New Filing Requirements under the Corporate Transparency Act Explained!

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New Filing Requirements under the Corporate Transparency Act Explained!

Reviewed

November, 2023

Nicholas Preusch

Learning Objectives

To analyze regulations for reporting requirements of the business.
To discuss how the business will file its reporting requirements with FinCEN relating to the beneficial owners.
To identify who must file a report and what information must be provided.

Course Description

The Corporate Transparency Act of 2022 has become the subject of discussion among several people, especially business owners, CPAs, and attorneys, who are mostly debating about the pros and cons of what it means for them and their clients. It is designed to bring more knowledge to the US government of business ownership to prevent people from conducting illegal activities through business entities.

This act is expected to build a pathway for FinCEN (Financial Crimes Enforcement Network) to develop a standardized reporting of companies being formed in the USA and their disclosure of beneficial ownership information.

Recently, regulations were passed for reporting requirements for almost all businesses to file with FinCEN relating to the beneficial owners of their business. The rule describes who must file a BOI report, what information must be reported, and when a report is due. The effective date for the final rule is January 1, 2024. The details for how this reporting obligation will be implemented were left for FinCEN to provide through rulemaking.

This CPE Business Law course will go through what we know and don't know relating to this new Filing Requirement under the Corporate Transparency Act.

This course covers the following Major Topics:

Corporate Transparency Act
Final Rule Released
Who Reports
Exemptions
What is Reported?
What’s Next?

Overview

What is it?

4 mins
Final rule released

13 mins
Large operating business exemption

19 mins
What is reported?

27 mins
What's next?

37 mins

Webinar Qualifies For

1 CPE Credit of Business Law for Certified Public Accountants (CPA-US)
1 General Credit of Business Law for Accountant/Bookkeeper/Tax Professionals
1 CPE Credit of Business Law for Iowa Licensed Public Accountant (IA-LPA)
1 CPE Credit of Business Law for Maine Licensed Public Accountant (ME-LPA)
1 CPE Credit of Business Law for Delaware Licensed Public Accountant (DE-LPA)

About Instructor

Nicholas Preusch

Certified Public Accountant (CPA), Nicholas Preusch

Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).

Additional Information

Duration

1 Hour

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

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NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Ratings and Review

4.7

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Audrey Spence, CPA (US)

The webinar met my expectations. I have attended many of Nick's webinars and he summarizes and presents everything in a precise and clear manner. He answers questions too. Overall, I would recommend myCPE as a great source for educational needs. Thank you all!

Matthew Lewis, EA

Gave me "food for thought" on whether I as a EA/Tax Preparer should prepare the filing required by the Corporate Transparency Act and answering the question of is this filing practicing Law or not.

Tamieka Young, CPA (US)

My primary reason for listening was to find out if I would be violating the law if I filed BOI documents for clients. I have definitely decided to find an attorney to refer them to.

Kim Hay, CPA (US)

Clear concise communication of the CTA. Five questions on the final. Good to know the 1/1/2024 effective date. An estimated 30MM entities will need to file!