Corporate Transparency Act and Trusts

The Corporate Transparency Act (CTA) filing deadline for the CTA is end of year 2024 and there is limited time to address filings. Under the CTA, information about the Beneficial Owners of certain ‘small’ entities must be provided to the Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department. When a trust is an equity owner of a reporting company, it can create significant reporting requirements for individuals named as powerholders in the trust. Which positions in a trust rise to the level of being a Beneficial Owner are based on the particular facts and circumstances of each trust. While FinCEN updated their Beneficial Ownership Information Frequently Asked Questions on April 30th and provided additional guidance on trusts, that guidance is in many cases ambiguous and there are many unanswered questions that create a minefield of issues for both clients and practitioners to address. This program will explore many of the implications, issues and open questions about how trust ownership of entities may affect CTA filings.

Speakers: Jonathan G. Blattmachr, Alan S. Gassman, Chriseanna Mitchell, and Martin Shenkman

*This may constitute attorney advertising.

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