Business & Securities Law

4.75

Beneficial Ownership Rules Compliance: What Every Business Client Needs to Know

Credits Available
Credit Status Total
Colorado CLE Approved 2 Total
Idaho CLE Upon Request 1.5 Total
Montana CLE Approved 1.5 Total
North Carolina CLE Approved 1.5 Total
North Dakota CLE Approved 1.5 Total
New Hampshire CLE Approved 1.5 Total
Nevada CLE Approved 1.5 Total
New York CLE Approved 1.5 Total
Oregon CLE Upon Request 1.5 Total
Washington CLE Approved 1.5 Total
OnDemand
1 hours 31 minutes
Sandra Portney
With Sandra E. Portney from Warner Angle Hallam Jackson & Formanek PLC
Recorded November 28, 2023
Product ID 97685

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Overview

Prepare for Compliance Before the Rules Go Into Effect

The final FinCen rules on business ownership reporting have been out since last year, but uncertainties still remain on which organizations and persons must comply and how. This practical legal briefing answers the salient questions businesses need to clarify before rules go into effect in January 2024. The penalties are real, exceptions are few, and your clients need the answers now. Get up to speed - register today!

  • Determine which entities fall under the Corporate Transparency Act FinCen beneficial ownership rules, and what exceptions exist.
  • Learn how "substantial control" is defined for purposes of beneficial ownership information (BOI) reporting.
  • Walk through the FinCen form used to submit the information and discuss potential risks and mistakes.
  • Explore how the reporting information can be accessed and by whom.

Abbreviated Agenda

  1. What Types of Businesses/Trusts are Subject to the New Reporting Rules?
  2. Who Must Report? "Substantial Control" and Exceptions
  3. Filing Requirements for Foreign Entities Holding Assets in the U.S.
  4. Timeline and Penalties for Noncompliance (What Must be Done Within 30 Days of Jan 1, 2024)
  5. Privacy of Disclosures (CTA 6403(a)(c)): Who can Gain Access to Reporting Information?
  6. Practical Compliance Tips, Proposed FinCen Form
  7. Questions to Ask Each Client to Avoid Noncompliance
  8. Common Uncertainties and Gray Areas
  9. Contacting Former Clients to Advise on Compliance
  10. March 2023 Rules Clarifications

Related Topics

Product ID 97685

Credit Details

Credits Available
Credit Status Total
Colorado CLE Approved 2 Total
Idaho CLE Upon Request 1.5 Total
Montana CLE Approved 1.5 Total
North Carolina CLE Approved 1.5 Total
North Dakota CLE Approved 1.5 Total
New Hampshire CLE Approved 1.5 Total
Nevada CLE Approved 1.5 Total
New York CLE Approved 1.5 Total
Oregon CLE Upon Request 1.5 Total
Washington CLE Approved 1.5 Total
Select Jurisdiction
CLE

Agenda

All times are shown in

  1. Beneficial Ownership Rules Compliance: What Every Business Client Needs to Know

    1. What Types of Businesses/Trusts are Subject to the New Reporting Rules?
    2. Who Must Report? "Substantial Control" and Exceptions
    3. Filing Requirements for Foreign Entities Holding Assets in the U.S.
    4. Timeline and Penalties for Noncompliance (What Must be Done Within 30 Days of Jan 1, 2024)
    5. Privacy of Disclosures (CTA 6403(a)(c)): Who can Gain Access to Reporting Information?
    6. Practical Compliance Tips, Proposed FinCen Form
    7. Questions to Ask Each Client to Avoid Noncompliance
    8. Common Uncertainties and Gray Areas
    9. Contacting Former Clients to Advise on Compliance
    10. March 2023 Rules Clarifications

Who Should Attend

This timely legal briefing is designed for attorneys. Accountants, compliance officers, business owners, estate planners, fiduciaries, and paralegals will also benefit.

Speakers

Sandra E Portney
Sandra E.
Portney
Warner Angle Hallam Jackson & Formanek PLC
Speaker bio
Sandra E Portney

Sandra E. Portney

Warner Angle Hallam Jackson & Formanek PLC
Sandra Portney

is an attorney at Warner Angle Hallam Jackson & Formanek PLC. Her primary focus is advising clients in the areas of business formation, structural and tax planning, asset and equity purchases and sales, real estate transactions including sales and purchases of commercial properties and vacant land and retail, industrial and ground leases, contract drafting and review, preparation of operating agreements and shareholder agreements, obtaining tax exempt status for charitable organizations and other business entities, disputes between principals, and commercial disputes. Ms. Portney also has significant experience representing individuals and business owners in developing their estate and succession plans including business exit strategies, revocable and irrevocable trusts, irrevocable life insurance trusts, family limited partnerships and limited liability companies, and other tax planning and asset protection strategies. She earned her B.S. degree in finance from Arizona State University and her J.D. degree from Arizona State University College of Law. Ms. Portney is licensed to practice law in Arizona and California.

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