Updates on the Beneficial Ownership Information reporting requirements

By Greg Saul, Esq., CAE, director of tax policy 

While legislative efforts to either delay or suspend the Beneficial Ownership Information (BOI) reporting requirements remain ongoing, the Corporate Transparency Act (CTA) went into effect on Jan. 1, 2024, and the initial deadlines for filings will begin to come due 90 days into 2024. 

The Ohio Society of CPAs will continue to provide updates to members whenever there are new developments on this issue, but there are several resources currently available.  

First, OSCPA is hosting a webinar titled “Navigating the Corporate Transparency Act – Essential Guide for CPAs on Beneficial Ownership Reporting” on Monday, Jan. 22 from 2:00 – 3:40 pm. Two hours of CPE will be provided – join us for this hot-topic webinar being offered through our partnership with the Minnesota Society of CPAs by registering here. 

Another important first step is consulting with the commercial provider of your professional liability insurance. AICPA partnered with Aon to put together the following Risk Alert to provide information on the CTA and some of the potential professional liability ramifications to CPAs. This Risk Alert does not provide legal analysis or legal advice, but instead general facts and risk management advice on some anticipated situations CPA firms may face. 

Finally, this Journal of Accountancy article outlines several other topics and risk management considerations.

REGISTER NOW: Don’t miss out – join us for our webinar on Jan. 22 as we take an in-depth look at the BOI filing requirements for LLCs, corporations and other entities by registering today.