CTA: What You Need To Know About The Beneficial Ownership Rules

Overview

As a result of earlier Corporate Transparency Act legislation in 2021, FINCEN has issued rules on beneficial ownership information (BOI) reporting. These rules are

applicable starting in 2024. This program addresses the key compliance issues practitioners should know to advise clients.

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.

Prerequisites

None

Objectives

• Identify key compliance rules on beneficial ownership information (BOI) reporting
• Identify qualifying entities required to file
• Apply key concepts of BOI in order to advise clients on reporting requirements

Highlights

• Recent FINCEN developments
• Review of BOI Small Entity Compliance Guide
• Failure to file penalties
• Six key questions to help comply with the reporting rules
• Issues practitioners must deal with in complying with these rules (e.g., malpractice insurance)