Preview Mode Links will not work in preview mode

Dec 20, 2023

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

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.