This webinar will provide a practical and action-oriented overview of the Corporate Transparency Act (CTA), with an emphasis and examples tailored to situations the 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 need to understand the implications of the CTA. The CTA will require a massive amount of reporting of detailed information by 32 million entities, and those who own or have substantial control over any of the entities required to report.

This webinar will address the following questions regarding CTA filings: 

• What do reporting entities have to do? 


• Who are Beneficial Owners?


• Who are persons with substantial control?


• What do these individuals have to file?


• Why should most of these individuals, and perhaps CPAs, obtain FinCEN identification numbers?


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


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


• Which persons involved in an entity might have to report: 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?


• How will you charge for these services?

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


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


• Distinguish what services, help, and steps are reasonable for CPAs to provide and where the “line” should be drawn beyond which CPAs might choose not to go in terms of CTA advice or filings


• Describe the potentially complex issues that seemingly simple entity and trust situations might raise for CTA filings to help identify pitfalls to avoid


• Give examples of how to communicate about the CTA to clients, advise clients, evaluate requirements, etc.