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Art Werner: Corporate Transparency Act and FinCEN Reporting | Quick Tax Tip

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Manage episode 462499265 series 2907093
Contenuto fornito da CPA Trendlines. Tutti i contenuti dei podcast, inclusi episodi, grafica e descrizioni dei podcast, vengono caricati e forniti direttamente da CPA Trendlines o dal partner della piattaforma podcast. Se ritieni che qualcuno stia utilizzando la tua opera protetta da copyright senza la tua autorizzazione, puoi seguire la procedura descritta qui https://it.player.fm/legal.

Helping clients with these filings isn’t just a responsibility—it’s a chance to enhance your practice and grow your billable hours.

Quick Tax Tip

With Art Werner

CPE Today

Today, tax professionals are navigating an increasingly complex landscape, where compliance extends beyond the familiar Internal Revenue Service (IRS), including FinCEN and the Financial Crimes Enforcement Network. A division of the U.S. Treasury Department, FinCEN gained prominence after 9/11 to combat organized crime, money laundering, drug trafficking, and terrorism. While tax professionals may already be familiar with FinCEN Form 114 for reporting foreign financial accounts, new requirements under the Corporate Transparency Act are reshaping the compliance responsibilities of tax advisors.

Click here for more Art Werner

Effective January 1, 2024, the Corporate Transparency Act (CTA) introduces new reporting requirements to increase corporate ownership transparency. Tax professionals must now help clients identify and report the beneficial owners of their companies. This information must be updated whenever there is a change in ownership, making ongoing compliance a critical concern.

  continue reading

298 episodi

Artwork
iconCondividi
 
Manage episode 462499265 series 2907093
Contenuto fornito da CPA Trendlines. Tutti i contenuti dei podcast, inclusi episodi, grafica e descrizioni dei podcast, vengono caricati e forniti direttamente da CPA Trendlines o dal partner della piattaforma podcast. Se ritieni che qualcuno stia utilizzando la tua opera protetta da copyright senza la tua autorizzazione, puoi seguire la procedura descritta qui https://it.player.fm/legal.

Helping clients with these filings isn’t just a responsibility—it’s a chance to enhance your practice and grow your billable hours.

Quick Tax Tip

With Art Werner

CPE Today

Today, tax professionals are navigating an increasingly complex landscape, where compliance extends beyond the familiar Internal Revenue Service (IRS), including FinCEN and the Financial Crimes Enforcement Network. A division of the U.S. Treasury Department, FinCEN gained prominence after 9/11 to combat organized crime, money laundering, drug trafficking, and terrorism. While tax professionals may already be familiar with FinCEN Form 114 for reporting foreign financial accounts, new requirements under the Corporate Transparency Act are reshaping the compliance responsibilities of tax advisors.

Click here for more Art Werner

Effective January 1, 2024, the Corporate Transparency Act (CTA) introduces new reporting requirements to increase corporate ownership transparency. Tax professionals must now help clients identify and report the beneficial owners of their companies. This information must be updated whenever there is a change in ownership, making ongoing compliance a critical concern.

  continue reading

298 episodi

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