The BOI reporting requirement went into effect on Jan. 1, 2024. FinCEN has since issued a final rule that permanently removes BOI reporting requirements for U.S. companies and U.S. persons under the Corporate Transparency Act (CTA). Under the final rule, foreign entities that are reporting companies must still report BOI for foreign individuals.
With these changes, CPAs may have questions about whether and how BOI-related services remain relevant. The following FAQ addresses common practice management, client communication and risk considerations