Beneficial Ownership Rules: What Practitioners Need to Know

Marketing and Empathy Psychology

By - Nick Preusch

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“Navigating the New Beneficial Ownership Rules under the Corporate Transparency Act” is an essential course for tax professionals, corporate compliance officers, legal advisors, and financial professionals. This program provides a detailed examination of the Corporate Transparency Act (CTA) and its new beneficial ownership rules, which represent a significant shift in corporate compliance and transparency requirements in the United States. Participants will gain a comprehensive understanding of these new regulations and learn how to ensure compliance for their clients or organizations.

Key topics include:

Introduction to the Corporate Transparency Act: Overview of the CTA, its objectives, and the context for its implementation.
Defining Beneficial Ownership: Detailed explanation of what constitutes a beneficial owner under the CTA, including the criteria for identification.
Reporting Requirements: Comprehensive guide to the reporting requirements for beneficial ownership information, including who must report, what information must be reported, and the deadlines for compliance.
Impact on Different Entities: Analysis of how the CTA impacts various types of entities, such as corporations, limited liability companies (LLCs), and other similar entities.
Exemptions and Special Cases: Examination of exemptions under the CTA, including which entities are exempt from reporting and the conditions for exemption.
Compliance Strategies: Practical strategies for ensuring compliance with the CTA, including best practices for gathering and reporting beneficial ownership information.
Penalties and Enforcement: Overview of the penalties for non-compliance with the CTA and the enforcement mechanisms in place.
Case Studies and Practical Examples: Real-world examples and case studies to illustrate the application of the CTA’s beneficial ownership rules and compliance strategies.

Learning Objectives:

By the end of this course, participants will be able to:

Understand the key provisions and objectives of the Corporate Transparency Act.
Identify beneficial owners according to the CTA’s criteria.
Navigate the reporting requirements for beneficial ownership information.
Determine which entities are subject to or exempt from the CTA’s reporting requirements.
Implement effective compliance strategies to meet the CTA’s requirements.
Recognize the penalties for non-compliance and understand the enforcement process.

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Speaker Detail

Nick Preusch’s primary focus is performing tax services for high wealth individuals and mid-to-large business entities. Nick’s responsibilities include tax research related to complex business transactions and tax return preparation and review. He also works closely with businesses and individuals to find tax efficiencies through ever-changing tax legislation. He was also an Internal Revenue Service (IRS) attorney at the IRS National Office in Washington, DC, where he was the lead attorney for several significant tax ethics cases. Nick co-authored Tax Preparer Penalties and Circular 230 Enforcement, a textbook published by Thomson Reuters. He has also been published in the AICPA’s Tax Advisor and Journal of Accountancy along with CCH’s Journal of Tax Practice and Procedure. In 2017, he was named one of the VSPCA’s Top 5 Under 35. In 2018, he was named to CPA Practice Advisor’s Top 40 Under 40. In 2018, he was part of the AICPA’s New Face of Tax ad campaign. Nick is a licensed attorney in New York and a Certified Public Accountant in Virginia. He earned an LLM in Taxation from Georgetown University, a JD from Case Western Reserve University, and an MS in Accounting from the University of Connecticut.