The presentation will be an overview of the Corporate Transparency Act (“CTA”) which becomes effective January 1, 2024. The CTA requires most companies that were created by filing a document with a Secretary of State of any US State, territory, possession, or Indian tribe (“Reporting Companies”) to report information about their beneficial owners and company applicants (“BOI Report”) to the Financial Crimes Enforcement Network (“FinCEN”). There are certain exemptions from CTA reporting; however, most companies will be Reporting Companies. The objectives of the presentation are the following:

1. Understand what entities are “reporting companies” under the CTA
2. Identify and discuss the 23 exceptions to the CTA
3. Discuss the timeline for implementation of the CTA and filing deadlines
4. Review of the filing process, including obtaining a FinCEN Identifier
5. Address Questions as time permits

Amanda Dernovshek is an employee benefits attorney in our Business and Tax group. Her practice focuses on issues related to employee stock ownership plans (ESOPs), non-qualified deferred compensation plans, qualified retirement plans, and general business planning. Amanda also assists clients with general business planning and mergers and acquisitions. She is a member of the firm’s Corporate Transparency Act Working Group.

CPE: 1 hour
Level: Basic
Prerequisites: None

 

The Construction Financial Management Association (CFMA) 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 credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org