To help combat money laundering, FinCEN issued a final rule that implemented the beneficial ownership (BOI) reporting requirements of the Corporate Transparency Act (CTA) to take effect on January 1, 2024.
The rule requires certain corporations, limited liability companies and other entities to report information to FinCEN about themselves, their beneficial owners – and in some cases, their company applicants. Attorney and CPA Gary Fletcher will provide background on this rulemaking process and how you and your client’s duties as an estate planner & business owner will be impacted by the beneficial ownership information reporting requirement under the Corporate Transparency Act (CTA). Gary will mainly address: The nuts & bolts of the Corporate Transparency Act, reporting requirements & exemptions Under the CTA and reports, record retention & penalties under the CTA and asset protection planning considerations. Additional topics: Beneficial Owners, the definition of a reporting entity, information required by the BOI report, penalties for failing to file the report, deadline to file the report and who is obligated to file the report.
Gary L. Fletcher, Esq., is a Fellow of the American College of Trust and Estate Counsel (ACTEC), where he serves as a member of the Asset Protection and Fiduciary Income Tax Committees.