Description
We are rapidly approaching the deadline for covered companies that don't qualify for an exclusion to file their Beneficial Ownership Interest Reports required by the Corporate Transparency Act with the Financial Crimes Enforcement Network (FinCEN). This four hour course seeks to provide an overview of the provisions applicable to this program, as well as giving an update for those who obtained an understanding of the program earlier but may not have kept up with recent developments.
Designed For
- CPAs and financial professionals interested in taxation
Highlights
- Why did Congress enact this requirement for most business entities to report their "beneficial owners" and any later changes to FinCEN?
- What is considered a covered company that generally must file these reports unless they can meet an exclusion?
- What are the major exclusions that a client might qualify under to remove the requirement to comply with the reporting mandate?
- What are the two categories of beneficial owners and how does a reporting company go about determining the company's beneficial owners?
- What information must be reported about the covered company, each of its beneficial owners and, if the company was formed after 2023, the company applicant(s)?
- What are the initial report deadlines for covered companies that are formed after 2023?
- What situations trigger the need to file an updated or corrected report, and how much time is allowed for these updated reports to be provided to FinCEN?
- What penalties and sanctions can be imposed on a covered company and/or its beneficial owners that fail to properly comply with these requirements?
- Is a CPA assisting clients in the preparation of these reports engaged in the unauthorized practice of law?
- What risks does a CPA take on if he/she does not inform clients of these requirements?
- What is the status of the court challenges to the Corporate Transparency Act? Will a final decision be available before the filing deadline and, if not, what options does a covered company have?
Advanced Prep
- Manual
- If you did not purchase a printed manual, download it from your upcoming events in "My CPE" on website, and bring it with you
- If you did purchase a printed manual and would also like an electronic copy be sure to download it
- Review ISCPA Parking Map - found in your email confirmation
- IRS CE Approved
If you need this reported to the IRS for CE credit, email CPE@idcpa.org
Register Now
Leaders
Ed Zollars
Edward K. Zollars, CPA is in public practice in Phoenix, Arizona as a partner with the firm of Thomas & Zollars & Lynch, Ltd. He has been in practice for over twenty five years, specializing in tax issues for closely held businesses and individuals. Ed has been professionally involved with both tax and technology issues, combing the two disciplines in starting the first tax podcast (Ed Zollars Tax Update, produced weekly dealing with current tax issues. He has been a member of AICPA Tax Division Committees dealing with tax and technology issues, and was the Tax Section's representative on three occasions to the AICPA's Top Ten Technologies project. Ed is also a member of the Phoenix Tax Workshop's Advisory Committee, and currently serves on the Tax Legislation Liaison Committee for the Arizona Society of CPAs.Ed was selected as a Life Member by the Arizona Society of CPAs in May of 2010. Ed is a co-author of the Arizona Income Tax Guide published by the Phoenix Tax Workshop, and has written articles published in Practical Tax Strategies and the Tax Adviser. He has been a frequent contributor to a number of professional tax discussion groups, and served as systems operator on the AICPA's Accountants Forum in the mid 1990s. He has spoken regularly on tax and technology topics since 1996, speaking before conferences sponsored by the AICPA and a number of state society of CPAs.