Beneficial Ownership Information Reporting  

Beginning January 1, 2024, the beneficial ownership information reporting requirements mandated by the 2021 Corporate Transparency Act will be phased in over a two-year period. Under these new rules, covered entities must report specified information about certain owners and officers to the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) and must timely update any changes. Failure to comply with these requirements can result in significant penalties. This course provides critical information on the reporting requirements mandated by the 2021 Corporate Transparency Act for beneficial owners of business entities. The course addresses: penalties for failing to comply, who must report, company applicants, beneficial owners, substantial control, and reporting.