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The Corporate Transparency Act may require small businesses to report information about their ownership to the government. Bill Wiersema returns to M&A Talk to discuss the positive aspects of the CTA and the challenges it presents to small business owners. Designed to combat illicit activity and funding for terrorism operations, Bill discusses who is impacted, what information is gathered, the limitations of how the information is used, concerns to be aware of, and the enforcement mechanisms that are in place.
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“It’s very important that small business owners become educated about the rules around the CTA because it is in effect as of January 2024. The report needs to be filed within 90 days of forming a new entity, and rules apply to existing businesses, and there is some strict enforcement to make sure that people comply.”
Bill Wiersema
| 1:32 What is the Corporate Transparency Act (CTA), and how does it help combat terrorism? |
| 4:00 How will the CTA affect M&A transactions? |
| 5:25 An overview of what the CTA requires and who it impacts. |
| 7:15 What government agency is overseeing the CTA? |
| 10:11 What types of crime is the CTA working to eliminate? |
| 12:19 How do terrorists use business entities to disguise what they’re doing? |
| 13:15 Who is affected by the reporting requirements under the CTA? |
| 18:21 How does the CTA affect the trend toward transparency in business dealings? |
| 20:20 Which companies are required to file the Beneficial Ownership Information Report, and which companies are exempt? |
| 24:45 What are the biggest concerns around the CTA? Are there any elements of relief in the act? |
| 27:06 How does the U.S. rank globally in terms of privacy and transparency? |
| 30:31 Was there a particular event that prompted the implementation of the CTA? |
| 32:10 What is the most important message for small business owners to remember? |
Tax Attorney
Bill Wiersema is an Audit Principal with Miller, Cooper & Co., specializing in M&A financial due diligence, and author of several books on finance. He has assisted international entities across Asia, Europe, and Latin America. His clients include middle-market companies, private equity groups, and financial institutions. Bill has extensive experience assisting sellers across diverse industries in preparing for sale, conducting due diligence, creating business plans and projections, assisting in negotiations with financial institutions, and advising clients on post-acquisition financial issues.
Bill is a frequent speaker, presenter, and contributor for various organizations and publications, including the Alliance of M&A Advisors (AM&AA) and the Chicago Bar Association. He is a graduate of Economics from Northwestern University, and before joining Miller, Cooper, Co., he was a Graduate Fellow in Accounting at the University of Illinois. Bill serves on the Midwest Chapter Committee of the AM&AA. He is a member and has served on the Board of Directors of the Association for Corporate Growth (ACG) and the Midwest Business Brokers and Intermediaries. He is a member of the AICPA and the ICPAS.
Location:
Chicago, USA
LinkedIn:
www.linkedin.com/in/billwiersema
Website:
www.millercooper.com
Email:
[email protected]
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