The Corporate Transparency Act (CTA) filing deadline for the CTA is end of year 2024 and there is limited time to address filings. The New Jersey bar issued an opinion letter stating that while CPAs and Enrolled Agents can assist clients with CTA filings that if the filing issues are “complex” assisting clients without legal guidance will constitute the unauthorized practice of law. What does this mean to CPAs and the risks and liability they may face helping clients? What relevance might a NJ opinion have to CPAs in other jurisdictions? FINCEN recently issued FAQs addressing trusts. These FAQs raise new issues  and complications  for practitioners trying to apply the general CTA guidance owned by trusts. When might a trust company or owners of the trust company have to file? What might this mean to the trusts and Reporting Companies owned by trusts? FinCEN recently issued a new FAQ that suggests that some entities dissolved before 2024 may still have to file. How is that possible and what does that mean? This recent FAQ contradicts a prior FAQ that lead many practitioners to believe that entities that are dissolved in 2024 before filing would not have to file. That is no longer the case. So dissolving for practitioners to advise their clients. And all of this is in addition to the ongoing challenges to the CTA that is still being litigated in various cases. 

CORPORATE TRANSPARENCY ACT GUIDE BOOK FOR PROFESSIONALS 

What makes a lawyer stand out among many experienced and skilled transactional attorneys? Do your clients know if your compliance strategies under the Corporate Transparency Act (CTA) are truly effective, legally sound, and customized to their unique business situations? Clients might not recall every detail of the legal work you did, but they will remember the confidence and peace of mind you gave them. By listening carefully to their concerns, understanding their goals, and ensuring compliance with the CTA to secure their business, you can become a trusted advisor. The Corporate Transparency Act Guide for Professionals will give you the knowledge and tools to provide exceptional service, ensuring your clients’ entities are compliant and their futures are protected.

Clients might not remember all the technical details you discussed, but they will remember how you made them feel when you listened carefully, understood their goals, and worked with them to create a plan that ensures compliance and gives them peace of mind. Even more impressive is when you take the initiative to present innovative compliance strategies that they wouldn’t have thought of on their own. This shows not only your expertise but also your dedication to their business’s security, distinguishing you as a trusted advisor.

The Corporate Transparency Act Guide for Professionals will sharpen your legal skills and inspire new methods to ensure your clients’ compliance. Helping clients create and execute strong compliance plans benefits everyone involved—advisors, clients, and their businesses. Be your clients’ guide and use this Guide as your map to confidently and precisely navigate the complexities of the Corporate Transparency Act! 

The authors of the Corporate Transparency Act Guide for Professionals are prominent, nationally recognized names: Martin M. Shenkman, Esq., Alan S. Gassman, Esq., and Chriseanna Mitchell. The table of contents will give you a sense of how packed the Guide is: 

1.What is the CTA?

Step into the world of the Corporate Transparency Act and discover why it’s crucial for business owners and advisors alike. This chapter delves into the history of the CTA, its potential constitutional challenges, and the intricate details that make compliance both essential and challenging. Understand the severe penalties for non-compliance and why you need to pay attention to this groundbreaking legislation.

2. The Approach Taken by the CTA

Explore the fundamental framework of the CTA, including the strict penalties for failing to report and the privacy concerns surrounding the disclosure of personal information. This chapter explains the government’s efforts to inform the public and the practical challenges businesses face in gathering and reporting the required information.

3. Privacy Concerns: Who Will See Your Personal Information?

In an age where data breaches are common, this chapter addresses the significant privacy concerns related to the CTA. Learn who will have access to your personal information and the measures FinCEN has put in place to protect it. Understand the balance between transparency and privacy and how the CTA impacts this delicate equilibrium.

4. Most CTA Filings Will Be Simple

Good news for small business owners! This chapter explains why most CTA filings are straightforward and can often be handled without professional help. It provides a step-by-step guide on how to file your reports easily and efficiently, ensuring you meet your obligations without unnecessary stress or expense.

5. Getting Professional Help

While many filings are simple, some situations require professional assistance. This chapter outlines when and why you should consider hiring a lawyer, accountant, or wealth advisor. Learn about the complexities that might arise and how professionals can help you navigate them, ensuring that your business stays compliant and protected.

6. Reporting Companies Have to Report

Identify what constitutes a reporting company under the CTA and understand the various exemptions that may apply. This chapter provides detailed guidance on how to determine if your entity needs to report and what specific information you need to provide.

7. What Information Do Reporting Companies Have to Provide?

Get a comprehensive overview of the information that reporting companies must disclose. This chapter details the requirements for reporting beneficial owners and company applicants, ensuring you understand exactly what is expected of you.

8. Penalties for Failing to Report

Understand the severe penalties for failing to comply with the CTA. This chapter explains the “willful standard” and explores the potential consequences for both companies and beneficial owners who do not meet their reporting obligations.

9. Foreign Considerations

Explore the additional considerations for foreign reporting companies and how the CTA impacts international business operations. This chapter discusses asset protection strategies involving foreign trusts and other relevant issues.

10. Who Are Beneficial Owners Generally?

Learn about the definition of beneficial owners, including those who exercise substantial control or have significant ownership interests. This chapter provides clear guidelines on who must be reported and the exceptions that may apply.

11. Information That Beneficial Owners Must Report

Discover the specific information that beneficial owners are required to disclose. This chapter emphasizes the importance of keeping this information up to date and the process for reporting changes to FinCEN.

12. Beneficial Owners – Complications with Entities and Business Arrangements

Navigate the complexities of beneficial ownership in various business arrangements, including lending, leasing, and independent contractor relationships. This chapter provides practical examples and advice on how to handle these situations.

13. Beneficial Owners – Estate Planning

Understand how the CTA affects estate planning, including considerations for minors, those who inherit, and community property. This chapter offers insights into planning strategies that comply with the CTA while protecting your assets.

14. Beneficial Owners – Complications with Trusts

Learn about the unique challenges and considerations when dealing with beneficial ownership in trusts. This chapter covers both simple and complex trust arrangements and offers practical advice for ensuring compliance.

15. Company Applicants

Identify who qualifies as a company applicant and what specific information they need to report. This chapter provides detailed guidance on the roles and responsibilities of company applicants under the CTA.

16. FinCEN Identifier

Understand the issuance and use of FinCEN identifiers for individuals and entities. This chapter explains how to obtain and use these identifiers and the obligations to update or correct information as needed.

Professional Advisors Considerations: 

Gain insights into how professional advisors can inform clients, minimize liability, and collaborate effectively to ensure compliance with the CTA. This section is essential for lawyers, accountants, and wealth advisors who play a critical role in guiding their clients through the complexities of the CTA.

This e-Book is immediately delivered by e-mail in a printable Adobe® PDF file for you and your entire office for just $99.

VIEW TABLE OF CONTENTS

Buy and download your copy today!