Corporate Transparency Act

[BOB W]

https://www.fincen.gov/boi

Have fun with this filing requirement.

[Snaggletooth]

Bob, from what I understand, our "fun" will be only if we choose to do it.

[BOB W]

The "FUN" is when you tell the client that you can't do this filing for them because of your Error & Omission Insurance Policy not covering any errors made here.

Just remember that there is a Reporting Applicant Information page (You, if you are doing it for a client). Your name and information will be part of every client's report.

[New York Enrolled Agent]

The "FUN" is when you tell the client that you can't do this filing for them because of your Error & Omission Insurance Policy not covering any errors made here.

Just remember that there is a Reporting Applicant Information page (You, if you are doing it for a client). Your name and information will be part of every client's report.

Are you fully aware of the applicant component to the report?

Reporting companies existing or registered at the time of the effective date of the rule (January 1, 2024) are not required to identify or report info on their company applicants.

[kathyc2]

The "FUN" is when you tell the client that you can't do this filing for them because of your Error & Omission Insurance Policy not covering any errors made here.

Just remember that there is a Reporting Applicant Information page (You, if you are doing it for a client). Your name and information will be part of every client's report.

The reporting applicant is the person(s) who filed or directed to be filed company creation documents with SOS (after 01.01.24), NOT the person filing the FinCEN report.

[BOB W]

So let's be clear. From what kathy2 is saying the reporting applicant is not person filing the FinCEN report, although it may be the same person. If not the same person the reporting company has to include the reporting applicant's information. Name, address, dob, copy of driver's license and such ?

I accept that this is for post 12/31/23 required entity formations only.

[JON]

There is also an exemption for accounting firms.. So if you do any accounting you are exempt? Does tax preparation include you in accounting??

[kathyc2]

There is also an exemption for accounting firms.. So if you do any accounting you are exempt? Does tax preparation include you in accounting??

No, but nice try. It's not even all CPA firms. Only those registered with PCAOB are exempt.