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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Friday, October 18, 2024

  • schedule Time

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

  • timer Program Length

    110 minutes

Credit Information

  • 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).

$197.00
CPE
ALL

This webinar will review the Corporate Transparency Act and its beneficial ownership reporting requirements. Our panel of astute tax professionals will walk you through the key definitions and the new reporting requirements and offer suggestions on complying with the Act for companies, trusts, and individuals.

Faculty

Sara C. Ogden
CPA , Tax Manager
Bates, Carter & Co., LLP

Ms. Ogden joined BatesCarter in 2014 after working in public accounting in Gainesville for eight years. Her experience includes corporate, partnership, trust and individual taxation as well as assisting small business clients with payroll, sales tax, QuickBooks and other needs.

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Anthony J. Zeoli
Partner
Hinshaw & Culbertson LLP

Mr. Zeoli concentrates his practice in commercial finance, securities, real estate, and general corporate law. He represents borrowers and lenders in secured and unsecured lending transactions; corporate reorganizations, and restructuring; syndicated commercial financing transactions; and loan workouts. Mr. Zeoli also has a vibrant securities and general corporate practice, including initial and subsequent private debt and equity offerings; mergers and acquisitions; company formation and governance; and general contract drafting and negotiation. In addition, he has significant experience in negotiating and documenting cannabis-related transactions, including licensing and M&A transactions and ancillary service provider transactions. Mr. Zeoli also has particular skill in negotiating and documenting transactions involving the acquisition, sale, construction, development, leasing, or financing of real estate. He has represented parties on both sides of such transactions. Mr. Zeoli is also an industry leader in crowdfunding, securities-based cryptocurrency/token offerings, peer-to-peer (P2P) lending, and Regulation A+ offerings. He personally drafted the Illinois intrastate crowdfunding exemption, which was unanimously passed into law by the Illinois House of Representatives.

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Description

Effective Jan. 1, 2024, the beneficial ownership disclosures include the legal name, date of birth, current address, and identifying numbers of these owners. There are also requirements to immediately update prior information as changes take place. Although these reporting requirements may align with FinCEN's purpose--to safeguard the financial system and promote national security--many businesses, practitioners, and owners believe these requirements will likely be an intrusive burden.

Owners have concerns about the security of their personal data. Practitioners are struggling with the lack of definitive guidance. However, businesses not complying willfully could be subject to penalties of $591 per day and $10,000 per year.

Listen as our panel of tax reporting experts explains how to prepare for the Corporate Transparency Act. Tax advisers working with businesses, trusts, and individuals must ready themselves for this new onerous reporting requirement.

Outline

  1. The Corporate Transparency Act
  2. Regulations
  3. Definitions
  4. Disclosure information
  5. Disclosure timing
  6. Unresolved issues
  7. Best practices

Benefits

The panel will cover these and other critical issues:

  • Who is subject to the reporting requirements of the Corporate Transparency Act?
  • How and what attribution rules might affect reporting obligations?
  • What are the penalties and sanctions for nonreporting?
  • What information is required to be disclosed?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Develop an understanding of the Corporate Transparency Act
  • Determine who is subject to reporting
  • Identify the penalties and sanctions for not reporting
  • Distinguish between FATCA and CRS
  • Recognize the information that is to be disclosed
  • Ascertain how and what attribution rules impact reporting obligations

  • 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).