New Corporate Transparency Act Developments & Proposed FinCen Reporting Requirements for Real Estate Sellers

Overview

U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN) imposed a new reporting requirement that went into effect on January 1, 2024. Millions of businesses may have to file a Beneficial Ownership Information (BOI) Report. In a surprise turn of events, the Federal District Court From the Northern District of Alabama ruled on March 1, 2024 in National Small Business United v. Yellen ("NSB") that the CTA is unconstitutional. This course will discuss the CTA's provisions & the court's decision in NSB. Also covered will be future implications for business entities & steps to consider given the recent ruling.

We will also discuss recent proposed rulemaking by FinCen with respect to nonfinanced purchases of residential real estate & gratuitous transfers so that businesses can prepare for any additional reporting burdens that might arise.

Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab & submit to kori.herrera@acpen.com.