New rules require beneficial ownership reporting to FinCEN

In 2024, the Corporate Transparency Act (CTA) took effect, requiring over 30 million businesses to either submit a beneficial ownership report to the U.S. Department of Treasury or claim an exemption. The final filing deadline for businesses formed before 2024 is January 1, 2025, unless they qualify for a specific exemption.

As this deadline approaches, it is crucial to determine if your company is subject to these reporting requirements and, if so, to understand the necessary disclosures. These include beneficial ownership details, information about the entity’s creator or registrant in the U.S., and any updates to this data, which must be submitted to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) within a specified timeframe to avoid severe penalties.

The Corporate Transparency Act mandates that many companies operating in the United States report information to FinCEN about who ultimately owns or controls them. Join a virtual information session on beneficial ownership reporting requirements and how to comply with the law.

Participate in this session to gain insights into the CTA, including who must file a report, what information is required, and other considerations for long-term care owners and operators.

Area Covered in this Session:

  • Overview of the Corporate Transparency Act
    • Introduction to the CTA and its significance.
    • Understanding the January 1, 2025, filing deadline for businesses formed prior to 2024.
  • Beneficial Ownership Reporting Requirements
    • Determining which entities are required to file a report.
    • Detailed explanation of the information to be disclosed, including beneficial ownership details and the role of the entity's creator or registrant in the U.S.
  • Exemptions and Filing Obligations
    • Criteria for claiming exemptions from the reporting requirements.
    • Steps to determine if your business qualifies for an exemption.
  • Compliance and Penalties
    • Timeline and procedures for submitting information to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).
    • Overview of the penalties for non-compliance or inaccurate reporting.
  • Special Considerations for Long-Term Care Owners and Operators
    • Specific guidance on how the CTA impacts long-term care businesses.
    • Best practices for ensuring compliance within the long-term care industry.
  • Q&A with a FinCEN Representative
    • An opportunity to ask questions and clarify doubts regarding the CTA and its implementation.

This session is designed to provide businesses with the knowledge they need to navigate the new regulations, ensure compliance, and avoid potential penalties.

Who Should Attend?

  • CPA, EA, attorney, and staff
  • Tax department
  • CFOs and controllers
  • Accounts payable and accounting managers
  • Public accountants
  • Business Owner and C-level Executives

Credits and Other information :

  • IRS CPE Credits: 2.0
  • Location: Virtual/Online
  • Delivery method: Group Internet Based
  • IRS Course ID: DFFSC
  • Attendance Requirement: Yes
  • Case Studies and Live Q&A session with speaker

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