The Corporate Transparency Act presents a significant opportunity for accounting firms.
Starting January 01, 2024, an estimated 33 million businesses must file a Beneficial Ownership Information report to be in compliance with the Corporate Transparency Act..
Compliance is mandatory, and companies that do not file face potential fines of $591 per day they are not in compliance and even jail time.
However, there is a silver lining in these new reporting requirements. Well-prepared accounting firms can enhance their current client engagements and grow their client base if they take advantage of the opportunity presented in the Corporate Transparency Act and Beneficial Ownership Information reporting requirements.
Frequently asked questions about Beneficial Ownership Information reporting
Next steps for your firm and your clients
Is your company required to file a beneficial ownership report? What about your clients?
Additional Beneficial Ownership Information resources
What public accounting firms and accounting professionals need to know about the Corporate Transparency Act and Beneficial Ownership Information Reporting.
The CTA presents significant opportunities for accounting firms.
The CTA presents significant opportunities for accounting firms." href="/hu-hu/expert-insights/the-corporate-transparency-act-presents-significant-opportunity-for-accounting-firms">Read the ArticleFinCEN issues Corporate Transparency Act reporting requirements.
Read the ArticleSmall accounting firms are subject to BOI reporting requirements.
Read the ArticleeBook: Beneficial Ownership Information Reporting for Tax & Accounting Professionals
Beginning in 2024 all domestic and foreign reporting companies will have to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN) established under the Corporate Transparency Act.
This ebook will help you determine if an entity is a reporting company, identify the information that you will have to report in the initial BOI report, and understand key definitions and dates.
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