LF logo
by learnformula
search
Log in
search
Courses/Accounting & Tax/NASBA - Accounting

Mastery of BOI Reporting & Compliance in 2024

FinCEN: Beneficial Ownership Information

Created byNicholas Preusch
4.9
(24 reviews)
BeginnerUpdated May 7, 2024
Mastery of BOI Reporting & Compliance in 2024

What You'll Learn

check_circleUnderstand the regulatory framework surrounding Beneficial Ownership Information (BOI) reporting, including key legislative requirements such as the Corporate Transparency Act and recent court rulings affecting BOI reporting obligations.
check_circleDifferentiate between BOI reporting and customer due diligence processes, emphasizing the unique responsibilities and compliance strategies required for each.
check_circleAnalyze the role of tax practitioners in BOI compliance, including ethical considerations, client verification, and educating clients about BOI reporting requirements to ensure ethical and legal compliance.
check_circleDevelop practical strategies for navigating BOI reporting amid evolving legal challenges, staying updated on legislative changes, and implementing effective compliance measures to mitigate risks related to anti-money laundering efforts and legal non-compliance.

About This Course

This course is designed to equip accounting professionals with a thorough understanding of Beneficial Ownership Information (BOI) reporting requirements, the legal context, and the role of tax practitioners in ensuring compliance. By focusing on the distinctions between BOI and customer due diligence, as well as navigating the evolving legislative landscape, participants will be better prepared to guide their clients through the complexities of BOI compliance. This course emphasizes practical strategies for staying ahead of legal challenges and legislative developments that impact BOI reporting.

Understanding Beneficial Ownership Information (BOI)

  • Introduction to the Corporate Transparency Act and its Objective
  •  Impact of recent court rulings on BOI reporting requirements
  • Key deadlines and compliance strategies for entities formed before 2024

BOI vs. Customer Due Diligence: Clarifying the Distinctions

  • Differentiating between BOI reporting and tax duties
  • The role of CPAs in ensuring client verification and ethical compliance
  • The importance of BOI in anti-money laundering efforts

Navigating BOI Reporting Amid Legal Challenges

  • Analysis of the legal landscape following the Alabama court ruling
  • FinCEN's response to the ruling and implications for compliance
  • Strategies for staying updated on BOI reporting amid legal changes

The Role of Tax Practitioners in BOI Compliance

  • Why BOI reporting often falls to tax practitioners
  • Ethical considerations and due diligence in BOI reporting
  • Educating clients about BOI compliance and avoiding pitfalls

Your Instructor

Nicholas Preusch
Nicholas Preusch
menu_book28 courses
star423 reviews

Nick Preusch’s primary focus is performing tax services for high wealth individuals and mid-to-large business entities. Nick’s responsibilities include tax research related to complex business transactions and tax return preparation and review. He also works closely with businesses and individuals to find tax efficiencies through ever-changing tax legislation. He was also an Internal Revenue Service (IRS) attorney at the IRS National Office in Washington, DC, where he was the lead attorney for several significant tax ethics cases. Nick co-authored Tax Preparer Penalties and Circular 230 Enforcement, a textbook published by Thomson Reuters. He has also been published in the AICPA’s Tax Advisor and Journal of Accountancy along with CCH’s Journal of Tax Practice and Procedure. In 2017, he was named one of the VSPCA’s Top 5 Under 35. In 2018, he was named to CPA Practice Advisor’s Top 40 Under 40. In 2018, he was part of the AICPA’s New Face of Tax ad campaign. Nick is a licensed attorney in New York and a Certified Public Accountant in Virginia. He earned an LLM in Taxation from Georgetown University, a JD from Case Western Reserve University, and an MS in Accounting from the University of Connecticut.

Credit Information

What Students Are Saying

4.9
Student's Choice
24 reviews

Frequently Asked Questions

We are a registered provider with 327+ associations and regulatory bodies worldwide. We operate across 29 global markets including Canada, the US, Australia, and the UK. Every course page clearly displays its specific accreditations. Upon completion, you receive a professional certificate that can be validated online. Our certificates include all necessary accreditation details, credit hours, and completion dates, and are formatted specifically to meet the submission requirements of most global regulatory bodies.