Description
This one-hour discussion reviews advanced topics and issues involving the Corporate Transparency Act. The discussion will focus on difficult issues and questions that practitioners may encounter when advising clients through the beneficial ownership information report (BOIR) filing process during 2024.
Topics that will be addressed include:
- CTA Overview and Key Terms
- The Large Operating Company Exemption
- The Exempt Entity Exemption: 501(c) Entities Without an IRS Determination
- Securities Reporting Issuers: The OTC Marketplace and ADRs
- Can a Reporting Company Avoid Filing by Dissolving?
- Calculating Beneficial Ownership Based on Ownership Percentage and Economic Waterfalls
- Including Spouses in Community Property States as Beneficial Owners
- Definition of Substantial Control
- Should a Reporting Company Include all Board Members in its BOIR?
- Filing the Report: EINs for Disregarded Entities
- Tracking Data Changes: What Triggers a Required Amendment?
- Who is a Company Applicant?
- Steps to Take now
o Adopt compliance policy
o Appoint compliance officer
o Collect client documents
o Adopt a filing platform and system