Recorded on 5.23.23 - Addendum Recording Added 9.30.23
You will be required to pass a quiz in order to receive CPE credit
A major additional reporting requirement with the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) will take effect next year -- the Corporate Transparency Act (CTA). The CTA mandated the creation of a beneficial ownership information database, in an effort to fight money laundering and the use of shell companies to conceal finances. It will impact virtually all your corporate and LLC (including single-member LLC) clients. Learn about the CTA, the new reporting requirements and what you should know to help your clients.
- Qualifies for IRS CE
- This event will not have a NASBA number for reporting
- CPAs and tax professionals in public practice
- Anyone with LLC (including single member LLC) and corporate clients
- Understand the background of the new Corporate Transparency Act and beneficial ownership reporting requirements
In this session we will look at:
- What is the purpose of the Corporate Transparency Act beneficial ownership reporting?
- Why is there no small entity reporting exception or relief in the Act?
- Who will have access to the information reported under this law?
- What are the initial reporting requirements for entities already in existence before January 1, 2024?
- What are the requirements for entities formed on or after January 1, 2024
- (and why they may be required to report by the end of January)?
- Who is a beneficial owner of a covered entity?
- What information must be provided to FinCEN about each beneficial owner?
- What are the reporting requirements when any information previously provided changes and how long do entities have to provide such updates?
- What are the potential penalties for those that fail to comply with this law?
- Download PDF manual - view your upcoming events in "My CPE" on website
- Understand you will have to pass a quiz to receive CPE credit
If you need this reported to the IRS for CE credit, email CPE@idcpa.org
Edward K. Zollars, CPA is in public practice in Phoenix, Arizona as a partner with the firm of Thomas & Zollars & Lynch, Ltd. He has been in practice for over twenty five years, specializing in tax issues for closely held businesses and individuals. Ed has been professionally involved with both tax and technology issues, combing the two disciplines in starting the first tax podcast (Ed Zollars Tax Update, produced weekly dealing with current tax issues. He has been a member of AICPA Tax Division Committees dealing with tax and technology issues, and was the Tax Section's representative on three occasions to the AICPA's Top Ten Technologies project. Ed is also a member of the Phoenix Tax Workshop's Advisory Committee, and currently serves on the Tax Legislation Liaison Committee for the Arizona Society of CPAs.Ed was selected as a Life Member by the Arizona Society of CPAs in May of 2010. Ed is a co-author of the Arizona Income Tax Guide published by the Phoenix Tax Workshop, and has written articles published in Practical Tax Strategies and the Tax Adviser. He has been a frequent contributor to a number of professional tax discussion groups, and served as systems operator on the AICPA's Accountants Forum in the mid 1990s. He has spoken regularly on tax and technology topics since 1996, speaking before conferences sponsored by the AICPA and a number of state society of CPAs.