Corporate Transparency Act Compliance: Beneficial Ownership Reporting, Filing Requirements and Exceptions

Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
Intermediate
- work Practice Area
Tax Law
- event Date
Tuesday, October 8, 2024
- schedule Time
1:00 p.m. ET./10:00 a.m. PT
- timer Program Length
90 minutes
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
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BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
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) which took effect Jan. 1, 2024. Our panel will also address issues relating to (1.) the obligations of professional advisers to inform former or current clients of the CTA reporting obligations, (2.) the impact of the CTA on planning, notices, engagement letters, legal agreements, opinions, and (3.) the impact of the CTA on privacy concerns, both of U.S. and foreign persons.
Faculty

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.

Ms. Skinner is a Private Wealth Family Fiduciary Services Director based in Holland & Knight's Boston office. She has 10 years of experience providing estate planning, estate administration and trust administration services to high-net-worth clients. Ms. Skinner focuses on providing support to clients with complex family estate plans and high maintenance asset structures to ensure that administration is carried out properly. She maintains relationships and provides support to families and fiduciaries in administering their complex lives by working collaboratively with outside professionals, including accountants, insurance agents, financial advisors and client family offices, to facilitate coordinated action on a client's behalf. She tracks key dates for required entity maintenance activities and coordinates with the client's team of advisors to timely complete administration items relating to trust annuities, promissory notes, life insurance policies, real estate, art, and corporate entities. Ms. Skinner and the family fiduciary services team also provide bill pay services, account reporting, and facilitate document sharing, including secure file sharing for critical documents. She is also a member of Holland & Knight's Corporate Transparency Act (CTA) Team, which focuses on the recently enacted CTA. Ms. Skinner is familiar with the CTA reporting requirements for corporate entities, and in particular with the beneficial owner disclosure requirements when a trust has an ownership interest or substantial control over a reporting company.

Mr. Titens is a corporate attorney in Holland & Knight's Dallas office. He represents U.S. and international clients in structuring, negotiating and implementing mergers and acquisitions (M&A) as well as joint ventures. Mr. Titens also represents private equity funds and portfolio companies in formation, financing and M&A transactions. He frequently represents Mexican and other international clients in M&A, foreign investment and other business transactions. He was a resident in the firm’s Monterrey, Mexico, office from 1993 to 1997. Mr. Titens also focuses on cybersecurity issues, including breach preparedness and responses, and previously served as co-chair of the firm’s Cybersecurity and Data Privacy Group.
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 new federal reporting rules 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.) 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 the civil and criminal penalties for noncompliance.
Outline
- Overview of Corporate Transparency Act of 2021
- Reporting requirements and disclosure of information
- Exemptions
- Penalties
- 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 CTA 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.

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