This webcast CPE course describes the reporting requirements necessary for compliance with the Corporate Transparency Act (CTA). These requirements took effect in 2024. Certain business entities, including most closely-held businesses, must file beneficial ownership information (BOI) reports. This CPE program describes the entities and the owners affected by this rule, as well as the associated implications of the CTA. The CPE class uses a case study for a hands-on illustration of a simple BOI filling.
Important Update: Corporate Transparency Act
A federal court has issued a nationwide injunction halting the enforcement of the Corporate Transparency Act and its beneficial ownership information (BOI) reporting requirements that were to set to take effect on January 1, 2025. For more information, please refer to the eTax Alert: [Corporate Transparency Act Enforcement Blocked - For Now](December 5, 2024).
Learning Objectives
Upon completion of this course, participants will be able to:
Understand the objectives of the CTA.
Define a reporting entity and a beneficial owner.
Determine the entities exempt from reporting.
Distinguish a beneficial owner from a company applicant.
Prepare a FinCEN Identifier and BOI report.
Understand the timelines for initial reports and updates.
Comprehend penalties that may apply for failure to comply with the rules.
