The Corporate Transparency Act (CTA), enacted in 2021, requires millions of entities to report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This requirement applies to both domestic and foreign entities, with specific exclusions. Although these filing obligations are not typically part of standard service engagements, many clients may have entities subject to these requirements and will seek your guidance on compliance. Therefore, it is crucial to understand the requirements and proactively inform your clients.
Learning Objectives
• Determine how BOI reporting affects you and your clients.
• Recognize entities for which BOI may be required.
• Identify situations where you should inform your clients of this issue.
Major Topics
• Entities subject to BOI reporting.
• Deadlines for reporting.
• Practitioners
• responsibilities.
• Recommendations for advising your clients.
