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

CPE: 1 Credit Hour

Join us for this 60-minute Zoom with Erin Bryan, Partner, Dorsey & Whitney LLP for 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.

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.

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.