Understanding the Corporate Transparency Act | CLE/CPE Course

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Course Details

Course Information

smart_display Format
On-Demand
signal_cellular_alt Difficulty Level
Intermediate
work Practice Area
Tax Law

Date & Time

event Date
Tuesday, September 24, 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 key provisions and requirements of the Corporate Transparency Act (CTA). The panel will discuss key challenges stemming from the CTA, determining which companies are "reporting companies" and "beneficial owners" under the CTA, and the application of both civil and criminal penalties for noncompliance.

Faculty

Meredith Vincent

Tax Attorney

Brager Tax Law Group

Ms. Vincent obtained her BBA in Accounting, summa cum laude, from National University in 1995. She was a Tax Preparer before joining Brager Tax Law Group in 2009 as a paralegal. Ms. Vincent later went on to become an Enrolled Agent, practicing before the IRS and the state taxing agencies. She completed her Law Degree from Glendale University College of Law in Los Angeles County and received her JD with high honors. Ms. Vincent's main focus at BTLG is assisting our clients with offshore / foreign reporting requirements with the IRS as well as State taxing authorities.

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Cheryl R. Frank

Attorney

Brager Tax Law Group

Ms. Frank is a former Senior Tax Attorney in the Tax Litigation Division of the IRS Office of Chief Counsel in Washington DC. Her area of expertise was Tax Shelter Litigation, which included partnerships and tax accounting issues. In addition to representing the IRS in Court, Ms. Frank advised the IRS on complex issues relating to tax accounting and partnership taxation. She was a founding member of the Tax Shelter Injunction Task Force Committee at the Department of Justice. For the last 36 years Ms. Frank has limited her practice to representing clients who have disputes with the IRS as well as other State taxing authorities.

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Description

The CTA requires companies to report beneficial owners and additional information to the U.S. Department of Treasury. Tax professionals must know the applicable rules and filing requirements to advise companies and conduct a review of corporate structures in light of these new rules.

The CTA went into effect on Jan. 1, 2024, as part of the overall 2021 National Defense Authorization Act and under the scope of the Anti-Money Laundering Act of 2020. Certain companies must report their beneficial owner(s) to FinCEN (the Treasury's Financial Crimes Enforcement Network), significantly impacting millions of business entities. Noncompliance with these new rules can result in significant civil and criminal penalties.

Under the CTA rules, determining which companies are considered "reporting companies" and who are "beneficial owner(s)" is critical to ensure compliance. However, the rules provide for exemptions for certain businesses that may provide relief to some companies and the possibility of avoiding costs and privacy concerns associated with this collection of data.

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

Overview of Corporate Transparency Act
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
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 new 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 professional experience at mid-level within the organization, preparing complex tax forms and schedules. Specific knowledge and understanding of federal taxation of partnerships and corporations, international taxation, earnings and profits, and NOL rules.

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.