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New Reporting Requirements for Pennsylvania Entities

February 27 @ 9:00 am - 12:15 pm

PBI Simulcast – New Reporting Requirements for Businesses  Formed or Doing Business in Pennsylvania

Counsel to business owners: your client may now be required to submit beneficial ownership reports to the Financial Crimes Enforcement Network (FinCEN), and it will be required to file annual reports with the Pennsylvania Department of State commencing in 2025. 

Part One: Corporate Transparency Act

The Corporate Transparency Act (“CTA”) became effective on January 1, 2024, and impacts millions of small business owners across the U.S. It was created to give certain governmental authorities, law enforcement agencies and financial institutions access to beneficial ownership information to assist with the prevention of financial crimes, including tax fraud, money laundering, and financing for terrorism. 

A byproduct of the legislation, however, is that the CTA places a burden on business owners to comply with the reporting requirements or be penalized for noncompliance.

Business entities formed in the United States (or foreign businesses registered in the United States) between January 1 and December 31, 2024, have 90 days from the secretary of state’s notice that the formation has become effective to file the required report; entities created or registered before January 1 must file by December 31, 2024. Entities created (or registered) after December 31, 2024, will have 30 days from actual or public notice that the company’s creation or registration is effective to file their initial reports with FinCEN. The consequences of not filing on time range from fines to imprisonment. 

Complying with the Corporate Transparency Act: Your Client’s Legal Obligations.

Hear from transactional attorneys as they provide an overview of the CTA and share what every lawyer needs to know to comply with the reporting requirements of the CTA. 

  • Who does the CTA affect?
  • What is a “beneficial owner?”
  • What is a “reporting company?”
  • What is a “company applicant?”
  • Who needs to file, and who is exempt? 
  • What information needs to be filed?
  • The use of FinCen identifiers
  • Implementation and compliance challenges
  • Engagement letters for entity formations
  • Ethical obligations with respect to the new reporting requirements

Part Two: Annual Report Requirement

Beginning in 2025, most Pennsylvania business entities will be required to file annual reports with the Department of State. The new requirement includes entities formed in other states and registered to conduct business in Pennsylvania. The panel will cover the following topics:

  • What entities must file?
  • Contents of the filing
  • The deadlines for filing
  • The consequences of not filing and “administrative dissolution”

Details

Date:
February 27
Time:
9:00 am - 12:15 pm
Event Category:
Website:
https://www.pbi.org/Meetings/Meeting.aspx?ID=46436

Organizer

PBI
Phone
1-800-932-4637
Email
info@pbi.org
View Organizer Website

Venue

Franklin County Bar Association, Conference Room 1
100 Lincoln Way East, Suite E
Chambersburg, PA 17201 United States
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Phone
717-267-2032