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.
For additional information, visit the AICPA Beneficial Ownership Information Reporting Guidance & Resouces page.