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  • videocam On-Demand
  • signal_cellular_alt Intermediate
  • card_travel Tax Law
  • schedule 90 minutes

Corporate Transparency Act Compliance for Tax-Exempt Organizations: BOI Reporting, Filing Requirements and Exceptions

$347.00

This course is $0 with these passes:

CLE
CPE
ALL
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Description

The CTA requires certain U.S. and foreign entities that are defined as “reporting companies” under the Act to report beneficial owners and company applicants to FinCEN (the Department of the Treasury's Financial Crimes Enforcement Network). FinCEN maintains 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. Tax counsel assisting tax-exempt organizations must understand what entities are required to report beneficial owners and the possible exemptions available for certain organizations.

These 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 civil and criminal penalties.

Although many tax-exempt organizations are exempt from CTA reporting, the Act still is relevant in terms of both confirming their exemption from the CTA and ascertaining the extent to which the CTA might apply to their affiliated companies (which may or may not be CTA-exempt). Therefore, it is important that entities that are potentially impacted by these rules determine (1) whether a tax-exempt organization or other type of entity is a reporting company or is exempt from reporting; (2) who is a beneficial owner and a company applicant; (3) the information that is required to be reported by a reporting company with respect to itself, its beneficial owners, and its company applicants; (4) the necessary due diligence that a reporting company must undertake to file a true, correct, and complete report; (5) when a report is initially due, required to be updated, or required to be corrected; (6) the potential ramifications of noncompliance; and (7) 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 tax-exempt organizations are reporting companies or beneficial owners, and the applicability of civil and criminal penalties for noncompliance.

Presented By

Evgeny Magidenko
Partner
ArentFox Schiff LLP

Mr. Magidenko is a tax attorney who advises individual and business clients nationwide and internationally on tax planning, tax controversies, and transactional tax matters. He brings a strategic perspective to his clients’ matters, whether they involve tax counseling or disputes with the IRS, by drawing on his breadth of experience in the field. Mr. Magidenko also advises both for-profit businesses and tax-exempt organizations on a wide array of organizational and operational matters at all stages of their lifecycles. Additionally, he advises clients on all aspects of the Corporate Transparency Act and leads the ArentFox Schiff Corporate Transparency Act Task Force.

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Shekida Anna Smith-Sandy
Attorney
Paul, Weiss, Rifkind, Wharton & Garrison

Ms. Smith-Sandy maintains an interdisciplinary practice, advising clients on regulatory issues under federal and state securities, derivatives, and banking laws. She counsels fund sponsors on addressing regulatory compliance issues related to securities laws, with particular focus on the Investment Advisers Act and Investment Company Act, and also has experience advising on fintech and digital asset regulation. Ms. Smith-Sandy also regularly provides guidance to financial institutions including private and registered funds and investment advisers on the application of the Securities Act, Investment Company Act, and Investment Advisers Act to varying regulatory and corporate matters. Such guidance includes, without limitation, questions pertaining to federal and state registration requirements, Advisers Act compliance obligations, and preparing for U.S. Securities and Exchange Commission (SEC) examinations. She has significant fund documentation experience, including drafting and negotiating documentation regarding the formation and launch of venture capital, hedge funds, funds of funds, co-investment programs, and separately managed accounts focused on investment strategies ranging from traditional venture capital to token and cryptocurrency ventures. In anticipation of the effective date of the Corporate Transparency Act (CTA), and FinCEN beneficial ownership information requirements, Ms. Smith-Sandy has spent considerable time advising fund sponsors regarding the application of the CTA reporting requirements to fund sponsors and affiliated entities and fund vehicles.     

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Credit Information

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

  • BARBRI is a NASBA CPE sponsor and this 90-minute webinar is accredited for 1.5 CPE credits.

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


  • Live Online


    On Demand

Date + Time

  • event

    Tuesday, November 19, 2024

  • schedule

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

  1. Overview of the Corporate Transparency Act
  2. Key challenges for tax-exempt organizations
  3. Reporting requirements and disclosure of information
  4. Exemptions
  5. Penalties
  6. Best practices for tax counsel

The panel will review these and other key issues:

  • What are the key provisions of the CTA?
  • How do you determine which companies are considered reporting companies under the CTA?
  • What are the criteria for exemption from the CTA?
  • What are the reporting requirements under the CTA rules?
  • What are the key issues for tax-exempt organizations?
  • How do you determine who are beneficial owner(s) under the CTA?
  • What are the potential ramifications for noncompliance?

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 at mid-level within the organization, preparing complex tax forms and schedules; supervisory authority over other preparers/accountants. Specific knowledge and understanding of cost allocation principles; familiarity with government standards for nonprofit organizations receiving federal grant monies.

BARBRI 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

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

BARBRI CE webinars-powered by Strafford-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .