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 $500 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.

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Professional viewing corporate transparency act reporting requirements outlined by CT Corporation

Frequently asked questions about Beneficial Ownership Information reporting

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What is a Beneficial Ownership Information report?
Part of the Corporate Transparency Act passed by Congress in 2021, the Beneficial Ownership Information (BOI) report is a new, federally required report where individuals who directly or indirectly control a company have to identify themselves.
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Who has to file a Beneficial Ownership Information report?
The requirement is rather broad and far-reaching, and it's not always clear who will need to file. FinCEN - the U.S. Department of Treasury's Financial Crimes Enforcement Network -  estimated 32.6 million entities will be required to comply in 2024 alone.
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When is the required filing date for BOI reports, and how do we file?
Reporting companies created or registered before January 1, 2024, must file by January 1, 2025, through FinCEN; those created or registered on or after January 1, 2024, must file within 30 calendar days of receiving notice its creation is effective. 
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How will BOI reporting requirements impact accountants?
Tens of thousands of accounting firms will be impacted by the new requirements, and there are two scenarios that accounting professionals and firms need to consider in regard to BOI reporting compliance. Namely, firm compliance and client compliance.
Next Steps for Your Firm and Your Clients
Is your company required to file a beneficial ownership report? What about your clients?
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Corporate Transparency Act Resources:
Read: What client information will firms need to file for them?
Watch the webinar: BOI reporting under the Corporate Transparency Act

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.
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Exterior of the U.S. Department of the Treasury, whose FinCEN bureau will impose beneficial ownership information reporting requirements for business entities.
FinCEN issues Corporate Transparency Act reporting requirements.
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Small accounting firms are subject to BOI reporting requirements.
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Countdown to compliance: What to know about Beneficial Ownership Information
Countdown to compliance: What to know about Beneficial Ownership Reporting
What business owners and legal professionals need to know and should do to prepare for new Corporate Transparency Act reporting requirements.
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Wolters Kluwer is not a law firm and cannot provide legal advice, including providing advice as to whether any specific entity will be required to file a report. Wolters Kluwer cannot provide its own interpretation of the statute or FinCEN’s final report ruling, however many of the questions can be answered by referring to the text of the final rule, sections of which have been provided where appropriate. You can also direct questions to FinCEN. The phone number of the FinCEN Regulatory Support Section is 1-800-767-2825 and you can email them at [email protected].
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