If your company is an entity formed under state law, such as an LLC, LLP, corporation, etc., you could be affected by the Corporate Transparency Act (CTA). In an effort to counter certain illicit activities, this act mandates new federal beneficial ownership disclosures for certain companies.
Starting January 1, 2024, companies considered to be “reporting companies” will be required to file reports with Financial Crimes Enforcement Network (FinCEN) to identify the company’s beneficial owners. There are numerous exemptions to the act that could mean your company is not affected. However, it is important to ensure proper knowledge of the CTA as accounting firms and other tax return preparers are generally not responsible for any client FinCEN filings and failure to comply may result in financial and possible criminal penalties.
Join us as we discuss what you need to know regarding the CTA and how to comply.
- Define the Corporate Transparency Act (CTA) and what it could mean for your company.
- Identify who is considered a reporting company as well as who is exempt.
- List what information must be reported if deemed a reporting company.
- Discuss some of the possible penalties for failure to comply.
- Adam Sweet J.D., LL.M.PrincipalAdam leads Eide Bailly's Passthrough Entity Consulting group. He has extensive knowledge in the area of partnership tax, including interpreting partnership agreements, allocation and distribution provisions, and issuing compensatory equity. He is also experienced with both the buying and selling sides of domestic and foreign joint ventures, tax credit partnerships and a variety of IRS controversy matters. Adam also leads Eide Bailly’s Opportunity Zone working group.
- Devin Hecht J.D., LL.M.PrincipalDevin assists our clients in thoughtfully approaching their estate and succession planning. Prior to joining Eide Bailly, Devin worked as a tax attorney and partner in the Tax, Trusts and Estates practice group of a regional law firm. At Eide Bailly, he assists clients in the area of estate planning and advisory services in estate and gift tax, generation-skipping transfer tax, income tax and other tax matters.
- Beatrice Skyberg CPA, CFP, AEPSenior ManagerBeatrice has more than 14 years of public accounting experience providing services to a variety of clients. She specializes in international and domestic fiduciary, gift and estate taxation and provides corporate, partnership and individual taxation services. Beatrice assists with compliance, consulting and planning services for a variety of nonprofit organizations and private foundations.
- CPE Credits1
- Field Of StudySpecialized Knowledge
- Level Of KnowledgeBasic
- Delivery MethodGroup-Internet Based