Beneficial Ownership Information (BOI) Resource Center
IMPORTANT NOTICE: On December 3, 2024, a federal district court in Texas issued a nationwide preliminary injunction against enforcing the beneficial ownership information (BOI) reporting requirements mandated by the Corporate Transparency Act (CTA). The court found that Congress exceeded its constitutional authority in enacting the CTA, calling it an "unconstitutional infringement on states' rights to regulate businesses." As a result, the court has temporarily barred the Financial Crimes Enforcement Network (FinCEN) from enforcing the January 1, 2025, reporting deadline for all reporting companies. It is likely this decision will be appealed by the U.S. Treasury and the agency may still win the underlying case on their merits - both of which could resume enforcement. MassCPAs is closely monitoring these developments and awaiting further guidance. We will continue to keep our members informed as new information emerges.
This one-stop-shop is for navigating beneficial ownership regulations. Gain insights, tools and updates to manage your reporting obligations effectively! Whether clarifying regulatory requirements, exploring compliance best practices or staying informed about developments, find valuable resources here to support your efforts.
- FinCEN: Companies Can Voluntarily File BOI Reports During Injunction
- AICPA Statement on BOI Injunction, FinCEN appeal
- Journal of Accountancy: Court halts BOI reporting; AICPA urges preparedness
- Beneficial Ownership Information (BOI) Reporting
- Court Halts BOI Reporting; AICPA Urges Preparedness
- Letter to FinCEN and the Treasury from MassCPAs, the AICPA and other state societies
- FinCEN Releases BOI Toolkit for Small Biz
- UPDATED: Notice Regarding National Small Business United v. Yellen, No. 5:22-cv-01448
- Corporate Transparency Act Ruled Unconstitutional by Federal District Court
- BOI Reporting Services and Other Practice Concerns
- Coverage Considerations: Services Related to the Corporate
Transparency Act - ERC, BOI, e-Signature Relief: 3 Focus Areas for Tax Advocacy
- AICPA Member Insurer Clarifies Coverage for BOI Work by Accountants
- BOI Reporting and Unauthorized Disclosure Penalties Increased
- Oh BOI: The Corporate Transparency Act and CPA Firms
- Risk Alert: Navigating Corporate Transparency Act/Beneficial Ownership Reporting
- Nonprofit Accounting & Auditing Committee (12/19) | Drew Douglas-Steele, attorney at Casner & Edwards LLP, will present on Beneficial Ownership Interest (BOI) reporting tailored for nonprofit organizations. Don't miss this opportunity to stay informed on key reporting requirements and their impact on the nonprofit sector!
- Upcoming webinars
- Meeting Client BOI Deadlines and Managing Continuous FinCEN Filings
- FinCen BOI FAQs
- AICPA's Beneficial Ownership Information (BOI) Reporting Resource Center
- AICPA's Risk Management and the Corporate Transparency Act (including sample engagement letter)
- AICPA's BOI Reporting Services Engagement Letter
MassCPAs members get a 25% discount on the award-winning CCH Axcess Beneficial Ownership solution.
MassCPAs members have access to special programs and resources through FincenFetch to simplify and manage FinCEN filing for your firm, including:
The BOI reporting deadline is here, and the stakes are high. Millions of businesses need to file BOI reports this year, and many will turn to their trusted tax advisors for help. Add BOI compliance to your service offerings with an online filing and information management solution that guides you step-by-step through the filing process. CCH Axcess Beneficial Ownership is designed to shorten into a few minutes what FinCEN estimates taking up to three hours of work.