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Corporate Transparency Act Compliance for Tax-Exempt Organizations: BOI Reporting, Filing Requirements and Exceptions

A live 90-minute premium CLE/CPE video webinar with interactive Q&A

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Tuesday, November 19, 2024

1:00pm-2:30pm EST, 10:00am-11:30am PST

Early Registration Discount Deadline, Friday, October 25, 2024

or call 1-800-926-7926
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This CLE/CPE webinar will review the Corporate Transparency Act (CTA) and its beneficial ownership reporting requirements as applied to tax-exempt organizations. The panel will discuss key definitions and the new reporting requirements and offer suggestions on complying with the Act for nonprofit organizations.

Description

The CTA requires certain U.S. and foreign entities that are defined as “reporting companies” under the Act to report beneficial owners and company applicants to FinCEN (the Department of the Treasury's Financial Crimes Enforcement Network). FinCEN maintains a non-public national registry of beneficial owners and company applicants of reporting companies to prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity. Tax counsel assisting tax-exempt organizations must understand what entities are required to report beneficial owners and the possible exemptions available for certain organizations.

These new reporting rules will impact millions of reporting companies formed prior to and after the effective date of the CTA. Noncompliance with these reporting rules may result in civil and criminal penalties.

Although many tax-exempt organizations are exempt from CTA reporting, the Act still is relevant in terms of both confirming their exemption from the CTA and ascertaining the extent to which the CTA might apply to their affiliated companies (which may or may not be CTA-exempt). Therefore, it is important that entities that are potentially impacted by these rules determine (1) whether a tax-exempt organization or other type of entity is a reporting company or is exempt from reporting; (2) who is a beneficial owner and a company applicant; (3) the information that is required to be reported by a reporting company with respect to itself, its beneficial owners, and its company applicants; (4) the necessary due diligence that a reporting company must undertake to file a true, correct, and complete report; (5) when a report is initially due, required to be updated, or required to be corrected; (6) the potential ramifications of noncompliance; and (7) how to establish a workstream to initially prepare for, collect, maintain, and report information required to be reported under the CTA.

Listen as our panel discusses the CTA's key provisions, determining whether tax-exempt organizations are reporting companies or beneficial owners, and the applicability of civil and criminal penalties for noncompliance.

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Outline

  1. Overview of the Corporate Transparency Act
  2. Key challenges for tax-exempt organizations
  3. Reporting requirements and disclosure of information
  4. Exemptions
  5. Penalties
  6. Best practices for tax counsel

Benefits

The panel will review these and other key issues:

  • What are the key provisions of the CTA?
  • How do you determine which companies are considered reporting companies under the CTA?
  • What are the criteria for exemption from the CTA?
  • What are the reporting requirements under the CTA rules?
  • What are the key issues for tax-exempt organizations?
  • How do you determine who are beneficial owner(s) under the CTA?
  • What are the potential ramifications for noncompliance?

Faculty

Magidenko, Evgeny
Evgeny (Gene) Magidenko
Partner
ArentFox Schiff

Mr. Magidenko is a tax attorney who advises individual and business clients nationwide and internationally on tax...  |  Read More

Additional faculty
to be announced.
Attend on November 19

Early Discount (through 10/25/24)

See NASBA details.

Cannot Attend November 19?

Early Discount (through 10/25/24)

You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. CPE credit is not available on recordings. Strafford will process CLE credit for one person on each recording. All formats include course handouts.

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