The Corporate Transparency Act: Beneficial Ownership Information Reporting

As of January 1, 2024, the Corporate Transparency Act (CTA) and its implementing regulations require entities created or conducting business in the United States to file information about their beneficial owners (including senior officers) with the US Department of Treasury's Financial Crimes Enforcement Network unless they are subject to one of 23 exemptions. Many companies remain unaware of the CTA's reporting requirements and potential impact. Failure to comply with the CTA can result in significant civil and criminal penalties, as well as prison time.

In this CLE, Eversheds Sutherland Partner Xenia Garofalo and Counsel Andrea Gordon will provide practical insights about the CTA's requirements and discuss how companies have been impacted since it came into effect. Drawing on common themes that have been addressed over the course of the year, they will provide attendees with invaluable information about how to comply with the CTA's reporting requirements and related considerations.

Learning Objectives:

1. Break down how to determine whether a business entity needs to report or is exempt from the CTA's reporting requirements
2. Identify who qualifies as a "beneficial owner," and what information about the individual needs to be reported
3. Discuss when and how to file (and update) a beneficial ownership report