Corporate Transparency Act: 3 Critical Updates You Must Know: Unauthorized Practice of Law, Trusts and Dissolved Entities

The Corporate Transparency Act (CTA) filing deadline for entities created before 2024 is December 31, 2024, and there is limited time to address filings. The New Jersey Bar issued an opinion letter stating that while CPAs and Enrolled Agents can assist clients with CTA filings, if the filing issues are “complex,” assisting clients without legal guidance will constitute the unauthorized practice of law. What does this mean to CPAs and the risks and liability they may face helping clients? What relevance might a NJ opinion have to CPAs in other jurisdictions? FinCEN recently issued FAQs addressing trusts. These FAQs raise new issues and complications for practitioners trying to apply the general CTA guidance to trusts. When might a trust company or owners of the trust company have to file? What might this mean to the trusts and Reporting Companies owned by trusts? FinCEN recently issued a new FAQ that suggests that some entities dissolved before 2024 may still have to file. How is that possible, and what does that mean? This recent FAQ contradicts a prior FAQ that led many practitioners to believe that entities that are dissolved in 2024 before filing would not have to file. That is no longer the case. So, dissolving an entity before the end of 2024 will no longer avoid filing requirements. All of these changes create considerable complexity and difficulties for practitioners in advising their clients. All of this is in addition to the ongoing challenges to the CTA that are still being litigated in various cases. This webinar will provide an informal discussion of these and perhaps other CTA issues that practitioners need to understand in determining how to handle what may be a wave of clients coming in as the end of 2024 draws closer.

Speakers: Martin Shenkman, Esq., Robert Keebler, CPA and Alan Gassman, Esq.

*This may constitute attorney advertising.

* No CPE, CLE, etc. is offered but a certificate of attendance will be provided.