owners and company applicants of reporting companies to prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity.

These first-ever federal and new reporting rules will impact millions of reporting companies formed prior to and after the effective date of the CTA. Noncompliance with these reporting rules may result in significant civil and criminal penalties.

Therefore, it is important that entities that are potentially impacted by these rules commence to determine (1) whether a business arrangement or entity is out of scope as a reporting company, a reporting company, or otherwise exempt from reporting; (2) who is a beneficial owner and a company applicant; (3) how trusts are treated under the CTA; (4) the information that is required to be reported by a reporting company, beneficial owner, and company applicant; (5) the necessary due diligence that a reporting company must undertake to file a true, correct, and complete report; (6) when a report is initially due, required to be updated, or required to be corrected; (7) the potential ramifications of noncompliance; and (8) and how to establish a workstream to initially prepare for, collect, maintain, and report information required to be reported under the CTA.

Listen as our panel discusses the CTA's key provisions, determining whether companies are reporting companies or beneficial owners, and applying both civil and criminal penalties for noncompliance.

Outline

  1. Overview of Corporate Transparency Act of 2021
  2. Reporting requirements and disclosure of information
  3. Exemptions
  4. Penalties
  5. Best practices for tax counsel

Benefits

The panel will review these and other key issues:

  • What are the key provisions of the CTA?
  • What is the impact on domestic and foreign companies?
  • What are the reporting requirements under the CTA rules?
  • How do you determine which companies are considered reporting companies under the CTA?
  • How do you determine who are beneficial owner(s) under the CTA?
  • What are the potential ramifications for noncompliance?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify reporting requirements for certain businesses under the Corporate Transparency Act of 2021
  • Understand the impact of the Corporate Transparency Act of 2021 on reporting for domestic and foreign companies
  • Recognize key Treasury compliance issues for certain companies and methods to avoid and overcome compliance challenges
  • Ascertain what companies are exempt from the reporting requirements

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of pass-through taxation, including taxation of partnerships, S corporations and their respective partners and shareholders.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).