June 2024 Client Care Program - The Corporate Transparency Act and "Antiques Road Show"

Steve Elville and Elville and Associates are pleased to invite you to your second quarter Client Care Program Continuing Legal Education Event, to be held at Anne Arundel Community College’s Arnold campus (John A. Cade Center for Fine Arts, room 219) on Saturday, June 15th from 10 a.m. to noon.
Our primary presentation and featured guest will be Mr. Todd Peenstra, Owner of Peenstra Antique Appraisals. Todd has 30 years of experience in the antiques and appraisals arenas, and is widely recognized as one of the preeminent appraisers in the country. We invite you to join us as Todd shares a brief overview of his work, and the majority of Todd’s time will be spent sharing his thoughts on pieces you, our members, bring to the event for him to look at for you! Do you have a valuable item you’ve been wondering about for years? Perhaps a family heirloom music box or clock? Glassware or jewelry? Artwork? Whatever it may be - Todd will gladly give you his thoughts on its value!
Steve Elville and Gary Greenwald will also offer a brief presentation titled “Reporting Requirements Under the Corporate Transparency Act.” Effective January 1, 2024, the Corporate Transparency Act (CTA) requires many business entities - such as corporations, limited liability companies (LLCs), and other similar entities - formed or operating in the United States to file Beneficial Ownership Information Reports (BOIR) with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.
The CTA is part of the National Defense Authorization Act and includes significant reforms to anti-money laundering laws and is intended to help prevent and combat money laundering, terrorist financing, corruption, and tax fraud. It 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 five million newly formed businesses per year going forward.
Topics include:
• Background about the CTA
• What are “Reporting Companies,” Company Applicants,” and “Beneficial Owners?”
• Who must file a “Beneficial Ownership Information Report (BOIR)?”
• What must be reported to the Financial Crimes Enforcement Network (FinCEN)?
• What are the exemptions?
• What steps must one take to comply?
• Filing deadlines and potential pitfalls, compliance and penalties