FINCEN and Corporate Transparency Act (CTA) Beneficial Owner Information (BOI) Reporting Requirements (Course Id 2354)

• Who is this course for?
  This course is designed for anyone needing Continuing Professional Education (CPE), particularly CPAs and professionals looking to understand the FinCEN Beneficial Ownership Information (BOI) reporting requirements.

• What is this course about or what problem does this course solve?
  The course provides an overview of the Corporate Transparency Act (CTA) and the FinCEN rules that mandate certain companies to disclose beneficial ownership information, addressing compliance with federal reporting obligations.

• How can the knowledge from this course be used?
  Learners will be able to identify what entities must report, understand who qualifies as a beneficial owner, and determine the specific information that must be disclosed under FinCEN rules.

• Why is this course important to a CPA, Accountant, or IRS Enrolled Agent?
  It equips professionals with essential knowledge to advise clients or ensure internal compliance with FinCEN’s BOI reporting requirements, which have legal and financial implications.

• When is this course relevant or timely?
  The course is especially timely given the recent reinstatement of legal actions affecting BOI reporting requirements as of December 2024, highlighting the dynamic regulatory landscape.

• How is a course like this consumed or used?
  This is a self-study, text-based course delivered under NASBA QAS standards, with no prerequisites, and includes a final exam that must be passed within one year to earn CPE credit.

The Beneficial Ownership Information Reporting Rule requires reporting companies to disclose certain information. Generally, reporting companies must disclose their legal name, any DBA names, the address of their principal place of business in the U.S., jurisdiction of formation, IRS TIN or EIN as well as information concerning beneficial owners. There are rules and exceptions as to what constitutes a reporting company.

A beneficial owners is any individual who exercises substantial control over a reporting company or one who owns or controls at least 25% of the ownership interests. Information disclosed about beneficial owners includes full legal name, date of birth, current address, and the number and image of either a U.S. passport, state driver’s license or other identification document issued by a state, local government or tribe. Once again, there are rules that help define who constitutes a beneficial owner.

This course uses published guidance from FinCEN to provide an overview of the rules and reporting requirements.

Please Note: As of December 27, 2024 a separate panel in the 5^th Circuit has reinstated the injunction that it reversed on Monday  December 23^rd, 2024.  We will update this page as details are reported.  This is still a great course.

NASBA QAS - Text - NASBA Registry - 2354

Course Learning Objectives

• Recognize which entities are reporting companies under FinCEN Beneficial Ownership Information reporting requirements
• Identify a beneficial owner under FinCEN Beneficial Ownership Information reporting requirements
• Recognize the information required to be reported under FinCEN Beneficial Ownership Information reporting requirements

Chapter 1 - FINCEN and Corporate Transparency Act (CTA) Beneficial Owner Information (BOI) Reporting Requirements

What is FinCEN?

What is the purpose of filing Beneficial Ownership Information (BOI)?

Who Needs to File a Beneficial Ownership Report?

What Constitutes a Reporting Company?

FinCen BOI FAQs

Who is a Beneficial Owner?

FinCen BOI FAQs

What Information is Required to be Reported?

FinCen BOI FAQs

When Should the Initial Beneficial Ownership Information Report be Filed?

What is a FinCEN Identifier and How is it Used?

FinCen BOI FAQs

How is the Beneficial Ownership Information Report Filed?

FinCen BOI FAQs

Review Questions

Glossary