Parag Patel Esq. Speaks at NJCPA Seminar on”The Corporate Transparency Act: What You Need To Know”

Parag Patel Esq. was a featured speaker at a New Jersey Society of Certified Public Accountants (NJCPA) Seminar entitled “The Corporate Transparency Act: What You Need To Know”. You may email our office to receive the seminar materials.

Seminar descriptions is below:

“The Corporate Transparency Act: What You Need To Know” .

The Corporate Transparency Act (CTA) will require certain entities – such as corporations, limited liability companies (LLCs) and other similar entities – to report to the federal government identifying information about the individuals who directly or indirectly own or control a company within scope of the new legislation.

The CTA, which enters into force on January 1, 2024, is the first ever federal legislation requiring the reporting of beneficial owners and is expected to impact more than 32 million existing businesses and over 5 million newly formed businesses per year going forward. We will address what you need to know to comply with the CTA.

Topics include:
Background
What is a reporting company?
What entities are out of scope?
What entities are exempt from reporting?
Who is a beneficial owner?
Who is a company applicant?
What information must be disclosed in a report?
What is a Financial Crimes Enforcement Network (FinCEN) identifier?
When are reports due?
What are the penalties for noncompliance?
What steps should one take to comply?
What’s next?

Experienced tax attorney Parag Patel has handled hundreds of complex tax matters for clients.

The New Jersey Society of Certified Public Accountants (NJCPA) is the largest professional organization serving the needs of Garden State CPAs and aspiring CPAs. With a membership of more than 14,000, the NJCPA represents the majority of New Jersey CPAs in public practice, business & industry, government and education. We support our members through a variety of education, networking, leadership and volunteer initiatives. The NJCPA offers more than many continuing education programs annually to help members increase their value to their clients, companies or organizations and to help CPAs meet their education requirements. Eleven chapters and numerous committees and interest groups made up of hundreds of CPA volunteers develop programs and address issues to help all members be successful professionals.

Patel Law Offices offers a strategy session to discuss how to resolve your legal problem. Conveniently schedule online today with our online scheduler and questionnaire.