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a crucial guide for you and your clients.<\/b><\/p>\n
by art werner concern is starting to be expressed by many cpas as to what their responsibilities are regarding the corporate transparency act. clients, if they haven\u2019t done so already, will be expressing their own concerns and frustrations.<\/p>\n what compliance issues are on our client\u2019s horizon, and where does the cpa fit in regarding the cta?\u00a0cpas and tax professionals need to know how to advise their clients in this new regulatory era of the cta.<\/p>\n more in tax & financial planning:<\/strong> when clients haven\u2019t filed taxes for years<\/a> | it\u2019s ok to say no to clients (even the large ones)<\/a> | financial planning: beyond the numbers<\/a> |\u00a0careful\u2026 you may be advising!<\/a> | jason deshayes: what we\u2019re doing isn\u2019t working<\/a> | stress test: will clients get the outcome they want?<\/a> | irs and ftc cybersecurity expectations of tax practitioners<\/a> | with fresh funding, irs shows service improvements<\/a> | stop non-tax season service requests<\/a> | congress: tax prep companies shared private data with google, meta for years<\/a> | safe harbor compliance reduces risk of fines and penalties<\/a> | how tax practitioners became cybersecurity risks<\/a> | get clients to bring tax docs early \u2026 yes, early<\/a> |<\/p>\n the corporate transparency act mandates that a business entity must disclose who the beneficial owners of the business entity are. corporations, partnerships, professional corporations, and limited liability entities are all subject to the cta. the purpose of the cta legislation is to assist the financial crimes enforcement network in identifying entities that may be involved in money laundering, terrorism, tax evasion, organized crime, and\/or other illegal activities.<\/p>\n the cta is a federal law that was passed by congress as part of the national defense authorization act of 2021. the effective date of the cta is january 1, 2024. as of the effective date, all new business entities (with certain specific exceptions) will be required to immediately follow disclosure duties outlined within the legislation. also, prior to or on december 31, 2024, all business entities (again, with certain specific exceptions), in existence as of december 31, 2023, will also need to comply with the cta legislation.<\/p>\n in addition to beneficial ownership disclosures, the cta legislation requires that certain information be provided to fincen regarding any person:<\/strong><\/p>\n (a) who files documents with a state agency (such as a secretary of state) to create a new entity or entities after the effective date (a \u201cpost-effective entity\u201d); and<\/p>\n (b) to the extent applicable, one other individual who either directs or controls such filings, such as an individual equity owner or officer of such an entity or even possibly a lawyer who advised the post-effective entity with respect to its formation (an \u201capplicant\u201d).<\/p>\n the stated objectives of the cta include the collection of certain beneficial ownership interest information from entities to:<\/strong><\/p>\n (a) set a clear, federal standard for incorporation practices;<\/p>\n (b) protect vital united states national security interests;<\/p>\n (c) protect interstate and foreign commerce;<\/p>\n (d) better enable critical national security, intelligence and law enforcement efforts to counter money laundering, the financing of terrorism and other illicit activity; and<\/p>\n (e) bring the united states into compliance with international anti-money laundering and countering the financing of terrorism standards.<\/p>\n the key components of the cta are as follows:<\/strong><\/p>\n 1. reporting requirements:<\/p>\n 2. beneficial ownership:<\/p>\n 3. reporting timeline:<\/p>\n 4. privacy concerns:<\/p>\n the corporate transparency act <\/strong><\/p>\n the cta has several implications for cpas and their clients, and proactive guidance is essential to ensure compliance and minimize risks. here is how cpas can assist their clients in navigating this new regulatory landscape:<\/p>\n 1. assessment of reporting obligations:<\/p>\n 2. data collection and verification:<\/p>\n 3. compliance planning:<\/p>\n 4. ongoing monitoring:<\/p>\n 5. data security:<\/p>\n the cta is a significant regulatory development that demands attention from cpas and their clients. by understanding the key aspects of the act and providing proactive guidance, cpas can help their clients navigate compliance challenges, mitigate risks, and adapt to the evolving regulatory environment. as a cpa, your role in ensuring transparency and financial integrity has never been more critical, and the cta underscores the importance of our profession in safeguarding the financial system.<\/p>\n
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