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The Corporate Transparency Act: A Must-Do List for the Looming Deadline

Content Provider
American Law Institute CLE
Product
CLE
Run Time
61 Minutes
Recording Date
10/10/2023
Presenter(s)
Jonathan B. Wilson
Learning Method
On-Demand Training
Practice Area
Corporate and Business Law

Price $219.00

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Description

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.
Don’t miss your last chance to take an in-depth look into what specific information is needed to be disclosed by beneficial owners and their companies, as well as the proper way to collect, process, submit, and update all required data to be compliant. Join us for this 60-minute program that walks you through detailed diagrams and extensive examples to examine problematic scenarios that can occur when fulfilling beneficial ownership information reporting requirements.
Topics include:
1. How the CTA Works
2. What is a Reporting Company, and some special examples
3. The contents of the beneficial ownership report and the “exclusion rules”
4. How to identify beneficial owners:
a) The ownership tests:
i. For corporations: (1) total voting power test, and (2) total value test
ii. For partnerships: total capital test
iii. For trusts: settlors, trustees and beneficiaries
iv. The failsafe rule
b) The substantial control test
5. Some special problems involving exemptions

Literature

State Status Total Credits Type Of Credit Approved Thru
AlabamaApproved1.00General12/31/2024
AlaskaApproved1.00GeneralOn-going
ArizonaApproved1.00GeneralOn-going
ArkansasApproved1.00GeneralOn-going
CaliforniaApproved1.00Participatory10/10/2028
ColoradoApproved1.00General12/31/2025
ConnecticutApproved1.00GeneralOn-going
DelawareApproved1.00General10/09/2025
FloridaApproved1.00General06/30/2025
GeorgiaApproved1.00General12/31/2024
HawaiiApproved1.00General10/10/2025
IdahoApproved1.00General10/10/2026
IllinoisApproved1.00General11/07/2025
IndianaApproved1.00General12/20/2024
IowaApproved1.00General10/09/2024
KansasApproved1.00General12/03/2024
KentuckyApproved1.00General06/30/2024
LouisianaApproved1.00General11/07/2024
MainePending State Response0.00
MinnesotaApproved1.00General10/16/2025
MississippiApproved1.00General11/07/2024
MissouriApproved1.20GeneralOn-going
MontanaApproved1.00General10/10/2026
NebraskaApproved1.01General10/09/2025
NevadaApproved1.00General12/31/2026
New HampshireApproved1.00General10/09/2026
New JerseyApproved1.00GeneralOn-going
New MexicoApproved1.00General10/09/2028
New YorkApproved1.00SkillsOn-going
North CarolinaApproved1.00General12/31/2024
North DakotaApproved1.00General10/10/2026
OhioApproved1.00General12/31/2024
OklahomaApproved1.00General12/03/2024
OregonApproved1.00General10/09/2026
PennsylvaniaApproved1.00General11/07/2025
Puerto RicoApproved1.02General12/31/2024
Rhode IslandApproved1.00General06/30/2024
South CarolinaPending State Response0.00
TennesseeApproved1.02General11/07/2024
TexasApproved1.00General11/30/2024
UtahApproved1.00General12/31/2024
VermontApproved1.00GeneralOn-going
VirginiaApproved1.00General10/31/2024
WashingtonApproved1.00General10/09/2028
West VirginiaApproved1.22GeneralOn-going
WisconsinApproved1.00GeneralOn-going
WyomingPending State Response0.00