Event Overview
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 the 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 the latest developments, including new governmental guidance and lawsuits challenging the constitutionality of the CTA.
- Define the Corporate Transparency Act (CTA) and what it could mean for your company.
- Identify who is considered a reporting company and who is exempt.
- Assess what information must be reported if you are 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.
- CPE Credits1
- Field Of StudyTaxes
- Level Of KnowledgeBasic
- Delivery MethodGroup-Internet Based
