Beneficial Ownership Reporting
05/30/2023
In January 2024, FinCEN will begin requiring small businesses to file beneficial ownership information (BOI) into a central database for use by local, state and federal law enforcement to facilitate their anti-money laundering activities. The purpose of filing this information is to identify who acts as a beneficial owner in so-called shell corporations. CPA firms and their clients with fewer than 20 full-time employees and earning less than $5 million in gross receipts will need to file.
FinCEN estimates about 6.6 million BOI reports will be filed in 2024, and about 14.5 million annually in 2025 and beyond. The total five-year average of expected BOI update reports is almost 12.9 million.
AICPA has joined a coalition of organizations to ensure taxpayers and tax professionals are aware of the BOI reporting requirement that applies to most companies created in or registered to do business in the U.S.
AICPA joins coalition to increase awareness of new BOI requirement (thetaxadviser.com)
Beneficial ownership information (BOI) reporting | Resources | AICPA (aicpa-cima.com)
FinCen’s new FAQs aim to clarify beneficial ownership information reporting requirements (rsmus.com)
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