Level 3

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Should we offer BOI compliancy?

Forum|Forum|2 years ago
December 31, 2023
4 replies
27 views

Should accounting firms offer BOI registration to corporations as of January 1?

Business

This topic has been closed for replies.

Best answer by Jim-from-Ohio

@Jim-from-Ohio Jim, I just received that also. What happened to the Bill in the senate that you mentioned a couple of weeks ago? Thanks.

@PATAX i think that bill was the one extending it to prior companies until 01.01.25 and companies new in 2024 have 90 days. i am glad to see in that email it is a one time filing (unless changes prompt another filing). I am leaning on just doing this for my clients. I was undecided before but my clients are going to look to me to handle this, even though it is not a tax return per se it is perceived as such maybe.

T

Terry53029

Intuit Community Champion

I don't think so, as that is a legal item. I plan on telling my clients, but they will have to fill out the form themself

BobKamman

Level 15

That horse is not yet dead, but it has already been flogged extensively in this thread:

https://accountants.intuit.com/community/proseries-tax-discussions/discussion/boi-question/00/276154

Jim-from-Ohio

Intuit Community Champion

Looks like the extension was passed. just received this email from FCEN

You are subscribed to FinCEN Updates. The information below is available at Fincen.gov.

U.S. Beneficial Ownership Information Registry Now Accepting Reports

Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports. The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them.

Filing is simple, secure, and free of charge. Beneficial ownership information reporting is not an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information. Companies that are required to comply must file by the following deadlines:

Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025.
Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.

To find out more about the reporting process, visit https://www.fincen.gov/boi.

News Release: https://www.fincen.gov/news/news-releases/us-beneficial-ownership-information-registry-now-accepting-reports

PATAX

Level 12

@Jim-from-Ohio Jim, I just received that also. What happened to the Bill in the senate that you mentioned a couple of weeks ago? Thanks.

S

strongsilence

Level 10

AON insurance (AICPA provider) does not appear to cover BOI work for CPAs. I say 'appear' because I have not called them yet to verify. But, I know there is a disclaimer paragraph in their standard letter.

What is the policy of your insurance provider?

S

strongsilence

Level 10

@joggergirl123

She started a good conversation. Thank you. I bookmarked this for future reference.

I think I will be offering BOI/CTA work for clients. I'm going to talk with a local business attorney who I trust to see if he would like the complicated BOI clients. I look forward to an attorneys perspective.

Spidell in CA does not think this is legal work and I respect that opinion.

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