Many small, privately owned businesses now need to file reports under the Corporate Transparency Act (the “Act”). This law requires them to submit details about their “beneficial owners” to FinCEN. These beneficial owners can include individuals who are direct owners of the business, individuals who control the business through a trust, such as trustees and trust investment directors and beneficiaries of those trusts. Advisors who set up the business also may need to file.
We invited a select group of experts to be panelists at our recent webinar to discuss how families, family offices and their advisors can handle the Act’s complex reporting requirements and explore legal developments surrounding it. Considering the important implications these changes have for all UHNW families and their advisors, we made the webinar available to non-members.
During the webinar, the panel discussed:
- The Act and its implications for entities, including rules, exemptions and FinCEN reporting requirements.
- Compliance challenges and strategies for navigating the complexities of the Act.
- The significance of obtaining FinCEN identifiers for family members and key staff impacted by the Act.
- The role of CRM systems in managing client and entity information for compliance with the Act.
- Practical considerations for family offices in preparing for and complying with the Act’s reporting requirements.
- The importance of consulting with legal and accounting professionals to ensure accurate and compliant reporting.
- The potential impact of state-level reporting regimes and how they may interact with federal Act requirements.
- Case studies and real-life scenarios to illustrate the application of the Act’s rules and exemptions.
This in-depth webinar emphasized the need for proactive planning and internal controls for family offices and advisors to effectively navigate the Act’s complexities.
The full video replay of this live webinar is available for UHNW Institute members in the Resource Library here and on the event’s dedicated member portal page here. If you are not a member and want to learn about The Institute, please click here.
Thanks again to our moderator, Wally Head, and the panelists:
Daniel Bell, Partner, McDermott Will & Emery LLP
Pamela Grewal, Managing Director, Andersen U.S. National Tax Office
Gillian Nagler, VP – Trust Services, Briar Hall LLC
David Wells, Managing Director, Greycourt & Co., Inc.
