Wed, Apr 26|
Tax Briefing Webinar
You Can’t Hide from the Corporate Transparency Act
The Corporate Transparency Act (CTA) became law in Jan. 2021 and thus far has been one of the most invisible pieces of legislation ever – but that is about to change. Please join our bright, informed, and deeply experienced panel as they provide us with a comprehensive discussion on these changes.
Time & Location
Apr 26, 2023, 4:30 PM – 6:30 PM EDT
Tax Briefing Webinar
About the Event
The Corporate Transparency Act (CTA) became law in January 2021 and so far has been almost invisible—but that is about to change, and with a vengeance. Beginning January 1, 2024, the CTA will come crashing into the lives of all small US business owners—and also into the lives of their attorneys. First, the CTA requires detailed filings about the ownership and control of ALL small US operating businesses. If a business entity has fewer than 20 employees and less than $5 million of gross receipts, the entity will need to disclose to the US government all 25% owners as well as anyone else who exercises ”substantial control” over the business. Second, information must also be furnished about any lawyer, paralegal, or other individual who supervises or files the document (e.g., Articles of Incorporation) that creates a new business entity. Not only does the CTA require a detailed initial filing, but the information thereafter needs to be updated promptly. If you are a small business owner and you move, you have 30 days to notify the US government or you become subject to shockingly draconian civil and criminal penalties. This webinar will address the CTA both at a high level and then in careful detail, addressing topics that include the following:
- Which companies are subject to the reporting obligations (and which are exempted),
- The individuals whose information will need to be reported,
- What information is required,, and
- The small (and shrinking) number of ways that lawyers and business owners can structure their operations to avoid the CTA.
The CTA is a BIG DEAL. A whopping 32.6 million entities are expected to file reports in 2024. Please join us for a comprehensive discussion of the CTA and ask questions during our Q&A session afterward.
4:00 p.m. – 5:45 p.m. Seminar 5:45 p.m. – 6:00 p.m. Q&A 6:00 p.m. – 6:30 p.m. Social Half Hour
CPE Credits Available