Proposed Regulations Issued by U.S. Department of The Treasury (FINCEN) Requiring Disclosure of Beneficial Ownership of Existing and Newly Formed Closely Held Legal Entities

Earn 1 CA CLE hour, including Tax Specialization

Tuesday, 1/11, 12:30 pm to 1:30 pm Pacific via ZOOM

This program is FREE for BHBA Members and $25 for Non Members

William K. Norman

Norman & Zak

Stephen A. Mihaly

KFB Rice, LLP

On December 8, 2021, U.S. Department of the Treasury (FinCEN) issued proposed regulations requiring the reporting of beneficial ownership of legal entities formed before, on, or after the effective date of the final regulations. Reporting entities include domestic corporations, LLCs, LPs, general partnerships, statutory trusts and foreign legal entities registered to do business in the U.S. Twenty-three types of entities are exempt; many closely held legal entities are not exempt from reporting. The Treasury estimates that over 30 million existing entities will be required to report; each year roughly 3 million new entities will need to report. Willful violations are subject to a $500 per day civil penalty and criminal fines of up to $10,000 and up to two years imprisonment. Comments to the Treasury are due February 7, 2022. Our panel of experienced practitioners will discuss the proposed regulations.

About the Tax Section

The Tax Section covers all areas of federal, state, and local taxation. As tax issues affect all other areas of practice, this Section often holds joint meetings with other Sections on topics of mutual interest. The section is chaired by Michele F. L. Weiss. Find out more at bhba.org/taxation-law-section

The Tax Law Section is sponsored by:

MCLE CREDIT This activity has been approved for participatory Minimum Continuing Legal Education credit by the State Bar of California in the amount shown above and the Beverly Hills Bar Association certifies that this activity conforms to the standards for approved education activities prescribed by the rules and regulations of the State Bar of California governing minimum continuing legal education.