Beneficial Ownership Information Reporting: Resources for TSCPA Members

May 28, 2024

On Jan. 1, 2024, the beneficial ownership information (BOI) reporting requirement, an anti-money laundering initiative enacted in 2021 through the Corporate Transparency Act, went into effect for entities across the United States. The requirement mandates that information about an entity’s beneficial owners, i.e., the individuals who ultimately own or control it, be reported to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) with the goal of reducing money laundering, tax fraud and other illicit activities. The requirement applies to most companies, with FinCEN estimating about 32.6 million BOI filings in the first year of implementation.

With the new reporting requirement affecting many of our members’ organizations and clients, TSCPA is dedicated to providing education, resources and the latest updates about this issue. Over the past months, TSCPA has actively engaged with the AICPA and other state CPA societies to urge Congress to delay the BOI reporting requirement. As TSCPA is not a regulatory or standard-setting body and not in a position to issue authoritative guidance on BOI reporting, we have compiled the following list of resources to help members make informed decisions about this requirement.

TSCPA Resources
On Demand CPE:

Articles and News:

Other Resources:

AICPA Resources

FinCEN Resources

Other Resources

TSCPA will continue to advocate for the best interest of our members and their clients regarding beneficial ownership information reporting and will continue to provide updates on this issue. To discuss any questions or concerns, please contact the society at 615-377-3825 or tscpa@tscpa.com