On March 2, 2025, the Treasury Department announced it will not enforce any penalties or fines associated with the BOI reporting rule under the existing regulatory deadlines, and further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the rule changes take effect. Treasury will further issue a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. 

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

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.

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Professional viewing corporate transparency act reporting requirements outlined by CT Corporation

Frequently asked questions about Beneficial Ownership Information reporting

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What is a Beneficial Ownership Information report?
Part of the Corporate Transparency Act passed by Congress in 2021, the Beneficial Ownership Information (BOI) report is a new, federally required report where individuals who directly or indirectly control a company have to identify themselves.
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Who has to file a Beneficial Ownership Information report?
The initial filing requirements were quite broad. However, the U.S. Treasury Department has issued a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. 
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When is the required filing date for BOI reports, and how do we file?
Reporting companies formed on or after February 18, 2025 must file 30 days from the date of creation or registration. Companies with deadlines later than March 21, 2025, due to disaster relief extensions, should follow their original deadlines.

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.

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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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