Webinar

Navigating the Corporate Transparency Act: Essential Guide for CPAs on Beneficial Ownership Reporting

Webinar

  • Instructor

    Edward
    Zollars

The COCPA is partnering with the ISCPA to bring you this webinar. You will register through the ISCPA website directly.

When registering, please use coupon code: CO&ID2024 to receive the member discount.

As the Corporate Transparency Act comes into effect, the inaugural deadlines for Beneficial Ownership Disclosure filings loom just months away. This session offers an in-depth review of the filing requirements for LLCs, corporations, and other entities. We’ll cover the intricacies of registering with FinCEN, identifying beneficial owners, updating information, and understanding the implications of non-compliance. Additionally, we’ll tackle the critical issues surrounding the unauthorized practice of law for CPAs and managing client expectations in this evolving landscape. Join us for a comprehensive exploration to ensure you and your clients are well-prepared and informed.

Learning Objectives

Understand the background of the new Corporate Transparency Act and beneficial ownership reporting requirements

Major Topics

  • Overview of Entities Subject to the Corporate Transparency Act’s Beneficial Ownership Rules
  • Understanding the Initial Reporting Deadlines: Impact of Entity Formation Dates
  • Analysis of the 23 Exemption Categories, with Focus on Large Operating and Inactive Entities
  • Defining Beneficial Owners: Categories of Substantial Control and 25% Ownership
  • Reporting Requirements for Company Applicants in Entities Formed After 2023
  • Mandatory Disclosure Information for Entities, Company Applicants, and Beneficial Owners
  • Navigating the 30-Day Update Rule for Changes in Reported Information
  • Potential Penalties for Non-Compliance: What Entities and Individuals Need to Know
  • Unauthorized Practice of Law: Navigating the Boundaries for CPA Client Assistance

Things to Know

Course Level

  • Overview

Prerequisites

None

Advanced Preparation

None

Intended Audience

  • CPAs and tax professionals in public practice
  • Anyone with LLC (including single member LLC) and corporate clients

Provider

Idaho Society of CPAs

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