Art Werner: Corporate Transparency Act and FinCEN Reporting | Quick Tax Tip

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Today, tax professionals are navigating an increasingly complex landscape, where compliance extends beyond the familiar Internal Revenue Service (IRS), including FinCEN and the Financial Crimes Enforcement Network. A division of the U.S. Treasury Department, FinCEN gained prominence after 9/11 to combat organized crime, money laundering, drug trafficking, and terrorism. While tax professionals may already be familiar with FinCEN Form 114 for reporting foreign financial accounts, new requirements under the Corporate Transparency Act are reshaping the compliance responsibilities of tax advisors.

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Effective January 1, 2024, the Corporate Transparency Act (CTA) introduces new reporting requirements to increase corporate ownership transparency. Tax professionals must now help clients identify and report the beneficial owners of their companies. This information must be updated whenever there is a change in ownership, making ongoing compliance a critical concern.