Navigating the Corporate Transparency Act & Beneficial Ownership Reporting

Navigating the Corporate Transparency Act & Beneficial Ownership Reporting

For Small Business Owners, LLCs, Corporations, and Entrepreneurs

Overview

Starting January 1, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) will require many U.S.-based companies, including small businesses, to report information about their beneficial owners. This change is part of the Corporate Transparency Act (CTA), which aims to increase transparency and prevent illegal activities like money laundering and tax evasion.

In this workshop, we will walk you through the new reporting requirements, including a clear understanding of how to determine whether your business is affected, what information needs to be reported, and key deadlines. Additionally, we will explore how artificial intelligence (AI) can assist small businesses in streamlining the compliance process, ensuring accuracy, and reducing administrative burdens.

Workshop Agenda

1. Introduction to the Corporate Transparency Act (CTA)
2. What is the Corporate Transparency Act (CTA)?
3. Why was the CTA implemented?
4. Key objectives of the CTA.
5. What is Beneficial Ownership?
6. • Definition of a beneficial owner.
   • Identifying control and ownership under the CTA.
   • Using AI tools to identify and track beneficial ownership information.
7. Does Your Business Need to Report?
8. • Overview of reporting companies: Who has to report?
   • What entities are exempt from the reporting requirements?
   • How AI can help determine whether your company needs to report.
9. Step-by-Step Guide to Reporting
10. • How to report your business’s beneficial ownership information to FinCEN.
    • The role of AI in helping to compile and submit required data.
    • Best practices for submitting through FinCEN’s electronic portal.
11. Important Deadlines and Timelines
12. • Deadline for existing companies (pre-January 1, 2024): Deadline for submission by January 1, 2025.
    • New companies (created after January 1, 2024): Must report within 30 days.
    • Leveraging AI to stay on top of deadlines and set reminders for updates.
13. How AI Can Help with Beneficial Ownership Reporting
14. • Automating data collection and organization.
    • AI-powered tools to validate and verify beneficial ownership information.
    • Using AI to ensure compliance with reporting guidelines.
15. Common Questions & Answers
16. • Q1: What if my business is exempt from reporting?
    • Q2: Do foreign-owned entities need to report?
    • Q3: What happens if I miss the deadline?
    • Q4: How do I ensure accuracy when reporting beneficial ownership?
17. Resources and Further Information
18. • Access to FinCEN’s Small Entity Compliance Guide and helpful checklists.
    • How to subscribe to FinCEN updates for future guidance.
    • Contact details for additional support.
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