May 17, 2023
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). In 2024, 32.6 million entities should submit their initial BOI reports with approximately 5 million initial BOI reports filed each year thereafter. The AICPA, as part of a coalition, calls attention to the new BOI reporting requirements to taxpayers and practitioners.
Listen in as Art Auerbach, CPA and Andy Mattson, CPA, Tax Partner — Moss Adams LLP, delve into the 5 Ws (who, what, where, when and why) of BOI reporting with April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA to help raise awareness that is critically needed.
What you’ll learn in this episode
- Why is BOI important? (0:54)
- Who must file and who is exempt? (2:55)
- When must entities file? (8:01)
- What are the reporting obligations? (11:04)
- Where to file (what agency) and other concerns, including the potential for unauthorized practice of law? (15:00)
- Resources to help (21:59)
- Final thoughts (22:32)
- A page from Art and Andy’s travel journals (24:56)
Related resources
- AICPA BOI reporting resources — Access resources (FAQs, summary of data fields, advocacy efforts, etc.) to learn about the BOI reporting requirement under FinCEN’s CTA.
- FinCEN BOI reporting resources — FinCEN resources on reporting requirements, fact sheets and FAQ.
Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices.
This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.