CTA Compliance for Trusts and Estates: FinCEN Final Regulations, Reporting of Beneficial Owners, Safe Harbor Rules
Impact of CTA Rules on Estate Planning, BOI Reporting, Trustees as Beneficial Owners, Correction Procedures, and More
Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
Intermediate
- work Practice Area
Estate Planning
- event Date
Thursday, July 25, 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).
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This CLE/CPE webinar will provide guidance to estate planners on the impact of new reporting requirements and compliance for trusts and estates under the Corporate Transparency Act (CTA). The panel will discuss the CTA beneficial ownership information reporting rules, how these rules apply to trusts holding business assets, owners, and beneficiaries, necessary steps upon the owner's death, new safe harbor provisions, and correction procedures.
Ms. Bratt is a partner in the Tax and Estate Planning Practice Group in the firm's San Diego (Del Mar) office. Her practice is focused on US and international estate and income tax planning, trusts and estates administration, family and closely-held business planning and charitable planning and exempt organizations. Ms. Bratt advises US individuals who own foreign assets on the manner in which such assets should be structured as well as their US tax compliance obligations. She routinely employs transfer tax mitigation techniques such as intentionally defective grantor trusts, grantor retained annuity trusts, irrevocable life insurance trusts, and family limited partnerships, among others. Ms. Bratt is a fellow in the American College of Trust and Estate Counsel (ACTEC) and is certified as a specialist in estate planning, trust, and probate law by the State Bar of California Board of Legal Specialization. She served on the Executive Committee of the Trusts and Estates Section of the California Lawyers Association, and was involved in the passing of the California Uniform Trust Decanting Act effective January 1, 2019.
Mr. Kontrimas is a partner in the Tax, Employee Benefits, and Trust & Estate Practice Group in the firm's Houston and Orange County offices. He has extensive experience handling a wide range of matters and is consistently recognized as a leading practitioner. Mr. Kontrimas currently counsels clients in Global Tax Planning and Structuring, Transfer Pricing, Joint Ventures, Cross Border M&A, Global Mobility, Private Client and Family Offices, Contested Tax Matters, Corporate Counseling, Private Foundations and other Exempt Organizations, and Art Law.
Mr. Prewitt is an associate in the Tax Practice Group in the firm's San Diego (Del Mar) office. He focuses his practice on assisting with trust, estate, and inheritance disputes. Mr. Prewitt also assists clients with US and international estate and income tax planning and trusts and estates administration.
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 federal reporting rules have levied a significant burden on trusts and estates which tend to use a variety of entities for estate planning purposes, and related 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, trusts and estates that are potentially impacted by these rules should commence determining: (1) whether a business arrangement or entity is within the scope of the final rule and considered 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 prepare for, collect, maintain, and report information required to be reported under the CTA in an estate planning context.
Listen as our panel discusses the CTA beneficial ownership information reporting rules, how these rules apply to trusts holding business assets, owners, and beneficiaries, necessary steps upon the owner's death, new safe harbor provisions, and correction procedures.
- Overview of Corporate Transparency Act of 2021
- Reporting requirements and disclosure of information
- Potential challenges for trusts, owners, and beneficiaries
- Necessary steps upon owner's death
- Exemptions and safe harbors
- Correction procedures and potential penalties
- Best practices for estate planners
The panel will discuss these and other key issues:
- What are the key provisions of the CTA?
- What are the reporting requirements under the CTA rules?
- What is the impact on trusts and estate planning?
- How do the CTA rules apply to trusts holding business assets?
- 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 compliance challenges unique to trusts and estates?
- What are the potential ramifications for noncompliance?
Learning Objectives
After completing this course, you will be able to:
- Understand the application of CTA compliance to trusts and estates
- Understand beneficial ownership information reporting requirements
- Recognize the impact of BOI reporting on trusts holding business assets
- Identify available exemptions and safe harbors for taxpayers
- Ascertain methods for correcting BOI reports upon the death of a business owner
- 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).
