New Beneficial Ownership Rules Start 01/01/2024 - Are You Prepared?
Nick Preusch CPA, JD, LLM, is a tax manager with PBMares, LLP. Nick has participated in helping high wealth individual and large business entities with complex tax compliance, along with specializing in international, not-for-profit tax issues, and tax ethics issues.
Nick has also worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nick is a graduate of Carthage College with a BS in Accounting and Business, the University of Connecticut with an MA in Accounting, Case Western Reserve University with a JD, and Georgetown University with an LLM in taxation. Nick has also authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties, and Circular 230 Enforcement, published by Thomson Reuters. He has lectured nationally on topics such as ethics, complex tax transactions, and IRS practice and procedure.
Currently, Nick is an adjunct professor at the University of Mary Washington. Nick has been recognized as the Top 5 Under 35 CPAs in Virginia by the VSCPA in 2017 and CPA Practice Advisor’s Top 40 Under 40. He is a member of the VSCPA’s Tax Advisory Committee and Ethics Committee, and the AICPA’s Tax Practice and Responsibilities Committee.
The Corporate Transparency Act is looking to help the government combat money laundering. Recently, bad actors have been using entity structuring to obstruct who is the actual bad actors behind the illegal activities. Until the Corporate Transparency Act, the Federal government had no way of knowing who owned or controlled different businesses entities.
The Act took several years to get in place, but it has finally come into fruition starting on January 1, 2024. Starting then, companies will need to report to the government beneficial owners of the company and any time the beneficial owners change.
The filings while seemingly simple will require a bit of analysis as the beneficial owner rules could include people who actually own the company to people who make significant decisions for the company. The penalties for failing to report or failing to properly report will be severe.
This webinar will look at the ins and outs of the filing requirements in order to prepare you to help your clients navigate through these new rules. We will look at how the filings are completed, who is a beneficial owner, and other miscellaneous information you’ll need to properly advice your clients.
Areas Covered
- What is the Corporate Transparency Act?
- New filing requirement deadlines
- What is requirement for filing?
- Who is a beneficial owner?
- When do changes to the company need to be reported?
- Do these filings fall under practice of law.
Course Level- Intermediate
Why Should You Attend
Starting in 2024, there is a new filing requirement for all small businesses. This requirement concerns who is the beneficial owner of the business. This filing stems from an initiative by the government to curb money laundering, so the penalties facing companies for not filing can be very stiff.
This webinar will look at what the new requirements are for filing, who will need to make the filings and what will need to be disclosed to the government as part of the filings.
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$200.00
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