Starting Jan. 1, 2024, most companies created in or registered to do business in the U.S. will need to report information on their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA).
The new “beneficial ownership information” rules will affect members, their clients, and employers. The rules are now final, and AICPA’s Tax Practice Team has prepared resources to help members become aware of the reporting requirements – and the severe taxpayer penalties for non-compliance.
In general, most businesses must complete the Beneficial Ownership Information form – both CPA firms and their clients and businesses where members in industry work. This is particularly important for small and medium-sized businesses to be aware of, and many will turn to their CPA for help.
Reporting requirements start in January 2024 and will affect public practice and industry members.
AICPA Member Insurance Program Risk Alert
- Podcast from 12/20/23: Traversing the beneficial ownership information reporting requirements featuring Melanie Lauridsen, Vice President, Tax Policy & Advocacy, AICPA & CIMA; Roger Harris, President and COO, Padgett Business Services, and Larry Gray, Owner, Alfermann Gray & Co. LLC, on the latest about BOI reporting
- AICPA 12/21/23 Town Hall - Overview of ERC and BOI starts at 32:45 in the recording.
- AICPA 1/4/24 Town Hall - Lisa Simpson, AICPA VP of Firm Services, gives an update for practitioners, starting at 29:00 – includes ERC and BOI.
- Journal of Accountancy article 1/1/24 – “Oh BOI: The Corporate Transparency Act and CPA firms”
- AICPA 12/21/23 Town Hall - Overview of ERC and BOI starts at 32:45 in the recording.
For additional information, visit the AICPA Beneficial Ownership Information Reporting Guidance & Resouces page.