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STEVEN TOSCHER, SANDRA BROWN and EVAN DAVIS to Speak at Upcoming CalCPA Webinar – Updated

We are pleased to announce that Steven Toscher, Evan Davis, and Sandra Brown will be speaking at the upcoming CalCPA webinar “New Corporate Transparency Act: The World is Changing” Tuesday, March 19, 2024, 9:00 a.m. – 10:00 a.m. (PST).

On January 1, 2021, Congress enacted the National Defense Authorization Act for Fiscal Year 2021 (NDAA). Contained within the NDAA is the Anti-Money Laundering Act of 2020 (the AMLA), which introduces extensive reforms to U.S. anti-money laundering (AML) and counter-terrorism financing (CFT) laws. Within the AML, Congress passed the Corporate Transparency Act (CTA). The CTA requires certain corporations and limited liability companies (reporting companies) to disclose beneficial owner information to FinCEN and update ownership information within one year of any changes. More than 32 million entities are estimated to be affected and required to file.

While the reporting requirements became effective January 1, 2024, in March, a Federal District Court held the reporting requirements of the CTA were unconstitutional.  While this decision may appear to lessen the requirements for compliance in the short term, since noncompliance can result in civil and criminal liability and in light of the government having now filed its Notice of Appeal, an awareness of and best efforts in continuing compliance with these new reporting obligations, should be considered by corporations, limited liability companies, limited partnerships, and any entity whose existence is created by the filing with a Secretary of State in any state.

Join our panelists for a discussion on what is next.

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