A one-year unlimited subscription to programs in the General Catalog of the CLE On-Demand library. This cost-effective annual subscription provides access to hundreds of hours of programming, with new classes added each month covering a broad range of practice areas and emerging topics. Premium content excluded
Starting on January 1, 2024, domestic and foreign reporting companies must file reports with the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) identifying all beneficial owners and company applicants as part of the Corporate Transparency Act (CTA). The object of the CTA is to create a database of owners of business entities in the U.S. and aboard to combat financial impropriety by organizations. Failure to comply with the new CTA reporting requirements will result in serious criminal and civil penalties.
Time is quickly running out for companies that have put off this daunting compliance undertaking. As a result, a host of domestic and foreign companies, particularly entities with complex ownership structures, will need to scramble to document what exactly constitutes a “beneficial owner” according to the guidelines and the entities to which this application applies. There are some exemptions aimed at excluding companies that are already subject to substantial state or federal regulation or are considered “large operating companies,” but companies cannot count on qualifying for one of these unclearly defined exceptions.
Ensuring a business legacy can be a complicated undertaking. Family owners often focus on operational matters while ignoring succession planning. At other times, succession planning may be mired in family strife to the detriment of operational success. In fact, inadequate business and succession planning is one of the leading causes of family business failures.
Taxes add yet another level of complexity for family businesses. Compensating owners for services, rent of owners' property, and various other arrangements can trip up business owners. Business succession plans can affect estate tax values. Deferred or uncertain estate tax liability can cause a family business to lose its line of credit, accelerate a long-term loan, or negatively affect a surety bond.
This highly rated program addresses these issues and offers practical tips for counseling clients on business succession and tax challenges. Attended by sophisticated legal practitioners and industry professionals nationwide, this annual program is a go-to resource for family businesses seeking prosperity beyond current owners or business-savvy exit solutions.