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 cardJoin 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
Instructors
David Morrissy
J. David Morrissy, co-head of Garfunkel Wild, P.C.’s Washington, DC Office, is a member of the Litigation and Alternative Dispute Resolution Group and its Real Estate and Construction Group. David has a unique ability to specialize in two diverse areas of law: combining both complex business litigation and commercial real estate transactions. This dual ability allows David to craft efficient, innovative, and sophisticated solutions for clients to manage risk and pinpoint opportunities wherever their business intersects with legal challenges.
As a litigator and trial lawyer, David has achieved substantial success for clients in various business and personal disputes. His expertise has helped clients secure and enforce judgments, negotiate favorable settlements as plaintiffs and defendants in lawsuits of varying types and in obtaining emergency injunctive relief when faced with imminent threats. As a component to his litigation practice, David has a history of skillfully counseling employers through internal investigations regarding all aspects of their businesses and health care practices and operations, from issues relating to the physical plant of their buildings, to their websites, to their relationships with their employees and customers (including complaints relating to harassment and discrimination based on age, race, gender, national origin, and disability, as well as claims under the Americans With Disabilities Act).
At the same time, David is a tireless advocate for clients engaged in selling, purchasing, financing, developing, and leasing real estate, with a history of navigating transactions efficiently and effectively, delivering highly valued results. On many occasions, David’s devotion to furthering his client’s business objectives and collaborative approach resulted in the mutually profitable closing of even the most tense and tightly negotiated transactions.
Steven R. Antico, Esq
Steven R. Antico is the Chair of Garfunkel Wild, P.C.’s Behavioral Health and Medical and Education Services Practice Group. As a well-respected corporate and tax attorney, focuses his practice in mergers, acquisitions, equity investments, including, private equity, venture capital, joint ventures, complex commercial transactions and arrangements, and general corporate governance matters. As a well-respected health care attorney, Steven routinely provides healthcare and regulatory guidance and compliance analysis (including, Stark Law and Anti-Kickback Law) to structure and consummate complex healthcare transactions.
Steven has substantial experience working with many kinds of healthcare and commercial businesses and organizations, and presently provides strategic and tactical guidance to enable clients to achieve goals, identify beneficial synergies, create alignment and consolidation strategies, enhance and expand existing business lines and develop new business lines and venture opportunities. With almost 30 years of experience, he is known as a business-oriented legal and business advisor with a demonstrated commitment to working with diverse cultures and communities throughout the region, and has created transformative relationships and alignment strategies for his clients. Steven also served with distinction as a Captain in the United States Marine Corps.
Garfunkel Wild P.C.
Garfunkel Wild is a law firm dedicated to the full spectrum of businesses and institutions that make health care delivery possible. We are built to handle issues with a health care component, anywhere in the country, and integrate closely with clients to provide pragmatic cost-effective solutions.