NCACPA’s chief lobbyist met with representatives from the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on September 20 to discuss concerns related to the Corporate Transparency Act and Beneficial Ownership Information (BOI) reporting.
The meeting focused on several key issues facing the accounting profession, including the risk of Unauthorized Practice of Law (UPL) for CPAs preparing BOI reports, concerns about the certification language on the BOI e-File portal, the burdensome 30-day deadline for updating BOI reports, and the lack of disaster relief provisions for BOI filings.
NCACPA Director of Advocacy Robert Broome encouraged FinCEN to take several actions, including:
- Collaborating with the AICPA on federal legislation to clarify that BOI report preparation and filing is not UPL.
- Requesting a written determination from the North Carolina State Bar that resolves UPL concerns for non-attorney CPAs.
- Replacing the certification language on the BOI e-File portal with more appropriate language, thus alleviating liability concerns for CPAs who prepare BOI reports for clients.
- Extending the deadline for updating BOI reports to one year or an annual deadline.
- Adopting rules to allow for filing relief for BOI reports in the event of a disaster declaration.
NCACPA will continue to advocate for the accounting profession and work with FinCEN to address these challenges.
Want to know more about NCACPA’s advocacy on this issue? Check out these resources:
- 9 Things to Know About Beneficial Ownership Information Reporting
- NCACPA Pushes for Delay in Beneficial Ownership Information Reporting Requirements
- FinCEN Issues Compliance Guide on Beneficial Ownership Information Reporting
- NCACPA Calls for Extension of BOI Reporting Deadline
- NCACPA Joins AICPA in Calling for Suspension of BOI Enforcement
If you have questions about this issue or other policy matters, please contact NCACPA Director of Advocacy Robert Broome, CAE.