An estimated 33 million businesses, primarily small companies, are now required to file complex and confusing new reports. Accounting firms best prepared will be positioned to significantly grow their advisory and compliance practices by expanding their current client engagements and growing their client bases. However, firms must be mindful of risks associated with providing these services.
The Corporate Transparency Act (CTA), enacted by Congress in 2021, represents the most significant shift in US corporate transparency by requiring the reporting of beneficial ownership information (BOI). Beginning January 1, 2024, roughly 33 million businesses, primarily small companies, must file these complex and confusing new reports. The new legal and reporting requirements are part of U.S. anti-money laundering regulations included within the National Defense Authorization Act.
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