This webinar will discuss what practitioners need to know about the reporting requirements under the Corporate Transparency Act (CTA) and the potentially severe penalties associated with non-compliance. This course will also examine the numerous safeguards to protect an accountant from the uncertainty associated with providing beneficial ownership reporting (BOI) services to clients under the CTA. This examination will discuss the contractual fences to help minimize the risk of providing BOI services such as the use of effective engagement letters and management representation letters.
Our presenter will provide clarity on several grey areas of reporting under the CTA such as which entities are required to comply. Our discussion will also include a legislative overview of state enacted or proposed legislation similar to the CTA and related additional reporting requirements as well as recent legal developments potentially affecting current CTA legislation.
Learning Objectives:
- Recognize which types of entities should be reported under the CTA including those which may be considered grey areas such as trusts, estates, and foreign entities
- Evaluate the current legal challenges and a legislative initiative to repeal the CTA
- Review state laws similar to the CTA in New York, California, Maryland, South Dakota, and Massachusetts
- Identify the benefit of developing an effective engagement letter to help mitigate possible malpractice claims and the need for management representations
Kevin Shaftan
Wilson Elser Moskowitz Edelman & Dicker LLP
Associate
[email protected]
(212) 915-5418
Kevin Shaftan handles transactional matters and commercial litigation, representing accounting firms and other business entities in connection with various claims and disputes.
Before joining Wilson Elser, Kevin worked for 20 years at a small firm in lower Manhattan where he handled a wide variety of legal matters, specializing in commercial litigation, contract drafting and negotiating, breach of contract matters, corporate dissolutions and surrogate court work. He created and ran the intellectual property work in the firm, including filing for and maintaining trademarks and filing for copyrights.
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