Pulling Back the Curtain: Practical Guidance on the Corporate Transparency Act, Beneficial Ownership, and Reporting Requirements

On January 1 the Corporate Transparency Act (the "CTA") went "live" for reporting companies formed after that date, with reporting for companies formed in 2023 or earlier filing by January 1, 2025. Navigating the CTA can be daunting and will impact millions of companies. This CLE will prepare you to comply with the new beneficial ownership reporting requirements. This session will start with a discussion of legal challenges to the CTA and the limited effect of recent rulings. Now that the BOI E-Filing System has been  "live" for a number of months, this session will preview the process, common questions, and the documents and filing information required.  

This CLE, presented by Matt Luzadder and Jeff Hunter, will work through "real life" hypotheticals to prepare attendees to address compliance with the CTA, including who must report, reporting exemptions, and who is a beneficial owner or control person. We will delve into reporting for complex corporate structures and review the obligations to amend CTA reports. This CLE will review who will have access to the CTA database information and the potential penalties for non-compliance. You will also learn about FinCEN's rulemaking and state mini-CTA developments, including New York's LLC Transparency Act and how it aligns with the CTA.

Learning Objectives:

1. Identify companies that must report their beneficial ownership and control person(s)

2. Discuss the application of the 23 exemptions to CTA reporting and the use of a FinCEN ID

3. Preview FinCEN's BOI E-Filing System

4. Review state laws that also require beneficial ownership reporting