Corporate Transparency Act: A Discussion of What is Coming and How to Address It
December 17, 2023
This webinar will provide a practical informal discussion of the Corporate Transparency Act (“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. 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 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, powerholders? Which persons involved in an entity might have to report: owners, officers, directors, managers, 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 advisers and clients use CTA filings as an opportunity to clean up and enhance all entity, trust and privacy planning? Speakers: Martin Shenkman, Esq. and Alan S. Gassman, Esq. *This may constitute attorney advertising. * No CPE, CLE, etc. is offered but a certificate of attendance will be provided.