The United States Corporate Transparency Act: Everything Lawyers Need To Know But Are Afraid To Ask

This course is designed to provide legal professionals, particularly those involved in entity formation and compliance, with the essential knowledge and insights needed to navigate the complexities of the recently enforced Company Beneficial Ownership Information Reporting (BOIR) rule. Effective as of January 1, 2024, this rule mandates immediate attention from attorneys as the Financial Crimes Enforcement Network (FinCEN) administers it on behalf of the US Treasury Department.

Throughout this program, participants will delve into critical learning objectives, such as understanding the concept of Beneficial Ownership Information (BOI) and its significance, exploring the reasons behind mandatory reporting to the US Department of the Treasury/FinCEN for most companies, and identifying businesses and individuals obligated to file BOI reports. Attendees will gain insights into the specific information required for reporting, navigate filing deadlines, and understand the frequency of updates. The course will also cover the definition of Beneficial Owners, the notion of substantial control over a business, the role of Company Applicants, and potential exemptions from BOI reporting.

Attorneys and Legal professionals will also gain an understanding of the severe penalties associated with non-compliance and failure to file under the new rule. Practical tips to streamline CTA compliance and alleviate filing burdens for clients will be provided, ensuring that attorneys are well-prepared to address their clients' questions and concerns about these new reporting requirements. Whether you are a legal professional with basic or intermediate experience, this program offers a comprehensive introduction to the CTA, followed by an in-depth exploration of its requirements, making it an essential course for lawyers involved in entity formation and representing business clients.

Learning Objectives:

• Understand what circumstances prompted Congress to pass the CTA in the first place
• Recognize that the CTA will probably stick around, even in the face of public backlash, once more people learn about it
• Identify who the Beneficial Owners are of a business that must be reported
• Apply the rules created by FinCEN to identify what information MUST be reported
• Identify some best practices your clients can implement to make both current and future compliance with the CTA easier
• Create an information intake workflow that makes it easier for you and your clients to gather the required information to be reported
• Plan for the steps your firm should implement NOW in anticipation of future client requests to assist them in meeting their filing requirements
• Evaluation of why CPAs should probably NOT be filing BOIR reports for some of their clients and why lawyers should be doing it instead

Production Date: 3/4/2024