The Corporate Transparency Act (CTA) took effect on January 1st, 2024, and any new entities that are subject to the CTA will need to file reporting Beneficial Owner Information (BOI) within 90 days of establishment. Any entities affected by the new law that were in existence before 2024 will have until December 31, 2024, to file. It has been estimated the CTA will affect over 32 million entities.

This webinar will provide a deeper and more robust discussion on practical and action-oriented topics for the CTA, with an emphasis and examples tailored to situations a CPA is likely to encounter in advising clients. Whether your firm opts to complete CTA filings or not, you will assuredly be inundated with questions from clients and you will need to understand the implications of the CTA.

The CTA will require a massive amount of reporting that includes detailed information by entities, and those who own or have substantial control over those entities. Tax professionals compiling those reports need to know how to answer a myriad of important questions including the following:

• What do reporting entities have to do?


• Who are Beneficial Owners?


• Who are individuals with substantial control?


• What do these individuals have to file?


• Why should most of these individuals obtain FinCEN identification numbers?


• When should a CPA obtain a FinCEN identification number?


• What are some of the complications for trusts owning interests in entities?


• Which persons involved in a trust might be subject to reporting between the trustee, investment trustee, trust protector, loan director, beneficiaries, and powerholders?


• Which persons involved in an entity might have to report between owners, officers, directors, managers, and key employees if they have sufficient control?


• How might lenders and others react to the CTA by insisting on representations as to compliance in loan covenants?


• What should advisers do to practically address CTA requirements?


• Why should CPAs and clients use CTA filings as an opportunity to clean up and enhance all entity, trust, and privacy planning?


• Is completing a CTA filing the unauthorized practice of law?


• Will the concept of “when in doubt, file” be enough to avoid potential unauthorized practice of law concerns?


• How will you charge for these services?

• Recognize what the Corporate Transparency Act is and what it will require of most clients


• Identify what role CPAs might serve in assisting clients with CTA guidance and perhaps with CTA filings


• Define the knowledge needed to help distinguish what services, help, and steps are reasonable and reasonable for CPAs to provide and where to draw the line on the limits of CTA advice or action


• Evaluate potentially complex issues that seemingly simple entity and trust situations may raise for CTA filings to help avoid pitfalls


• List practical ideas to communicate the CTA to clients