Coalition Calls Attention to New Beneficial Ownership Information Reporting Requirements
Washington, D.C. (May 15, 2023) – The American Institute of CPAs (AICPA) joined a coalition of organizations who have come together to make taxpayers and practitioners aware of the new Beneficial Ownership Information (BOI) reporting requirement. BOI is an anti-money laundering initiative enacted through the Corporate Transparency Act (CTA) in 2021, which mandates that BOI information is reported to the Financial Crimes Enforcement Network (FinCEN). It is estimated that there will be 32.6 million filings in 2024, and 5-6 million filings each year thereafter, with the potential for steep penalties for the taxpayer.
“We are highly concerned that many business owners are unaware of this filing requirement. Small businesses are the backbone of our economy, and we want to ensure they understand their reporting obligations,” said Melanie Lauridsen, Director for Tax Practice & Ethics with the AICPA. “We have collaborated with the organizations represented to ensure we have the largest scope possible to reach millions of affected taxpayers. This coalition has come together because we all feel awareness is critically needed.”
The coalition includes the following organizations: AICPA, Latino Tax Pros, National Association of Black Accountants, Inc. (NABA), National Association of Enrolled Agents (NAEA), National Association of Tax Professionals (NATP), National Conference of CPA Practitioners (NCCPAP), National Society of Accountants (NSA), National Society of Black Certified Public Accountants, Inc. (NSBCPA), National Society of Tax Professionals (NSTP), Padgett Business Services, the Diverse Organization of Firms (DOF), H&R Block and Prosperity Now.
Click here for a one -pager on the CTA's BOI reporting requirement.
Click here for FAQ's related to BOI.