Starting January 1, 2024[1], a significant number of businesses will be required to comply with the Corporate Transparency Act (“CTA” or “the Act”). The Financial Crimes Enforcement Network (“FinCEN”) estimates that in the first year approximately 32.6 million [2] businesses will need to comply with the Act and report information related to the business’ owners, officers, and controlling persons.

Aon has produced a Risk Alert to provide information on the Act and on some of the potential professional liability ramifications to CPAs. This Alert does not provide legal analysis or legal advice, but instead general facts and risk management advice on some anticipated situations CPA firms may face. The law is new and limited interpretative guidance is currently available. All CPA firms are encouraged to read this Risk Alert to gain a general understanding of the Act and potential professional liability risks related to it, and if necessary, to engage their own attorney for tailored advice.

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