The Road to Compliance: Understanding the Corporate Transparency Act and FinCEN Beneficial Ownership

Author: David Morrissy, Steven R. Antico, Esq, Garfunkel Wild P.C.

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

Join Garfunkel Wild, P.C.’s Steven R. Antico, Esq. and J. David Morrissy, Esq. as they break down the Beneficial Ownership Information Reporting Requirements and how the requirements will affect your business.

Pursuant to the CTA, as of January 1, 2024, certain business entities, known as "Reporting Companies", are required to submit to the Financial Crimes Enforcement Network (“FinCEN”) a beneficial ownership information report ("BOI Report") containing certain information relating to any individuals who own at least twenty-five percent (25%) of the ownership interests of a Reporting Company and/or who otherwise exert substantial control over the Reporting Company, or its business, financial, and/or structural matters (a "Beneficial Owner").

Learn why the reporting requirements went into effect, who is required to submit a BOI Report and what information is required, in addition to learning how to obtain “FinCEN Identifiers” to streamline this process.

The course will also touch upon deadlines and penalties associated with the filing of a BOI Report to ensure you remain in compliance with the reporting requirements.

Publication Date: February 2024

Designed For
This course would be appropriate for attorneys, paralegals, CPAs, CFOs, CEOs, managers, employees, and anyone who is interested in obtaining an overview of the FinCEN Beneficial Ownership Information Reporting Requirements.

Topics Covered

• Corporate Transparency Act (“CTA”)
• Financial Crimes Enforcement Network (“FinCEN”)
• Beneficial Ownership Reporting Requirements

Learning Objectives

• Recognize the purpose of the reporting requirements
• Identify the information required of a Beneficial Ownership Information Report (“BOI Report”)
• Identify which entities are considered “Reporting Companies” and any exemptions
• Identify who is considered a Beneficial Owner
• Recognize Who is considered a “Company Applicant”
• Recognize how to obtain a “FinCEN Identifier”
• Determine how to file a BOI Report
• Identify deadlines for filings and updates
• Recognize penalties associated with untimely or untrue filings
• Identify fraudulent attempts to obtain BOI

Level
Overview

Instructional Method
Self-Study

NASBA Field of Study
Finance (1 hour)

Program Prerequisites
None

Advance Preparation
None