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New Mandatory Ownership Reporting Requirements

Forum|Forum|2 years ago
November 2, 2023
2 replies
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Will Lacerte support the Efiling of the new forms required for the new mandatory ownership reporting requirements to FinCen? FinCen has stated efiling the forms through third party software will be possible.

Lacerte Tax

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Best answer by strongsilence

The AICPA is recommending that it be delayed. This means it is too early to ask about BOI.

Good that you keeping LC informed. Thanks for doing what is needed for them to create a better product.

Regards.

The AICPA and over 50 affiliated organizations recommended in a letter to Treasury's Financial Crimes Enforcement Network (FinCEN) that the agency extend the effective date for the beneficial ownership information (BOI) reporting requirement by one year to give the millions of affected businesses time to learn about the new and complex rules. The letter asked that the scope of the one-year deadline delay include not only new entities created in 2024, but all entities created thereafter and all entities making updates or corrections to their original filings.

"FinCEN should give all businesses a fair time frame to gain awareness and a reasonable time frame to comply with BOI requirements," said the letter, dated Oct. 30 and signed by Sue Coffey, CPA, CGMA, the AICPA's CEO–Public Accounting.

Co-signers include CPA societies or associations in the 50 states, Washington, D.C., Guam, and the Virgin Islands.

Effective Jan. 1, 2024, existing companies and companies created or registered before that date, will have one year to file their BOI reports. FinCEN has proposed to extend the filing deadline for entities created or registered during 2024 to 90 days from the earlier of the date on which the company receives actual notice that its creation or registration has become effective or the date on which the secretary of state first provides public notice that the company has been created or registered, instead of the previous 30-day deadline

abctax55

Level 15

A search would have found:

https://proconnect.intuit.com/community/lacerte-tax-discussions/discussion/fincen-beneficial-ownership-reporting/01/240371#M41052

HumanKind... Be Both

T

TypicrayAuthor

Level 3

Reviewed that post before creating a new post. As it was posted in January of this year more information has been released by FinCen since that time. The filing window is approaching it seemed appropriate to revive the topic.

abctax55

Level 15

But the fact that most E&O insurance providers are stating it's a legal issue, not a tax issue is still pertinent.

HumanKind... Be Both

S

strongsilenceAnswer

Level 10

The AICPA is recommending that it be delayed. This means it is too early to ask about BOI.

Good that you keeping LC informed. Thanks for doing what is needed for them to create a better product.

Regards.

The AICPA and over 50 affiliated organizations recommended in a letter to Treasury's Financial Crimes Enforcement Network (FinCEN) that the agency extend the effective date for the beneficial ownership information (BOI) reporting requirement by one year to give the millions of affected businesses time to learn about the new and complex rules. The letter asked that the scope of the one-year deadline delay include not only new entities created in 2024, but all entities created thereafter and all entities making updates or corrections to their original filings.

"FinCEN should give all businesses a fair time frame to gain awareness and a reasonable time frame to comply with BOI requirements," said the letter, dated Oct. 30 and signed by Sue Coffey, CPA, CGMA, the AICPA's CEO–Public Accounting.

Co-signers include CPA societies or associations in the 50 states, Washington, D.C., Guam, and the Virgin Islands.

Effective Jan. 1, 2024, existing companies and companies created or registered before that date, will have one year to file their BOI reports. FinCEN has proposed to extend the filing deadline for entities created or registered during 2024 to 90 days from the earlier of the date on which the company receives actual notice that its creation or registration has become effective or the date on which the secretary of state first provides public notice that the company has been created or registered, instead of the previous 30-day deadline

T

TaxGuyBill

Level 15

@strongsilence wrote:

The AICPA is recommending that it be delayed.

Personally, I'm sick of a rule being made, then the implementation is delayed.

This law passed in January 2021. Is three years not enough to learn about it? I understand that not many people are familiar with it - but that is because it isn't required yet. If they put off the implementation for another year, people will just procrastinate learning about it for another year.

If they want to delay, waive or minimize the penalties for not doing it, great. But delaying the entire thing isn't going to accomplish much, except allowing people to procrastinate for another year.

sjrcpa

Level 15

On ATCPA's Town Hall yesterday, they had a FinCen representative. He said FinCen cannot delay the 1/1/24 effective date. Congress can. 🤣 Since Congress can't hardly do anything, I'm not holding my breath.

Apparently FinCen can extend the 30 day rule to 90 days.

He also said they are working on the reporting form and plan to have it ready by 1/1/24. The 30 day comment period on the draft just closed. And he said they have been approached by vendors who want to offer this and they are working with them. He did not name names.

The more I know the more I don’t know.

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