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    Beneficial Owner Reporting Engagement Letter

    As discussed in our earlier posts, most recently on January 3, 2024, the Corporate Transparency Act requires many business entities to report information about their beneficial owners in a brand-new government database.

    The AICPA has issued risk management guidance for those who have chosen to perform services for clients related to the requirements of the Corporate Transparency Act, including a sample engagement letter. The guidance is available here.

    In addition, the Financial Crimes Enforcement Network (FinCEN) recently changed the link for the compliance guide. The new link is https://www.fincen.gov/boi/small-entity-compliance-guide.

    Interestingly, FinCEN also recently announced that the civil penalty for failing to meet the beneficial owner reporting requirement has been increased from $500 a day to $591 a day, due to an inflation adjustment.

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