The Corporate Transparency Act: What CPAs Need to Know
Wednesday, December 13th at 4:00 PM
Program Description:
Congress recently enacted into legislation the Corporate Transparency Act (the “CTA”). The CTA’s reporting requirements start on January 1, 2024, and are anticipated to affect millions of business owners. While reporting under the CTA is not a type of tax reporting, we anticipate that CPAs will receive questions from clients regarding the CTA, making it important to have a basic understanding of the new requirements.
Program Learning Objectives:
- What are the basic requirements under the CTA?
- What are the penalties for non-compliance?
- How should a CPA respond if asked to assist with understanding and/or complying with CTA requirements?
- What are the CPA’s ethical obligations in such instances?
- How might the U.S. government use the CTA to promote tax compliance?
- How might the CTA affect tax planning?
Program Agenda:- 3:45 – 4:00 PM: Registration & Introductions
- 4:00 – 4:50 PM: Program Session - "The Corporate Transparency Act: What CPAs Need to Know"
- 4:50 – 5:00 PM: Conclusion
- 5:00 – 6:00 PM: Happy Hour & Networking
Additional Information:- CPE Credit Anticipated: 1.0 CPE Credit (Regulatory Ethics – Technical)
- Prerequisites/Advanced Preparation: No prerequisites or advanced preparations are necessary for these programs.
- Program Level: Basic to Intermediate
Development Team Members: Laura E. Krebs Al-Shathir. Shareholder, Chair of our Tax Practice Group, and Member of our Business & Corporate Transactions Practice Group. Laura provides advice in corporate transactions on federal income tax and other matters to clients from multinational corporations to small businesses, across diverse industries. Her experience includes negotiations, structuring, and execution of mergers, acquisitions, tax-free reorganizations, debt restructurings, and more. As special tax counsel, Laura handles complex tax controversies at various levels, including IRS appeals and the U.S. Tax Court. She also represents clients in state-level tax disputes. With a background in international tax, she helps clients navigate foreign income and asset-related tax compliance. Laura's professional achievements include chairing the S Corporations Committee of the American Bar Association Tax Section and her recognition as a Fellow of the American College of Tax Counsel and the American Bar Foundation, as well as her presence in The Best Lawyers in America© list for Tax Law.
Sarah J. Luem: Capes Sokol Shareholder and Chair of our Banking & Finance, Business & Corporate Transactions, and Real Estate Practice Groups. Sarah is a devoted advocate for individuals and closely held businesses of all sizes, specializing in corporate and transactional matters. Her practice encompasses resolving intricate legal issues, including ownership disputes, succession planning, mergers and acquisitions, and business separations. Sarah's experience as a Management Consultant for Fortune 500 companies provides her with a unique perspective, allowing her to systematically analyze legal matters and deliver effective solutions. She collaborates closely with clients and their advisors, leveraging her deep understanding of their industries to guide them through day-to-day operational, business, and legal challenges, as well as complex issues and disputes, ultimately helping clients identify and seize opportunities.
Danielle M. Durban: Counsel and Member of our Business & Corporate Transactions, Entertainment & Media, IP, and Real Estate Practice Groups. Dani approaches her legal practice holistically, emphasizing the importance of understanding her client's business objectives and values to provide tailored and effective solutions. Having worked with a variety of businesses as a graphic and web artist for over a decade, Dani learned the importance of figuring out how to translate a client’s vision into a client’s reality. Applying this approach to the legal world, Dani makes sure to always view a client’s legal needs in relation to their business goals, striving to create harmony between the two. Dani's diverse experience includes collaborating with various businesses such as television and movie production companies, digital entertainment firms, software developers, restaurateurs, artists, actors, authors, and entrepreneurs. Her expertise spans entity formation, business disputes, commercial transactions, real estate, copyrights, trademarks, and more.
Gary A. Pierson: Counsel and Member of our Entertainment & Media and IP Practice Groups.
Gary is a seasoned attorney with 23 years of expertise in intellectual property, entertainment, and marketing. He's protected trademarks for top global brands and represented artists, musicians, actors, and filmmakers, including Grammy winners and Rock & Roll Hall of Fame icons. Additionally, he offers guidance on marketing issues like sweepstakes, endorsements, promotions, and social media.