Attorney to examine 'Corporate Transparency Act' in webinar May 31

The Taxation Section of the State Bar of Michigan will present the webinar “Corporate Transparency Act: Nowhere Left to Run, Nowhere Left to Hide” on Wednesday, May 31, from noon to 1 p.m. via Zoom.

Corporate Transparency Act (the “CTA”) requires “Reporting Companies” such as corporations, limited liability companies, partnerships, and indirectly trusts, to report specific information regarding their “Beneficial Owners” and “Company Applicants” to the U.S. Treasury Department’s Financial Crimes Enforcement Network (”FinCEN”) to prevent use of shell companies from evading AML rules or hiding other illegal activities. The reporting becomes effective January 1, 2024, so all practitioners who advise on estate and business planning, entity formation and governance, and general business counseling, need to be prepared.

Topics to be addressed during the webinar will include:

• Legislative Overview
• Purpose and General Requirements
• Who is Required to Report
• Exemptions to Reporting
• Information to be Reported, including Applicants
• Due Dates for Reports
• Penalties
• Case Study and FAQs

Presenting at the webinar will be Raj A. Malviya, a partner in the Private Client practice group at Miller Johnson in its Grand Rapids, Kalamazoo, and Detroit offices. Malviya is a past member of the Probate and Estate Planning Council of the SBM, and was chair of the Tax Committee and a member of the Uniform Principal and Income Tax Act and Directed and Divided Trustees Sub Groups. He was named as a Fellow of the Real Property Trust and Estate Division of the American Bar Association, and elected as a member of The Dennis I. Belcher Young Leaders Program.

Malviya is a Fellow of the American College of Trust and Estate Counsel (ACTEC) and is recognized in Best Lawyers of America (Lawyer of the Year in Michigan for 2020 in Tax Law and Trusts & Estates), Michigan Super Lawyers, and Chambers High Net Worth Guide. He is an active member of the International Estate Planning and Income and Transfer Tax Groups of RPTE and the International Estate Planning, FATF, and Fiduciary Income Tax Committees of ACTEC.

To register for the free webinar, visit https://connect.michbar.org/tax/home.