The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting BOI reports at the beginning of 2024.
The Corporate Transparency Act (CTA), enacted in 2021 to curb illicit finance, requires many companies doing business in the U.S. to report information about the individuals who ultimately own or control them.
The AICPA recently shared several resources to help tax professionals navigate the new beneficial ownership information (BOI) reporting requirement.
The AICPA Member Insurance Program Risk Alert provides information on the CTA and some of the potential professional liability ramifications to CPAs.
Tune in to this podcast episode to hear from Melanie Lauridsen, vice president of tax policy and advocacy at the AICPA & CIMA, Roger Harris, president and COO of Padgett Business Services, and Larry Gray, owner of Alfermann Gray & Co LLC, on the latest with regards to BOI reporting.
The AICPA Town Hall on Thursday, Jan. 4, also addressed important information related to the BOI reporting requirement. Find it on YouTube. Lisa Simpson, vice president of firm services at the AICPA, provides an update for practitioners, starting at the 29-minute mark.
Simpson discussed the BOI reporting requirement at an earlier AICPA Town Hall on Dec. 21, 2023. Skip to the 32-minute mark for her comments.