Event Description

Beginning January 1, 2024, a significant change is coming that could affect a big chunk of your clients. Whether they’re single-member LLCs, small multi-member LLCs, small S corporations, small C corporations, Limited Partnerships or Statutory Trusts, they may be required to provide detailed reporting on their beneficial owners—the people who own or control these entities. 
The new FinCEN reporting applies to many of your clients, including those who own rental properties in an LLC. 

Designed For

Lawyers, CPAs, EAs, tax preparers, and CFPs with small business clients (proprietorships, partnerships, LLCs, S corporations, C corporations, Limited Partnerships and some trusts) who have fewer than 500 full-time employees.

Major Subjects

• How the Corporate Transparency Act (CTA) affects almost all defined small corporations and LLCs and some trusts —including many of your clients—from January 1, 2024 through December 31, 2024
• Who must file Beneficial Ownership Information (BOI) reports under the new law
• How to identify reportable beneficial owners under the CTA
• Get clarity on specific reporting requirements for LLCs that own rental properties
• The severe penalties for willful violations of the BOI reporting rules, including a $591 a day penalty, a $10,000 penalty, and two years of prison time
• The consequences of the CTA on CPAs, EAs, and other non-lawyers regarding the potential unauthorized practice of law
• CTA reporting exemptions for “large operating companies” and other select entities
• How the CTA affects self-employed individuals and partnerships
• The tricky, unexpected reporting rules for trusts (and trusts that are partnership partners or S Corp shareholders) that may completely catch you off-guard – This may be the biggest landmine in all of BOI       
• Practical advice on how to accurately complete and submit BOI reports
• Answers to common questions such as the use of ITINs and what to do about businesses without a physical address
• The exemption for public accounting firms, but this is more narrow than you may think 
• The documents your clients must attach to a BOI report
• The protocol for updating BOI reports when changes occur, including ownership and address
• Status of the U.S. CTA in the context of global efforts to combat financial crimes
• Whether the CTA requires a registered agent to file a BOI report
• How to get a sense of whether advising on and completing BOI reports is the unauthorized practice of law and how to clear matters with your malpractice insurance carrier