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Proposed Regulations Issued by U.S. Department of The Treasury

$45

FREE FOR BHBA MEMBERS

Join first, then login to BHBA+ to access this program.

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Credit Details
Credit Hours:
1.25
Specialty Area:
Taxation Law
Credit Type:
General
Original Air Date:
January 11, 2022
Accredited In:
California

You may be able to self apply for credits in states not listed. BHBA provides CLE accreditation as described above. 

About the Program

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 discussed the proposed regulations.

Meet the Speakers
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Stephen Mihaly

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Attorney, KFB Rice, LLP

Stephan Mihaly, attorney at KFB Rice, LLP, California State Bar Certified Specialist in Taxation Law and California State Bar Certified Specialist in Estate Planning, Probate & Trust Law, has been specializing in the field of domestic and international business and tax law for more than 35 years. He has been a member of international law firms, accounting firms and boutique tax law firms. He represents domestic and foreign privately held U.S. companies and high net worth U.S. and foreign clients and their families in outbound and inbound transactions focusing on structuring and implementing income, estate and succession plans to minimize U.S. and foreign income and transfer taxes. He also represents clients in international and domestic tax controversy matters.

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William K. Norman

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Senior Partner, Norman & Zak Attorneys at Law

William K. Norman is a Partner of the Southern California tax law firm of Norman & Zak. He is a Certified Specialist in Taxation Law (State Bar of California Board of Legal Specialization). He is admitted to practice in California and Wyoming and has practiced tax law for over 35 years. His practice is focused on international tax and business law.

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This program is free for members at the Sustainer or higher level and OnDemand subscribers. Economy members pay the full rate. Join first, then login to BHBA+ to access this program.

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