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Advising Clients on the CTA Without Committing the Unauthorized Practice of Law

ADVISING CLIENTS ON THE CTA WITHOUT COMMITTING THE UNAUTHORIZED PRACTICE OF LAW

Available Date(s)
Monday, November 11, 2024: 9:00AM EST

Cost Free
CPE Credits 1.5 hours
Subject Area 1.5 - Business Law
CE Credits 0.0 hours
Course Level Basic
Instructional Method Group Internet Based
Prerequisites None
Advanced Preparation None
Course Description

Corporate Transparency Act (CTA) filings for entities formed before 2024 are due on or before December 31, 2024. It appears that most of the estimated 32 million Reporting Companies have not yet filed. What role can CPAs and wealth advisers serve in the CTA process without violating the rules against the unauthorized practice of law (UPL)? With input from a practicing CPA and wealth adviser, this webinar will discuss the practical implications of advising on the CTA without violating the UPL rules. 

We will discuss recent guidance issued by three states: Iowa, New Jersey, and Maryland. What sources of information might CPAs review to provide advice? What and to what extent might non-lawyers consider the provisions in governing legal documents? What should be addressed in engagement letters? How can CPAs and wealth advisers draw a safe “line” as to how far they can go (and the rules appear to differ for CPAs and wealth advisers)? Why should CPAs and wealth advisers not merely punt and refuse to offer clients any information on the CTA? These points and more will be discussed. 

Learning Objectives:


  • Recognize how the unauthorized practice of law (UPL) restricts CPAs and wealth advisers from guiding the CTA

  • State what each of the three states (NJ, MD, and IA) who have issued guidance on the UPL and CTA issue say

  • Outline what should CPAs in other states do and how can they interpret and apply this guidance

  • Identify what are exemptions from UPL, what guardrails are typically put on UPL exemptions, and what should CPAs do based on this

  • Summarize what insurance carrier implications are key to consider on UPL Issues

Martin Shenkman

Shenkman Law
Dual Practitioner, Financial Planner
[email protected]
(201) 845-8400

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Martin M. Shenkman, CPA, MBA, PFS, AEP (distinguished), JD, is an attorney in private practice in Fort Lee, New Jersey, and New York City, New York, with Shenkman Law. His practice focuses on estate and tax planning as well as planning for closely-held businesses and estate administration. Throughout his career, Mr. Shenkman received awards and acknowledgments from the New Jersey Bar Association, Worth Magazine, CPA Magazine, the American Cancer Society, and the AICPA. Mr. Shenkman holds a Bachelor of Science from the Wharton School at the University of Pennsylvania, an MBA from the University of Michigan, a law degree from Fordham University School of Law. He is admitted to the bar in New York, New Jersey, and Washington D.C.

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Walter works in tax areas involving high net worth clients, estates, trusts, charitable planning and exempt organizations. As past deputy executive director of New York’s CPA Society, he led the Society’s programs for professional practice issues with members, and in Albany and Washington. Walt was instrumental in developing New York’s LLC/LLP laws. Both Connecticut and New Jersey used this work to enact their LLC statutes. 

Walt “grew up” in his family’s CPA firm, where he advised successful business owners and served the full range of middle income through ultra-high-net-worth clients. A frequent speaker and writer, Walt received the respective CPA Journal and The Tax Advisor “Max Block” and “Article of the Year” awards. Walt chairs several nonprofit audit committees and is Co-President of UJA/JCC Greenwich.

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Larry J. Rybka joined Valmark in 1987 and became President and Chief Executive Officer twelve years later in 1999. In 2019, Larry became Chairman and Chief Executive Officer of Valmark. Under his leadership, the company has experienced revenue growth of 20X. Larry’s tenure at Valmark has been marked by working with advisors in creating innovative solutions to better serve clients and proactively anticipating regulatory challenges to improve client outcomes.

Larry’s industry leadership includes terms on the Boards of AALU, the MDRT Foundation, The University of Akron Foundation, and Arise Rwanda Ministries.

Larry is a noted speaker and author of over a dozen articles published in numerous industry journals. Two of his articles were recognized with industry awards: the Journal of the American Society of CLU and ChFC’s Author Award as well as the CFP Board’s Article Award. He has also co-authored two books, Tools & Techniques of Life Settlement Planning with Steve Leimberg and Life Insurance 10X. Other notable industry recognition includes induction into the NAEPC Estate Planning Hall of Fame®, recipient of the American Award from Lincoln Financial Group for lifetime contributions to the industry, and Finance Professional of the Year from The University of Akron.

Larry is credited locally with working alongside the University of Akron to create one of the first financial planning programs within the Finance Department at the University of Akron’s College of Business. Over the years, Larry and Valmark have worked closely with the University of Akron to improve and grow the program. Valmark has been rewarded for that effort with over 40 professionals joining Valmark’s internal team from the program.

Larry earned a bachelor’s degree in finance from the University of Akron, graduating with Honors, and a Juris Doctorate from Wake Forest University.

Larry and his wife, Wendy, reside in the Akron area and have four adult children and one grandchild.

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About Our Presenter

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Shenkman Law is a boutique firm focused on the legal needs of high-net-worth individuals, professionals, close business owners, and real estate owners and developers. They provide creative legal solutions to help clients meet complex or seemingly contradictory personal, business, financial, and tax goals, and pride themselves on treating clients with thoughtful care—just like members of our own families.