New Corporate Transparency Act Developments and Proposed FinCen Reporting Requirements for Real Estate Sellers
Total Credits: 2 including 2 Taxes - Technical
- Average Rating:
- 40
- Categories:
- ACPEN Industry Institute | IRS Approved | Tax
- Faculty:
- Allison M. McLeod, LL.M., CPA
- Course Levels:
- Basic
- Duration:
- 2 Hours
- License:
- Product Setting: Expires 30 day(s) after program date.
Description
U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) imposed a new reporting requirement that went into effect on January 1, 2024. Millions of businesses may have to file a Beneficial Ownership Information (BOI) Report. In a surprise turn of events, the Federal District Court from the Northern District of Alabama ruled on March 1, 2024 in National Small Business United v. Yellen (“NSB”) that the CTA is unconstitutional. This course will discuss the CTA’s provisions and the court’s decision in NSB. Also covered will be future implications for business entities and steps to consider given the recent ruling.
We will also discuss recent proposed rulemaking by FinCen with respect to nonfinanced purchases of residential real estate and gratuitous transfers so that businesses can prepare for any additional reporting burdens that might arise.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.
Basic Course Information
Learning Objectives
- Analyze the CTA’s reporting requirements for certain businesses
- Discuss how the business will file its reporting requirements with FinCEN relating to the beneficial owners
- Identify who must file a report and what information must be provided
- Understand the necessary information needed for each Reporting Company.
- Identify which individuals must be included in the report.
- Know which entities are excepted from filing.
- Know what the penalties are imposed for not reporting on a timely basis
- Be able to formulate a plan for reporting post-NSB.
- Discuss the potential implications of FinCen’s proposed rulemaking with respect to non-financed purchases of residential real estate and gratuitous transfers
Major Subjects
- Background of the Corporate Transparency Act
- Beneficial Ownership Information Reporting (BOIR) Rule
- Entities required to report
- Reporting requirements imposed by the CTA
- Due dates of reports
- Information needed to satisfy the BOIR
- Impact of failure to report
- How to submit a report
- Court rulings on CTA’s unconstitutionality
- Implications to entities as a result of the ruling in NSB
- Potential reporting requirements due to FinCen’s proposed rulemaking with respect to non-financed purchases of residential real estate and gratuitous transfers
Course Materials
| Important CPE Credit Instructions_READ BEFORE WEBCAST UPDATED (442.7 KB) | Available after Purchase | ||
| IRS Credit Request (265.6 KB) | Available after Purchase | ||
| New Corporate Transparency Act Developments and Proposed FinCen Reporting Requirements for Real Estate Sellers Handout - UPDATED 9-16-24 (521.6 KB) | Available after Purchase | ||
Faculty
Allison M. McLeod, LL.M., CPA Related Seminars and Products
Allison M. (Yee) McLeod, LL.M., JD, CPA, is currently a Senior Lecturer at the University of North Texas in Denton, Texas. She received Bachelor of Business Administration and Juris Doctor degrees from Baylor University, and a Master of Legal Letters (LL.M.) degree specializing in Taxation from the Southern Methodist University School of Law. Professor McLeod has also studied British and Art History at the University of Sussex, England.
Prior to joining the UNT faculty in 2010, Professor McLeod held the position of Director of Tax Planning and IRS Audits for Lehigh Hanson North America, a major manufacturer of cement, aggregates and other building materials. Her practice included both federal and international tax planning. Professor McLeod also spent thirteen years specializing in Tax Planning with the JCPenney Corporation, Inc., and two years with Deloitte & Touche in Dallas.
Professor McLeod has taught at the university level graduate classes on Ethics, Tax Research, Multi-jurisdictional Taxation and Corporate Income Tax. She also lectures in Financial Accounting and Individual Taxation on an undergraduate level. She has taught at the UNT College of Law as adjunct faculty and works part-time at the law firm of Grable Martin Fulton, PLLC. Since 2011, Professor McLeod has been honored to present live and on-line ethics CPE classes to CPAs across the nation. She also serves as an expert witness in accounting malpractice cases and maintains a small private practice serving individuals and small businesses. Professor McLeod has also taught at the University of North Texas College of Law as adjunct faculty. She is currently serving on the Professional Ethics Committee of the Texas Society of CPAs.
Professor McLeod is licensed to practice law by the State Bar of Texas since 1992 and has been a Certified Public Accountant since 1993.
Dates
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Tue, Dec 31, 2024 - 09:00am to 10:42am CST
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Sat, Jan 04, 2025 - 10:00am to 11:42am CST
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Thu, Jan 16, 2025 - 11:00am to 12:42pm CST
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Thu, Feb 06, 2025 - 06:00pm to 07:42pm CST
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Wed, Feb 19, 2025 - 02:00pm to 03:42pm CST
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Tue, Mar 11, 2025 - 04:00pm to 05:42pm CDT
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Wed, Mar 19, 2025 - 09:00am to 10:42am CDT
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Thu, Apr 03, 2025 - 10:00am to 11:42am CDT
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Fri, Apr 18, 2025 - 11:00am to 12:42pm CDT
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Wed, May 07, 2025 - 01:00pm to 02:42pm CDT
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Mon, May 26, 2025 - 02:00pm to 03:42pm CDT
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Additional Info
Basic Course Information
Prerequisites NoneAdvanced Preparation None
Designed For This course is suitable for Corporate tax and finance executives, directors, managers and staff, CPAs, CAs Enrolled Agents, accountants, attorneys and business/financial advisors who work with and advise businesses and individuals that have these tax implications. All in-house and public practice tax professionals will benefit from this timely and insightful seminar.
Original Recording Date 09/2024
Course Developer Allison McLeod
Date Added to Catalog 03/22/24
Yellow Book No
Additional Information
Complaint Resolution PolicyPlease contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement
Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
Instructional Delivery Method
Group Internet Based
Course Registration Requirements
Online Registration
Refund/Cancellation Policy
Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.
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