Corporate Transparency Act Compliance and BOI Reporting
Author: Jane Ryder
| CPE Credit: |
1 hour for CPAs
1 hour Federal Tax Related for EAs and OTRPs
1 hour Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
This course reviews current filing requirements and preparation of Beneficial Ownership Information (BOI) reports for the Corporate Transparency Act (CTA). Learn the applicable due dates for these reports and which entities are required to report. Review other compliance matters such as determining the definition of "beneficial owner" and control of the entity, which business partners or officers are responsible for filing the reports, and which entities and individuals are exempt from reporting. Consider other CTA matters such as other reports that may be required, and the new FinCEN ID number, and the latest guidance from insurance carriers and tax organizations related to tax practitioners preparing BOI reports and possibly being exposed to "failure to advise" claims.
Updated - CANCELLED! BOI Reporting for Domestic Companies! Publication Date: November 2024
Designed For
Tax practitioners with business entity clients and clients who may form a business entity.
Topics Covered
- FinCEN's CTA FAQs
- Latest FinCEN CTA guidance
- Insurance and tax organization guidance for tax practitioners related to CTA & BOI reporting
- CTA & BOI engagement letters
- BOI filing opportunities with tax preparer software and entity formation firms such as LegalZoom
Learning Objectives
- Identify the latest CTA & BOI guidance and filing requirements for entities and owners
- Identify how to prepare and implement CTA & BOI engagement letters for your office
- Identify complete sample forms and steps for filing
- Identify the level of CTA and BOI services to provide and when to refer the client to an attorney
- Identify plans for advising clients of CTA & BOI filing obligations
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None
