2024 Corporate Transparency Act Developments and Proposed FinCen Reporting Requirements for Real Estate Sellers
2.00 Credits
Member Price $79
Non-Member Price $109
Overview
U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) imposed a new reporting requirement that went into effect on January 1, 2024. Millions of businesses may have to file a Beneficial Ownership Information (BOI) Report. In a surprise turn of events, the Federal District Court from the Northern District of Alabama ruled on March 1, 2024 in National Small Business United v. Yellen (“NSB”) that the CTA is unconstitutional. This course will discuss the CTA’s provisions and the court’s decision in NSB. Also covered will be future implications for business entities and steps to consider given the recent ruling.
We will also discuss recent proposed rulemaking by FinCen with respect to nonfinanced purchases of residential real estate and gratuitous transfers so that businesses can prepare for any additional reporting burdens that might arise.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.
Highlights
- Background of the Corporate Transparency Act
- Beneficial Ownership Information Reporting (BOIR) Rule
- Entities required to report
- Reporting requirements imposed by the CTA
- Due dates of reports
- Information needed to satisfy the BOIR
- Impact of failure to report
- How to submit a report
- Court rulings on CTA’s unconstitutionality
- Implications to entities as a result of the ruling in NSB
- Potential reporting requirements due to FinCen’s proposed rulemaking with respect to non-financed purchases of residential real estate and gratuitous transfers
Prerequisites
None
Designed For
This course is suitable for Corporate tax and finance executives, directors, managers and staff, CPAs, CAs Enrolled Agents, accountants, attorneys and business/financial advisors who work with and advise businesses and individuals that have these tax implications. All in-house and public practice tax professionals will benefit from this timely and insightful seminar.
Objectives
- Analyze the CTA’s reporting requirements for certain businesses
- Discuss how the business will file its reporting requirements with FinCEN relating to the beneficial owners
- Identify who must file a report and what information must be provided
- Understand the necessary information needed for each Reporting Company.
- Identify which individuals must be included in the report.
- Know which entities are excepted from filing.
- Know what the penalties are imposed for not reporting on a timely basis
- Be able to formulate a plan for reporting post-NSB.
- Discuss the potential implications of FinCen’s proposed rulemaking with respect to non-financed purchases of residential real estate and gratuitous transfers
Preparation
None
Leader(s):
Leader Bios
Allison McLeod, University of North Texas
Allison M. (Yee) McLeod, LL.M., JD, CPA, is currently a Senior Lecturer at the University of North Texas in Denton, Texas. She received Bachelor of Business Administration and Juris Doctor degrees from Baylor University, and a Master of Legal Letters (LL.M.) degree specializing in Taxation from the Southern Methodist University School of Law. Professor McLeod has also studied British and Art History at the University of Sussex, England. Prior to joining the UNT faculty in 2010, Professor McLeod held the position of Director of Tax Planning and IRS Audits for Lehigh Hanson North America, a major manufacturer of cement, aggregates and other building materials. Her practice included both federal and international tax planning. Professor McLeod also spent thirteen years specializing in Tax Planning with the JCPenney Corporation, Inc., and two years with Deloitte & Touche in Dallas. Professor McLeod has taught at the university level graduate classes on Ethics, Tax Research, Multi-jurisdictional Taxation and Corporate Income Tax. She also lectures in Financial Accounting and Individual Taxation on an undergraduate level. She has taught at the UNT College of Law as adjunct faculty and works part-time at the law firm of Grable Martin Fulton, PLLC. Since 2011, Professor McLeod has been honored to present live and on-line ethics CPE classes to CPAs across the nation. She also serves as an expert witness in accounting malpractice cases and maintains a small private practice serving individuals and small businesses. Professor McLeod has also taught at the University of North Texas College of Law as adjunct faculty. She is currently serving on the Professional Ethics Committee of the Texas Society of CPAs. Professor McLeod is licensed to practice law by the State Bar of Texas since 1992 and has been a Certified Public Accountant since 1993.
Non-Member Price $109
Member Price $79