Beneficial Ownership Information (BOI) & the Corporate Transparency Act (CTA)

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Description

Beneficial Ownership Information (BOI) & the Corporate Transparency Act (CTA)
IRS Program #: X9QQU-T-01106-24-O
CTEC #: 6257-CE-0273
CE: 2 IRS & 2 CTEC credits
Speaker: Allan (AJ) Reynolds, EA

January 1, 2024 the Beneficial Ownership Information (BOI) reporting went into effect. This reporting requirement is the result from the passage of the National Defense Authorization Act for Fiscal Year 2021, which included the Corporate Transparency Act (the CTA). This Act will affect every LLC, S Corporation, C Corporation, and any other entity required to be “registered” with their respective state. This act was developed to curve and expose illicit activity, money laundering, and concealment of ownership. Furthermore, this Act was developed to protect the United States and our National Security Interest.

The course will present tax professionals with up-to-date valuable knowledge on this act and how it will impact their practice and clients. In addition, we will provide a how to file the BOI reports either using FinCEN’s on line filing or by completing a pdf document and uploading at a later date on FinCEN’s website.

Learning Objectives:

Evaluate what is the CTA.
Explain who must file, when they must file, and information to provide.
Define who are beneficial owners and company applicants.
Layout what “Reporting Companies” need to submit.
Portray which companies will be exempt from filing.
Examine the Penalties associated with CTA.
Deliver step by step instructions on filing the BOI reports for the CTA.
Provide an effective Resource Guide including engagement letters and client letters.

Resources Provided

FinCEN ID Instructions
BOIR Filing Instructions
BOIR Small Compliance Guide
BOIR Info Brochure
CTA and BOIR Resource Material
BOIR PDF

Contributors

Allan (AJ) Reynolds, EA

A.J. has immense experience in various areas of taxation, which encompasses over 30 years. His practice centers on individual, business, and estate tax preparation. In addition, A.J. specializes in IRS audits, appeals, collections and other tax representations. He speaks for multiple organizations and brings his everyday “in the trenches” experience to assist attendees with real issues affecting tax professionals. A.J. started his tax career with a national CPA firm in San Diego, CA after proudly serving five years in the U.S. Navy.