Congress passed the Corporate Transparency Act (CTA) as part of the National Defense Authorization Act on January 1, 2021. The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a final rule on September 29, 2022, to implement the CTA’s reporting requirements. The effective date of the final rule is January 1, 2024. Entities that are reporting companies under the CTA formed on or after that date must file an initial report within thirty days of their formation, and existing entities will be required to report within one year of that date. The CTA will affect anyone with an entity, any planner who has clients with an entity, and any planner who uses entities within their estate plan. 
 
In this webinar, Gary L. Fletcher, Esq. will provide an overview of the CTA, including the entities and individuals required to provide beneficial ownership information (including for trusts that are beneficial owners) and company applicant information; the steps that attorneys should advise clients to take to ensure initial and ongoing compliance; penalties for noncompliance; provisions that should be included in operating agreements or trust documents; and what should be spelled out in attorneys’ engagement agreements.