Beneficial Ownership Information and the Corporate Transparency Act ON DEMAND

Overview

The Beneficial Ownership Information reporting requirements are back into effect with a new deadline of March 21, 2025. This reporting requirement is the result from the passage of the National Defense Authorization Act for Fiscal Year 2021, which included the Corporate Transparency Act (the CTA). This Act will affect every LLC, S Corporation, C Corporation, and any other entity required to be “registered” with their respective state. This act was developed to curve and expose illicit activity, money laundering, and concealment of ownership. Furthermore, this Act was developed to protect the United States and our National Security Interest. This CPE course presents tax professionals with up-to-date and valuable knowledge on the CTA and how it impacts their practice and clients. In addition, the class walks through how to file BOI reports either using FinCEN’s online filing or by completing a PDF document and uploading at a later date on FinCEN’s website.

Highlights

The Beneficial Ownership Information reporting requirements.

Prerequisites

None.

Designed For

CPAs.

Objectives

Evaluate what is the CTA. Explain who must file, when they must file, and information to provide. Define who are beneficial owners and company applicants. Layout what reporting companies need to submit. Portray which companies will be exempt from filing. Examine the Penalties associated with CTA. Deliver step by step instructions on filing the BOI reports for the CTA. Provide an effective resource guide, including engagement letters and client letters.

Preparation

None.

Notice

None.