The Corporate Transparency Act is Coming Are You Ready?. 6 September 2023
STEP USA Webinar: The Corporate Transparency Act is Coming
Are You Ready?
- Alan Winston Granwell, Of Counsel, Holland & Knight LLP, Washington, DC
- Megan R. Worrell, Managing Director & Senior Wealth Advisor, J.P. Morgan Private Bank, New York, NY
- Bruce Zagaris, Partner, Berliner, Corcoran & Rowe LLP, Washington DC
The Corporate Transparency Act (CTA) is imminent, coming into force on January 1, 2024. It will impact over 32 million entities formed prior to 2024 and about 5 million entities per year for entities formed thereafter.
The CTA will, require in-scope entities to report (i) identifying information about themselves, (ii) the individuals who directly or indirectly own or control the entity, and, (iii) for entities formed on or after the effective date (1/1/2024), the individual(s) - company applicants -- who helped form/file entity documentation.
Equally significant, for due diligence and compliance purposes, the CTA will require consideration of the content of organizational and transactional documentation in numerous areas, such as corporate, finance, banking, real estate, private wealth, tax and privacy.
Do not overlook that the CTA implicates domestic entities as well as foreign entities registered to do business in a state, irrespective of whether the beneficial owners are U.S. or foreign individuals.
There is much to consider so, are you ready for the CTA?
- How to comply with the CTA’s reporting requirements -- A detailed work stream will be provided for existing and newly-formed Domestic Reporting Companies and Foreign Reporting Companies
- How the content of organizational, transactional documents and other agreements/documents may need to be modified to deal with the CTA.
- An overview of the detailed requirements of several of the more important exemptions to reporting and consideration of whether certain entities may be restructured to come within an exemption
- A deep dive into how common law trusts intersect with the CTA’s beneficial ownership information requirements
- The impact of privacy limitations on beneficial ownership information reporting
- Whether a foreign country can obtain access to beneficial ownership information
There will be ample opportunity for Q&A
Alan Winston Granwell is a tax lawyer with more than 50 years of experience in the area of international taxation. He advises private and corporate clients on cross-border planning, transparency initiatives, controversy, and compliance. He is a former U.S. Treasury Department International Tax Counsel and Director, Office of International Tax Affairs, a Fellow of the American College of Tax Counsel, and the current Program Co-Chair (and former Chair) of the STEP Mid Atlantic Branch.
Megan R. Worrell Megan is a Managing Director of J.P. Morgan Private Bank and a Senior Wealth Advisor for the Global Families Group. She works with clients and their advisors to develop solutions specific to multi-jurisdictional tax planning, liquidity events, succession planning, trust and investment structuring, and family office matters. She has over twenty years of experience with tax compliance and estate planning. Prior to joining J.P. Morgan, Megan was a partner at Duane Morris LLP, where she served as Vice-Chair of the firm’s Private Client team and head of the firm’s International Practice Division.
Bruce Zagaris advises individuals, entities and governments on international business, especially the regulatory and enforcement aspects. He has worked on tax controversy matters, including representing individuals on voluntary disclosures, audits, and litigation, as well as consulting and serving as an expert witness in criminal trials for defendants and the U.S. government. He has also represented foreign governments in international tax and financial services including advising and helping negotiate income tax, tax information exchange agreements, and bilateral investment treaties. Bruce’s practice also includes a substantial amount of money movement issues, especially international ones.