Revisited - Corporate Transparency Act

[Beersheba]

Now that this thing has been with us awhile, what is the consensus of CPAs and EAs as to filing these things for our clientele? As an E.A. I won't touch it because of the penalties. I'm sending my LLCs to their corporate attorneys. I'm wondering if even attorneys will fool with it.

General discussion.

[Lion]

My E&O insurance told me I'm NOT covered for filing the BOI, so I am NOT doing it. I also have plenty of tax preparation to fill my time. I will send out a FinCEN attachment to remind my clients to DIY or engage a lawyer.

[Gretel]

Now that this thing has been with us awhile, what is the consensus of CPAs and EAs as to filing these things for our clientele? As an E.A. I won't touch it because of the penalties. I'm sending my LLCs to their corporate attorneys. I'm wondering if even attorneys will fool with it.

General discussion.

Just a side note: A LLC is typically not a corporation and does not have a corporate attorney.

[RWG1950]

I've spoken with several area preparers and none of these people have any intention of being involved with this.
Their reasoned responses varied somewhat but all seem to involve a 10 foot pole.
They are making their customers aware of the filing requirement, however.
Seemingly, a good many of the people required to file are not even aware of their obligation.
Was wondering how the Treasury would handle this should January come and so many people haven't acted

[Beersheba]

Was wondering how the Treasury would handle this should January come and so many people haven't acted

Exactly. The penalty will put these entities out of business entirely. Congress/government believes they can do anything they want and with no fallout. Will be interesting to see how many of these out-of-business companies contact their congressmen and complain. If they do this, they are going to the right place.

[Rapid Robert]

This is just more "lions and tigers and bears, oh my!" fear mongering. As has already been posted in this forum, FinCEN have already said publicly that they are not going for "gotcha" penalties against minor violations. Why would they? (sincere question for Beersheba)

They are trying to catch the liars and thieves who willfully violate the law. Why some people are so concerned about protecting the privacy of this group, I can't say.

"They are making their customers aware of the filing requirement, however. Seemingly, a good many of the people required to file are not even aware of their obligation."

It's good to know that at least some preparers have in mind the welfare of their clients, and all the other taxpayers as well, by helping to make them aware.

https://www.journalofaccountancy.com/news/2024/feb/no-gotcha-enforcement-of-boi-regulations-fincen-chief-vows.html

[Beersheba]

RR, what makes you think I have not warned my clients of this responsibility??