Get Ready for 2024: Corporate Transparency Act and New Beneficial Ownership Information Reporting Explained
Speaker: Nicholas Preusch
Speaker Designation: Tax Manager at YHB CPAs
Speaker: Nicholas Preusch
Speaker Designation: Tax Manager at YHB CPAs
On January 1, 2024, a new reporting requirement goes into effect that will require millions of small businesses to file a Beneficial Ownership Information (BOI) Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). The details for how this reporting obligation will be implemented were left for FinCEN to provide through rulemaking.
The Corporate Transparency Act of 2022 has sparked numerous discussions among business owners, CPAs, and attorneys, who are eager to understand the implications of this new legislation. As part of its objective to prevent illegal activities through business entities, the Act seeks to provide the US government with greater insight into business ownership. While some are weighing the pros and cons of the Act, many are eager to learn more about its impact on their clients and businesses.
This act is expected to build a pathway for FinCEN (Financial Crimes Enforcement Network) to develop a standardized reporting of companies being formed in the USA and their disclosure of beneficial ownership information.
The filings while seemingly simple will require a bit of analysis as the beneficial owner rules could include people who actually own the company to people who make significant decisions for the company. The penalties for failing to report or failing to properly report will be severe.
This webinar will go through what we know and don't know relating to this new Filing Requirement under the Corporate Transparency Act.
Are you aware of the new filing requirement starting in 2024 for small businesses?
In an effort to combat money laundering, Congress passed the Corporate Transparency Act in 2021, and the Department of Treasury issued regulations on September 29, 2022. As of 2024, most businesses will be required to report the beneficial owners of entities formed under state laws and file the report with the Department of Treasury's FinCEN.
Every small business owner needs to know about this new reporting requirement as non-compliance can result in severe penalties.
Don't get caught off guard - Sign up for the webinar to gain a comprehensive understanding of the new filing requirements, including who needs to make the filings, what information needs to be disclosed to the government, and how to ensure compliance. This is a must-attend event for anyone looking to stay ahead of the game and avoid penalties for non-compliance.
Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties, and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia and is a member of the AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).
