Join the Government Contracting SIG for the following meeting.
Topic: The “Corporate Transparency Act” - Introduction to the New Federal Law
Objectives:The “Corporate Transparency Act” is an act enacted by Congress as part of efforts by the United States federal government to combat illegal activity, terrorism, money laundering and other illicit acts by mandating certain disclosures about entities operating or conducting business in the United States. This Act was enacted as part of the National Defense Authorization Act for Fiscal Year 2021 (HR 6395, PL 116-283) which became law when Congress overrode President Trump’s veto on January 1, 2021. The Act will:
· Mandate disclosure of beneficial ownership of entities to federal tax, law enforcement and national security agencies in order that illicit activities can be identified and tracked;
· Assist Financial Institutions and others subject to “know your customer” and similar legal obligations with compliance;
· Facilitate US government participation and fulfillment of reciprocal international obligations under the Financial Action Task Force (FATF)
· By December 31, 2022 the FAR must be amended to require all Reporting Companies to disclose the same beneficial ownership information as part of any bid or proposal for government contracts exceeding the simplified acquisition threshold under 41 USC 134 (currently $250,000).
The program will provide an overview of the provisions of the Act, and the new record keeping and reporting requirements anticipated to be imposed, and the expected timeline for regulatory implementation.
Benefits: 1 hour of CPE(offered to Northern Chapter VSCPA members; guests pay $15)
Time: Speaker starts at 8:00 AM, done by 9:30 AM
Speaker:Robert B. Webb III, Miles & Stockbridge PC
Bob Webb is a corporate lawyer with extensive experience providing counsel to commercial enterprises and handling business and financial transactions. Bob has represented a wide array of businesses over the course of his career including technology, government contractor, real estate and healthcare companies. He currently devotes a significant part of his practice to information technology and government contracting related businesses. Bob has practiced in Fairfax County since 1981.
· BA, MBA, and JD degrees from the University of Virginia
· 40 years practice in the Greater Washington DC metro region