Corporate Transparency Act Impacting Construction Industry: Covered Entities, Reporting Requirements, Exemptions
| Date: | Apr 16, 2024 |
| Time: | 1:00 p.m. - 2:30 p.m. |
| Location: | Webinar |
Determining Who is a Reporting Company, Performing Due Diligence for Extensive Reporting, Mitigating Risk of Serious Penalties
A live 90-minute CLE video webinar with interactive Q&A presented by Strafford.
This CLE webinar will examine the Corporate Transparency Act (CTA) and its impact on construction entities, including who is considered a "reporting company" subject to new beneficial ownership information reporting requirements and the information that must be reported. The panel will also address state laws that may have similar reporting requirements and offer best practices for complying with the CTA.
Description
The CTA, effective as of Jan. 1, 2024, requires certain U.S. and foreign entities defined as "reporting companies" to report certain identifying information about themselves, their beneficial owners, and company applicants to FinCEN (the U.S. Dept. of the Treasury's Financial Crimes Enforcement Network) within a certain prescribed time period.
These first-ever federal and new reporting rules will affect millions of reporting companies and will likely impose a heavy burden on construction companies, especially smaller businesses, who do not meet one of the exemptions and must comply with the reporting requirements. Failure to comply with the new reporting requirements will result in serious civil and criminal penalties.
Therefore, it is imperative that counsel and their clients who are potentially affected by the CTA determine whether they qualify as a reporting company or are otherwise exempt. If an entity qualifies as a reporting company, counsel must understand the information that is required to be reported and when and be able to walk their clients through the necessary due diligence process that should be undertaken to file a true, correct, and complete report. In addition to the CTA, counsel should be aware of any applicable state-level reporting requirements.
Listen as our expert panel guides counsel through the CTA and discusses its impact on construction entities. The panel will also address state laws that may have similar reporting requirements and offer best practices for CTA compliance.
Outline
- Corporate Transparency Act
- Reporting company
- Beneficial ownership
- Company applicants
- Reporting requirements
- CTA exemptions
- Beneficial ownership information storage and access
- Impact on construction entities
- Penalties
- State laws with similar reporting requirements
- Best practices for compliance
Benefits
The panel will review these and other important considerations:
- Which construction entities will likely be most affected by the CTA's implementation and why?
- What exemptions may apply?
- How may counsel assist their clients in determining what information should be reported? What are the timelines for reporting?
- How will beneficial ownership information be stored and who will have access to the information?
- What state laws should counsel be aware of that may have similar reporting requirements?
Panel
- Alison M. Zeitlin, Attorney, Stites & Harbison, Business & Finance Service Group, Lexington, KY office
- George H. King, Partner, Lang Thal King & Hanson
- Joseph C. Unger, Senior Attorney, Spilman Thomas & Battle
Click here for more information and to register.