ONLINE-POWER HOUR: New Reporting Requirements under the Federal Corporate Transparency Act

presented by Rachel Fernbach- Moritt, Hock, and Hamroff LLP

ONLINE VIA ZOOM

Members $40/ Non Members $55

The Corporate Transparency Act (“CTA”) is a new federal law that went into effect on January 1, 2024. It requires business entities formed or operating in the United States to report certain information regarding the entity and the entity’s beneficial owners to the Financial Crimes Enforcement Network, a division of the Treasury Department (“FINCEN”). Entities established on or after January 1, 2024 will have 90 days from formation to file their initial CTA report. Entities established prior to January 1, 2024 will have until January 1, 2025 to file their initial CTA report. There are certain exemptions to the reporting requirement (e.g., entities that are currently tax-exempt) but compliance is required for certain newly formed not-for-profit entities and all professional service entities (e.g., IPSIDD entities). The presentation will address: which entities must comply, definition of beneficial owner, exemptions, information to be reported, deadlines and how to comply.