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BOI Rules Are Back In Effect – WAIT! No They’re Not

All over the business world, accountants, lawyers, financial executives, and journalists are scrambling to keep up with the latest soap opera in the financial community: what’s happening with the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting rules. The big question many businesses are asking right now is: Is BOI reporting on hold?

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Beneficial Ownership Information (BOI) Reporting Requirments

As part of the Anti-Money Laundering Act of 2020 and the Corporate Transparency Act (CTA), the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) was authorized to collect Beneficial Ownership Information (BOI) and establish Beneficial Ownership Information reporting requirements for certain corporations, limited liability companies, and similar entities created in or registered to do business in the U.S.

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Important Information for Users of QuickBooks Desktop

If you are using a version of QuickBooks Desktop that was released prior to 2023 and it is not currently billed as an annual subscription, we want to ensure you are aware that Intuit has decided to stop selling QuickBooks Desktop to new U.S. subscribers. You may need to complete a QuickBooks Desktop 2024 subscription upgrade before the deadline to continue using a supported version of the software.

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