The Corporate Transparency Act presents a significant opportunity for accounting firms.

Starting January 01, 2024, an estimated 33 million businesses must file a Beneficial Ownership Information report to be in compliance with the Corporate Transparency Act..

Compliance is mandatory, and companies that do not file face potential fines of $500 per day they are not in compliance and even jail time.

However, there is a silver lining in these new reporting requirements. Well-prepared accounting firms can enhance their current client engagements and grow their client base if they take advantage of the opportunity presented in the Corporate Transparency Act and Beneficial Ownership Information reporting requirements.

Frequently asked questions about Beneficial Ownership Information reporting

Next Steps for Your Firm and Your Clients

Is your company required to file a beneficial ownership report? What about your clients?

Additional Beneficial Ownership Information resources

What public accounting firms and accounting professionals need to know about the Corporate Transparency Act and Beneficial Ownership Information Reporting.
Countdown to compliance: What to know about Beneficial Ownership Information
Countdown to compliance: What to know about Beneficial Ownership Reporting
What business owners and legal professionals need to know and should do to prepare for new Corporate Transparency Act reporting requirements.

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Wolters Kluwer is not a law firm and cannot provide legal advice, including providing advice as to whether any specific entity will be required to file a report. Wolters Kluwer cannot provide its own interpretation of the statute or FinCEN’s final report ruling, however many of the questions can be answered by referring to the text of the final rule, sections of which have been provided where appropriate. You can also direct questions to FinCEN. The phone number of the FinCEN Regulatory Support Section is 1-800-767-2825 and you can email them at [email protected].
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