CTA and Non-U.S. Entities: January 1, 2025 BOI Reporting Deadline, Administrative Impact, Penalties
A live 90-minute CLE video webinar with interactive Q&A
This CLE webinar will examine the Corporate Transparency Act (CTA) and its impact on foreign entities, including who is considered a "foreign reporting company" subject to new beneficial ownership information (BOI) reporting requirements and whether an exemption applies. The panel will also discuss certain state laws that may impose similar reporting requirements as the CTA. Finally, the panel will describe best practices for counsel to assist their international clients with preparing for the CTA's rapidly approaching initial BOI reporting deadline with the Financial Crimes Enforcement Network (FinCEN, a bureau of the U.S. Department of the Treasury) and ongoing compliance.
Outline
- Corporate Transparency Act overview
- Covered entities and exemptions
- Domestic
- Foreign
- Beneficial ownership and exceptions
- Company applicants
- When to use a FinCEN identifier
- Reporting data
- Relevant data
- Completing the reporting form
- Initial, updated, and corrected reports
- Foreign personal data: example Switzerland
- Penalties
- State tax developments relating to CTA-like initiatives
- Considerations unique to foreign companies and investment
- Best practices
- Developing privacy policies relating to the CTA
- Other compliance and planning considerations
Benefits
The panel will cover the operational rules and steps to take to comply with the CTA's BOI reporting rules:
- Whether a foreign or domestic entity is (1) out of scope, (2) eligible for an exemption, or (3) a reporting company
- How to determine who is a beneficial owner and exceptions thereto
- How to determine who is a company applicant
- When to use a FinCEN Identifier
- What information has to be gathered and updated for purposes of reporting
- How to fill in the reporting form
- What needs to be considered when reporting foreign (by way of example Swiss) personal data
- Explain what is an initial, updated, and corrected report and when these reports are due
- The penalties that may apply if reports are not accurately, completely, and timely filed
- The importance of a reporting company to adopt privacy policies relating to the CTA
- Other compliance and planning matters that need to be considered
- State tax developments relating to CTA-like initiatives
Faculty
Alan Winston Granwell
Of Counsel
Holland & Knight
Mr. Granwell has been practicing in international taxation for more than 45 years and previously was director of the... | Read More
Mr. Granwell has been practicing in international taxation for more than 45 years and previously was director of the Treasury Department’s Office of International Tax Affairs.
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Briahnna Skinner
Private Wealth Family Fiduciary Services Director
Holland & Knight
Ms. Skinner is a Private Wealth Family Fiduciary Services Director based in Holland & Knight's Boston... | Read More
Ms. Skinner is a Private Wealth Family Fiduciary Services Director based in Holland & Knight's Boston office. She has 10 years of experience providing estate planning, estate administration and trust administration services to high-net-worth clients. Ms. Skinner focuses on providing support to clients with complex family estate plans and high maintenance asset structures to ensure that administration is carried out properly. She maintains relationships and provides support to families and fiduciaries in administering their complex lives by working collaboratively with outside professionals, including accountants, insurance agents, financial advisors and client family offices, to facilitate coordinated action on a client's behalf. She tracks key dates for required entity maintenance activities and coordinates with the client's team of advisors to timely complete administration items relating to trust annuities, promissory notes, life insurance policies, real estate, art, and corporate entities. Ms. Skinner and the family fiduciary services team also provide bill pay services, account reporting, and facilitate document sharing, including secure file sharing for critical documents. She is also a member of Holland & Knight's Corporate Transparency Act (CTA) Team, which focuses on the recently enacted CTA. Ms. Skinner is familiar with the CTA reporting requirements for corporate entities, and in particular with the beneficial owner disclosure requirements when a trust has an ownership interest or substantial control over a reporting company.
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Michael C. Titens
Partner
Holland & Knight
Mr. Titens is a corporate attorney in Holland & Knight's Dallas office. He represents U.S. and... | Read More
Mr. Titens is a corporate attorney in Holland & Knight's Dallas office. He represents U.S. and international clients in structuring, negotiating and implementing mergers and acquisitions (M&A) as well as joint ventures. Mr. Titens also represents private equity funds and portfolio companies in formation, financing and M&A transactions. He frequently represents Mexican and other international clients in M&A, foreign investment and other business transactions. He was a resident in the firm’s Monterrey, Mexico, office from 1993 to 1997. Mr. Titens also focuses on cybersecurity issues, including breach preparedness and responses, and previously served as co-chair of the firm’s Cybersecurity and Data Privacy Group.
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Bruce Zagaris
Partner
Berliner, Corcoran & Rowe
Mr. Zagaris has advised individuals, entities and governments on international business, especially the regulatory and... | Read More
Mr. Zagaris has advised individuals, entities and governments on international business, especially the regulatory and enforcement aspects. He has worked on tax controversy matters, including representing individuals on voluntary disclosures, audits, and litigation, as well as consulting and serving as an expert witness in criminal trials for defendants and the U.S. government. Since 1981, he has also represented foreign governments in international tax and financial services, including advising and helping negotiate income tax, tax information exchange agreements, and bilateral investment treaties. Mr. Zagaris’ practice has included a substantial amount of money movement issues, especially international ones. His work includes advising businesses on developing and implementing anti-money laundering due diligence plans. He has trained prosecutors, regulatory, and law enforcement officials on prosecuting money laundering and recovery of assets. Mr. Zagaris’ practice includes counseling on a wide variety of criminal, especially white collar, work. He has handled evidence gathering and extradition cases and cases involving prisoner transfer applications. His criminal work has included counseling on extradition and international evidence gathering cases, testifying as an expert in international criminal cases involving money laundering and tax crimes, and counseling of witnesses for grand jury investigations.
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