Corporate Transparency ACT (CTA)
- This event has passed.
When: May 7 @ 12:00 pm – 1:15 pm
ACTEC Fellows Kathy Sherby and Emily J. Kembell
The Corporate Transparency Act (CTA), which went into effect on January 1, 2024, requires certain business entities to report identifying information to FinCEN, including that of any beneficial owners – those who either hold at least at 25% ownership interest or who exercise substantial control over the reporting company.
LLCs, limited partnerships, and other closely held entities created as part of estate planning are likely considered reporting companies; those held by trusts may also render the trust as a beneficial owner. Information about trustees, beneficiaries, and grantors or settlors of trusts may therefore need to be reported.
With compliance on the horizon, now is the time to determine who and what has to be reported to FinCEN. This webcast will help you better understand the CTA, including who a reporting company is and its beneficial owners, the practical reporting requirements for the entities that trust and estate practitioners may create or manage, and their implications.