The AICPA recently joined a coalition of organizations that wants to make taxpayers and practitioners aware of the new Beneficial Ownership Information (BOI) reporting requirement.
The BOI reporting requirement is an anti-money-laundering initiative enacted through the Corporate Transparency Act that mandates reporting BOI to the Financial Crimes Enforcement Network (FinCEN), starting Jan. 1, 2024.
FinCEN estimates there will be 32.6 million filings in 2024, and between 5 to 6 million filings every year after that, with the potential for steep penalties for the taxpayer.
“We are highly concerned that many business owners are unaware of this filing requirement,” said Melanie Lauridsen, the AICPA’s director for tax practice and ethics. “Small businesses are the backbone of our economy, and we want to ensure they understand their reporting obligations.”
The coalition of organizations includes the National Association of Black Accountants, Latino Tax Pro, National Association of Enrolled Agents, National Association of Tax Professionals and many more.