Description
U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) imposed a new reporting requirement that went into effect on January 1, 2024. Millions of businesses may have to file a Beneficial Ownership Information (BOI) Report. In a surprise turn of events, the Federal District Court from the Northern District of Alabama ruled on March 1, 2024 in National Small Business United v. Yellen (NSB) that the CTA is unconstitutional. This course will discuss the CTA’s provisions and the court’s decision in NSB. Also covered will be future implications for business entities and steps to consider given the recent ruling.
We will also discuss recent proposed rulemaking by FinCen with respect to nonfinanced purchases of residential real estate and gratuitous transfers so that businesses can prepare for any additional reporting burdens that might arise.
This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Objective
After attending this presentation, you will be able to...Analyze the CTA’s reporting requirements for certain businesses.Identify how the business will file its reporting requirements with FinCEN relating to the beneficial ownersIdentify who must file a report and what information must be providedRecall the necessary information needed for each Reporting Company.Identify which individuals must be included in the report.Recognize which entities are excepted from filing.Recall what penalties are imposed for not reporting on a timely basisFormulate a plan for reporting post-NSB.Compare the potential implications of FinCen’s proposed rulemaking with respect to non-financed purchases of residential real estate and gratuitous transfers.
Credit Types
- Taxes: 2
Registration Fees
| Registration | Type | Price |
|---|---|---|
| Rebroadcast - General (2 hours) | Members | $100.00 |
| Rebroadcast - General (2 hours) | Non Members | $225.00 |
The North Carolina Association of Certified Public Accountants is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/.For information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call 800-469-1352.