The Corporate Transparency Act: New Reporting Requirements and Implications for Cooperatives

Date: Wednesday, February 7, 2024
Time: 01:00 PM ET / 12:00 PM CT / 11:00 AM MT / 10:00 AM PT [Prevailing Time]
Presenter: Erin Bryan, Partner, Dorsey & Whitney LLP
Moderator: Wayne Sine, CPA, Education Director, National Society of Accountants for Cooperatives
Learning Objectives:
• Understanding the Corporate Transparency Act (CTA):
Participants will gain a thorough understanding of the CTA, its legislative background, and the key provisions that necessitate beneficial ownership information (BOI) reporting.
• Navigating BOI Reporting Requirements for Cooperatives:
Attendees will learn the specifics of BOI reporting applicable to cooperatives, including the information required, deadlines, and exemptions.
• Mitigating Risks:
Participants will explore strategies to mitigate risks associated with non-compliance, understanding the potential legal and financial consequences.
Field of Study: Business Law
Program Level: Basic
CPE Credit: 1 Credit Hour
Delivery Method: Group Internet-based
Prerequisite(s): No advanced preparation or prerequisites are required for this course.
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Course Description

This course will provide a comprehensive overview of the Corporate Transparency Act (CTA) and its implications for cooperatives as new reporting requirements come into effect on January 1, 2024. With the aim of combating money laundering, tax fraud, and illicit activities within U.S. businesses, the CTA mandates that reporting companies, including cooperatives, submit beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). The session will delve into the specifics of the BOI Regulations, the entities required to file, and potential penalties for non-compliance. Cooperatives, as democratically owned and governed businesses, will gain valuable insights to ensure adherence to the new regulations and mitigate risks associated with non-compliance.

Presenter and Moderator Bios

Presenter: Erin Bryan, Partner, Dorsey & Whitney LLP

Erin is a Co-Chair of the Firm’s Consumer Financial Services Group. She is also a member of the Firm’s Technology Industry Group and Finance & Restructuring Practice Group. Erin is passionate about identifying innovative legal solutions for her clients. She draws on her prior in-house experience as a Senior Corporate Counsel for one of the largest banks in the United States in order to anticipate her clients’ evolving business needs and tailor her legal services to their specific goals.

Erin’s regulatory and compliance practice includes advising clients on anti-money laundering laws, cannabis regulations, collections, consumer lending, consumer loan servicing, credit reporting, default servicing, the Dodd-Frank Act, earned wage access products, electronic banking, financial technology, government examination/supervision, licensure, mortgage (origination, servicing, and warehouse lending), and privacy. Her default and bankruptcy practice includes bankruptcy litigation, consumer bankruptcy compliance, lien enforcement, receiverships, and out-of-court commercial workouts.

Moderator: Wayne Sine, CPA, Education Director, National Society of Accountants for Cooperatives

Wayne Sine is an experienced and highly knowledgeable professional in the field of Tax. Wayne recently retired as Tax Director from his company, Southern States Cooperative. He has extensive experience working with agricultural cooperatives and has been a long-time member of the NSAC. He is extremely active in the NSAC, serving as both past Chapter President of the Atlantic Chapter, and past Chair of the Tax Committee, and is currently serving as the NSAC Director of Education. Wayne's career is marked by several accomplishments, and he has always been involved in many organizations, spreading his knowledge. Wayne is a member of the Legal, Tax, and Accounting (LTA) Committee for the National Council of Farmer Cooperatives. He is also Past Chair of both the Tax Committee of the Virginia Chamber of Commerce and the Virginia Manufacturers Association. Wayne also served on the Tax Policy Committee at the Virginia Society of CPAs and served as past Region Vice President for the Tax Executives Institute.

Cost
Free for NSAC Members / $56.00 for Non-Members

Delivery System

• All programs are delivered using the Zoom platform.
• Confirmations will include log-in instructions.
• Participants are able to participate using any device with an Internet connect (if the device does not have speakers, the participant can also dial-in) or they can participate with audio only by dialing in.
• All registrants will receive a link to the CLN’s recording by email within 48 business hours of event’s conclusion.
• There will be assistance available to help with technical and connectivity issues up to 10 minutes prior to the start of the presentation.

Registration

All registration is done on-line and each guest must provide their name and email address to participate. All NSAC members may register for free. Non-members may register for a nominal fee.

Refund Policy

NSAC will not issue refunds for CLNs. If a registrant is unable to participate in the CLN and provides notification to info@nsacoop.org 48 hours prior to the session, a credit will be provided for a future CLN. Alert the NSAC staff member monitoring the CLN if technical difficulties are encountered and technical support will be provided to eliminate problems with future CLNs.

Additional Information

Live participation is required for CPE credit and polling questions must be answered to document your active participation. All registrants will receive an email following the session with links to the slides and/or handouts, and a link to the CLN recording (unless otherwise stated). If you are unable to participate in the live session, you can still watch the recorded session, but you will not be eligible for CPE credits. Those eligible for credits will receive their certificate by email with 7 business days.

For more information regarding NSAC CLNs or administrative policies such as complaint and refund, contact the NSAC Headquarters, 7946 Clyo Road, Suite A, Centerville, OH 45459, 937-222-6707, or info@nsacoop.org.