Guide to the Corporate Transparency Act for Accounting and Finance Professionals (CTA2)

Overview

By January 1, 2025, an estimated 32.6 million entities will be required to report information about their beneficial owners to FinCEN as part of the Corporate Transparency Act (CTA). In an effort to combat money laundering and other illegal activities, the law provides harsh penalties for the failure to report the required information. This reporting specifically targets small businesses and holding entities, creating opportunities for accountants, tax practitioners, and other business advisors to expand their service offerings. This webinar will equip you with the knowledge needed to help your clients navigate the complexities of the CTA. The course includes an overview of the CTA, a deep dive into the nuances and uncertainties of determining beneficial ownership, and a detailed discussion of what information needs to be reported to FinCEN.

Major Topics:

• Introduction to the Corporate Transparency Act and its goals
• Which entities need to file the reports
• Detailed discussion of the most common exemptions from reporting
• Deep dive into the definitions of “beneficial owner” and “substantial control”
• What, when, and how to report to FinCEN
• Practical tips and considerations for accounting and finance professionals

Learning Objectives:

• Understand the goals of the beneficial ownership reporting
• Identify what entities need to file the reports and what information needs to be provided