Beneficial Ownership Reporting by SCORE
December 29th, 2024
Beneficial Ownership Reporting Under “The Corporate Transparency Act”
Whether you’re a prospective or current business owner, understanding the reporting requirements under the Corporate Transparency Act (CTA) is essential. This legislation, enacted to enhance transparency and combat illicit financial activities, establishes clear obligations for businesses to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN).
In this informative session, FinCEN’s Outreach Director for Beneficial Ownership will provide a comprehensive overview of the CTA. During the session, we will walk through the key provisions, explain the reporting requirements, and identify which entities are obligated to comply. Additionally, attendees will learn about submission deadlines and strategies to avoid potential penalties. To conclude, the session will include a live demonstration of FinCEN’s user-friendly reporting tool, followed by an interactive Q&A session to address specific concerns.
Learning Objectives
By the end of this session, you will:
Understand the Corporate Transparency Act
- Gain a clear understanding of the CTA, its purpose, and how it fosters corporate transparency.
Identify Who Is Required to Report
- Learn which entities must submit beneficial ownership information and explore key exemptions.
Master the Reporting Requirements and Deadlines
- Understand what information needs to be reported, the required formats, and the critical deadlines to ensure compliance.
Learn How to File a Beneficial Ownership Information Report
- Follow a step-by-step guide on using FinCEN’s reporting tool to submit your information accurately and efficiently.
For additional support, click here for more business resources.
Read the full article and watch the webinar from SCORE.
