FinCEN Beneficial Ownership Reporting

[JBFell]

Will Lacerte have the ability to e-file Beneficial Ownership under the Corporate Transparency Act?

It doesn't look like this is an issue we need, but the seminar I just took was totally unclear on how to do compliance.

[PhoebeRoberts · Accepted solution]

I can't imagine Lacerte would.

Also, this affects no one until 1/1/2024, and no pre-2024 entities until 12/31/2024, so folks have a while to figure out a plan. I think it's likely to be attorney work, because the initial filing has to be done within 30 days of formation, so it makes sense to be done as part of the formation. And the subsequent filing has to be done within however many days of the change, which is also not something that clients are great about keeping their income tax preparers timely appraised of.

[JBFell]

Thanks.  It seems that way to me too, but I was asked to sit through this course so I wondered if there was a valid reason for it.

[sjrcpa]

Clients may expect their tax return preparer to do this. That doesn't mean we should. or will.

[roctax5]

AICPA just (10/17/23) came out with a Risk Alert on this... it's going to be an area of contention as to who could / should be responsible for it (attorney, CPA, etc).  Yikes!  Don't think that Lacerte will be touching it for now.  It also said-"However, unlike FBAR, to date NO grant of authority designating IRS as an enforcement agent for CTA has been conferred"