Corporate Transparency Act: Deeper Dive

An Alabama Court held the Corporate Transparency Act (“CTA”) unconstitutional. National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.).  But FinCEN has already appealed and, in Notice Regarding National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.), made clear that everyone other than the plaintiffs in that case has to file. This webinar will provide a foundation for complying with the CTA. The program will also provide a detailed and practical discussion as to what everyone (practitioners, Reporting Companies, Beneficial Owners, trustees, etc.) might consider in dealing with the CTA. We’ll start with a quick overview of the CTA. How might professional firms adapt to dealing with the CTA? This will include notifying clients, modifying engagement agreements, updating intake procedures, updating existing client documents, updating forms, and understanding whether and when to handle CTA reporting. FinCEN’s detailed FAQs will be discussed. We’ll discuss the practical issues Reporting Companies will face when Beneficial Owners do not want to provide the required information. What leverage will Reporting Companies have? What can officers who might face liability do? When might the CTA arise for CPAs to the unauthorized practice of law? What might wealth advisers do to help clients? Why getting FinCEN Identifier numbers may be the prudent universal approach for Reporting Companies. How and why trust and entity documents might be revised.

Speakers: Thomas Tietz, Walter Primoff, and Martin Shenkman.

*This may constitute attorney advertising.

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