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 vital. Enacted to enhance transparency and combat illicit financial activities, the CTA establishes new obligations for businesses to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN).

This informative session, presented by FinCEN’s Outreach Director for Beneficial Ownership, will provide a comprehensive overview of the CTA. We’ll walk through the key provisions, explain the reporting requirements, and clarify who is obligated to comply. Attendees will gain insight into the deadlines for submission and avoid potential pitfalls that could lead to penalties. The session will conclude with a live demonstration of FinCEN’s user-friendly reporting tool, followed by an interactive Q&A to address your specific concerns.

Learning Objectives

By the end of this session, you will:

  • Understand the Corporate Transparency Act
    Gain an overview of the CTA, its purpose, and its role in fostering corporate transparency.
  • Determine Who Is Required to Report
    Learn which entities must submit beneficial ownership information and understand key exemptions.
  • Comprehend the Reporting Requirements and Deadlines
    Understand what information needs to be reported, the required formats, and critical deadlines to ensure compliance.
  • Learn How to File a Beneficial Ownership Information Report
    Get step-by-step guidance on using FinCEN’s reporting tool to submit your information accurately and efficiently.

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