Join us for a comprehensive CLE/CPE webinar designed for tax attorneys and advisers to navigate the compliance and reporting obligations of the Corporate Transparency Act of 2021 (CTA), effective January 1, 2024. Our expert panel will explore critical issues, including:
The responsibilities of advisers in informing current and former clients about the CTA reporting requirements.
The implications of the CTA for planning, engagement letters, legal agreements, and opinions.
Privacy concerns for both U.S. and foreign individuals related to the CTA.
Description:
The CTA mandates certain U.S. and foreign entities classified as reporting companies to disclose their beneficial owners and company applicants to the Financial Crimes Enforcement Network (FinCEN). This initiative will establish a non-public national registry to combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activities.
These landmark federal reporting rules will affect millions of entities formed before and after the CTA’s effective date. Failure to comply with these regulations can lead to severe civil and criminal penalties.
It is crucial for potentially impacted entities to assess the following:
Whether they qualify as a reporting company, are exempt, or fall outside the scope.
Who qualifies as a beneficial owner or company applicant.
How trusts are treated under the CTA.
The specific information required for reporting.
The due diligence necessary for accurate reporting.
Deadlines for initial reports, updates, and corrections.
Consequences of noncompliance.
Strategies for establishing a workflow to prepare and maintain necessary reporting data.
Our panel will delve into the CTA’s essential provisions, clarify what constitutes a reporting
company or beneficial owner, and outline the civil and criminal penalties for noncompliance.
Webinar Outline
Overview of the Corporate Transparency Act of 2021
Reporting requirements and information disclosure
Exemptions from reporting
Penalties for noncompliance
Best practices for tax counsel
Benefits of compliance
Key Discussion Points:
What are the critical provisions of the CTA?
How does the CTA affect domestic and foreign companies?
What are the specific reporting requirements?
How to identify reporting companies under the CTA?
How to define beneficial owners according to the CTA?
What are the potential consequences of noncompliance?
We look forward to your participation in this important discussion!
Credits and Other information:
Recommended CPE credit – 1.5
Recommended field of study – Taxes
Session Prerequisites and preparation: None
Session learning level: Basic
Location: Virtual/Online
Delivery method: Group Internet Based
Attendance Requirement: Yes
Session Duration: 90 Minutes
Who Will Benefit:
What is the aim of the BOI rule under the CTA?
Which organizations must comply with the BOI rule, and what are the prerequisites for doing so?
How will loan transactions be affected by the BOI rule?
Will covenants, warranties, and representations in loan agreements be affected by the BOI rule?
What adjustments to loan origination processes and paperwork will lenders need to make in order to abide by the BOI rule?
About Our Speaker
Alan Winston Granwell
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.
Eddie A. Jauregui
A former federal prosecutor, Mr. Jauregui focuses on internal corporate investigations, corporate compliance and training, False Claims Act matters, white collar criminal defense, and complex business disputes. His clients include senior corporate officers and directors, financial institutions, product manufacturers, energy companies, entertainment companies, real estate developers and other corporate entities. Prior to joining Holland & Knight, Mr. Jauregui served as an Assistant U.S. Attorney in the Los Angeles U.S. Attorney’s Office, where he prosecuted high-profile fraud and public corruption cases. He currently serves as an adjunct lecturer in law at the University of Southern California Gould School of Law.
