Beneficial Ownership Information Reporting: Resources for TSCPA Members
On Jan. 1, 2024, the beneficial ownership information (BOI) reporting requirement, an anti-money laundering initiative enacted in 2021 through the Corporate Transparency Act, went into effect for entities across the United States. The requirement mandates that information about an entity’s beneficial owners, i.e., the individuals who ultimately own or control it, be reported to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) with the goal of reducing money laundering, tax fraud and other illicit activities. The requirement applies to most companies, with FinCEN estimating about 32.6 million BOI filings in the first year of implementation.
With the new reporting requirement affecting many of our members’ organizations and clients, TSCPA is dedicated to providing education, resources and the latest updates about this issue. Over the past months, TSCPA has actively engaged with the AICPA and other state CPA societies to urge Congress to delay the BOI reporting requirement. As TSCPA is not a regulatory or standard-setting body and not in a position to issue authoritative guidance on BOI reporting, we have compiled the following list of resources to help members make informed decisions about this requirement.
TSCPA Resources
On Demand CPE:
- Corporate Transparency Act
- Guide to the Corporate Transparency Act for Accounting and Finance Professionals
Articles and News:
- "TSCPA Joins AICPA in Letter To Voice Concerns With BOI Rollout and Request Delay of Enforcement" (April 9, 2024)
- "Beneficial Owner Reporting: Our Role as Trusted Advisors" (March/April 2024 Tennessee CPA Journal)
- "Corporate Transparency Act/Beneficial Ownership Information Reporting – Risk Management Considerations for CPA Firms" (September/October 2023 Tennessee CPA Journal)
Other Resources:
AICPA Resources
- AICPA & CIMA BOI reporting resources
- Coverage Considerations: Services Related to the Corporate Transparency Act – Information from the AICPA's professional liability insurance program underwriter CNA
- FAQs: BOI reporting services and other practice concerns
FinCEN Resources
Other Resources
TSCPA will continue to advocate for the best interest of our members and their clients regarding beneficial ownership information reporting and will continue to provide updates on this issue. To discuss any questions or concerns, please contact the society at 615-377-3825 or tscpa@tscpa.com.