FinCEN Beneficial Ownership Reporting

Forum|Forum|3 years ago
January 26, 2023
1 reply
13 views

Will Lacerte have the ability to e-file Beneficial Ownership under the Corporate Transparency Act?

It doesn't look like this is an issue we need, but the seminar I just took was totally unclear on how to do compliance.

Lacerte Tax

This topic has been closed for replies.

Best answer by PhoebeRoberts

I can't imagine Lacerte would.

Also, this affects no one until 1/1/2024, and no pre-2024 entities until 12/31/2024, so folks have a while to figure out a plan. I think it's likely to be attorney work, because the initial filing has to be done within 30 days of formation, so it makes sense to be done as part of the formation. And the subsequent filing has to be done within however many days of the change, which is also not something that clients are great about keeping their income tax preparers timely appraised of.

PhoebeRoberts

Answer

Intuit Community Champion

I can't imagine Lacerte would.

Also, this affects no one until 1/1/2024, and no pre-2024 entities until 12/31/2024, so folks have a while to figure out a plan. I think it's likely to be attorney work, because the initial filing has to be done within 30 days of formation, so it makes sense to be done as part of the formation. And the subsequent filing has to be done within however many days of the change, which is also not something that clients are great about keeping their income tax preparers timely appraised of.