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Traversing the beneficial ownership information reporting requirements

The Corporate Transparency Act (CTA), enacted Jan. 1, 2021, requires many entities to file a beneficial ownership information (BOI) report with the Financial Crimes Enforcement Network (FinCEN) beginning in January 2024. Its goal is to increase transparency about who owns or controls an entity and deter money laundering activities.

Tune in to this podcast episode to hear from 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 with regards to BOI reporting.

What you’ll learn in this episode

  • Background on BOI reporting (0:57)
  • Professional risks associated with completing BOI reports for clients (1:50)
  • Advice for CPAs considering an engagement (3:58)
  • Roger’s take on the unauthorized practice of law (UPL) (5:32)
  • Larry’s view on how he’s handling this UPL (7:33)
  • How to communicate to clients about BOI reporting (11:00)
  • Recommendations on managing risks (13:51)
  • How to relay changes that would impact reports to clients (16:40)
  • FAQ from fellow practitioners (19:02)
  • Final thoughts (25:13)

AICPA resources

  Other resources

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