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Corporate Transparency Act: Practical Steps for CPAs

CORPORATE TRANSPARENCY ACT: PRACTICAL STEPS FOR CPAs

Cost Free
Presentation Length 1.0 hour

Recorded DateDecember 27, 2023
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaBusiness Law
Course LevelBasic
Course Description

This webinar will provide a practical and action-oriented overview of the Corporate Transparency Act (CTA), with an emphasis and examples tailored to situations the CPA is likely to encounter in advising clients. Whether your firm opts to complete CTA filings or not, you will assuredly be inundated with questions from clients and need to understand the implications of the CTA. The CTA will require a massive amount of reporting of detailed information by 32 million entities, and those who own or have substantial control over any of the entities required to report.

This webinar will address the following questions regarding CTA filings: 


  • What do reporting entities have to do? 

  • Who are Beneficial Owners?

  • Who are persons with substantial control?

  • What do these individuals have to file?

  • Why should most of these individuals, and perhaps CPAs, obtain FinCEN identification numbers?

  • What are some of the complications for trusts owning interests in entities?

  • Which persons involved in a trust might be subject to reporting: trustee, investment trustee, trust protector, loan director, beneficiaries, or powerholders?

  • Which persons involved in an entity might have to report: owners, officers, directors, managers, and key employees if they have sufficient control?

  • How might lenders and others react to the CTA by insisting on representations as to compliance in loan covenants?

  • What should advisers do to practically address CTA requirements?

  • Why should CPAs and clients use CTA filings as an opportunity to clean up and enhance all entity, trust, and privacy planning?

  • Is completing a CTA filing the unauthorized practice of law?

  • How will you charge for these services?



Learning Objectives: 


  • Define what the Corporate Transparency Act is and what it will require of most clients

  • Recognize what role CPAs might serve in assisting clients with CTA guidance and perhaps with CTA filings

  • Distinguish what services, help, and steps are reasonable for CPAs to provide and where the “line” should be drawn beyond which CPAs might choose not to go in terms of CTA advice or filings

  • Describe the potentially complex issues that seemingly simple entity and trust situations might raise for CTA filings to help identify pitfalls to avoid

  • Give examples of how to communicate about the CTA to clients, advise clients, evaluate requirements, etc.

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE

Martin Shenkman

Shenkman Law
Dual Practitioner, Financial Planner
[email protected]
(201) 845-8400

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Martin M. Shenkman, CPA, MBA, PFS, AEP (distinguished), JD, is an attorney in private practice in Fort Lee, New Jersey, and New York City, New York, with Shenkman Law. His practice focuses on estate and tax planning as well as planning for closely-held businesses and estate administration. Throughout his career, Mr. Shenkman received awards and acknowledgments from the New Jersey Bar Association, Worth Magazine, CPA Magazine, the American Cancer Society, and the AICPA. Mr. Shenkman holds a Bachelor of Science from the Wharton School at the University of Pennsylvania, an MBA from the University of Michigan, a law degree from Fordham University School of Law. He is admitted to the bar in New York, New Jersey, and Washington D.C.

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Thomas Tietz

Shenkman Law
Associate
[email protected]
(201) 845-8400

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Thomas is an associate in the Law Firm of Martin M. Shenkman, P.C with an emphasis on estate planning. He has lectured at the Notre Dame Tax & Estate Planning Institute, for the NJSBA and New Jersey Institute of Continuing Legal Education, and the National Academy of Continuing Legal Education. He has published articles in the American Bar Association E-Report, Wealthmanagement.com and Trusts & Estate Magazine. He is a member of the American Bar Association, Real Property, Trust and Estate Law and Business Law sections, the New York State Bar Association, the New Jersey State Bar Association and the Bergen County Estate Planning Council.

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Walter works in tax areas involving high net worth clients, estates, trusts, charitable planning and exempt organizations. As past deputy executive director of New York’s CPA Society, he led the Society’s programs for professional practice issues with members, and in Albany and Washington. Walt was instrumental in developing New York’s LLC/LLP laws. Both Connecticut and New Jersey used this work to enact their LLC statutes. 

Walt “grew up” in his family’s CPA firm, where he advised successful business owners and served the full range of middle income through ultra-high-net-worth clients. A frequent speaker and writer, Walt received the respective CPA Journal and The Tax Advisor “Max Block” and “Article of the Year” awards. Walt chairs several nonprofit audit committees and is Co-President of UJA/JCC Greenwich.

About Our Presenter

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Shenkman Law is a boutique firm focused on the legal needs of high-net-worth individuals, professionals, close business owners, and real estate owners and developers. They provide creative legal solutions to help clients meet complex or seemingly contradictory personal, business, financial, and tax goals, and pride themselves on treating clients with thoughtful care—just like members of our own families.