Beneficial Owner Reporting: Our Role as Trusted Advisor

Creator(s)

Shelby Follis, LBMCFollow
Michelle Freeman, East Tennessee State UniversityFollow

Document Type

Article

Publication Date

4-2024

Description

Article Excerpt: The Anti-Money Laundering Act of 2020, enacted on Jan. 1, 2021, contained the first-ever federal requirement for certain legal entities to identify and report their beneficial owners, also known as the Corporate Transparency Act (CTA). The CTA was designed to “prevent wrongdoers from exploiting United States corporations and limited liability companies for criminal gain, to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct.” As trusted advisors, CPAs should consider informing clients of the new reporting requirements and advise them on the best option to pursue, even if they do not file the reports for their clients [...]

Copyright Statement

TSCPA does not require copyright assignment or transfer from authors, nor does TSCPA require first publication rights.

Copyright The Author(s). This article originally appeared in the Tennessee CPA Journal.

Citation Information

Follis, Shelby and Freeman, Michelle, "Beneficial Owner Reporting: Our Role as Trusted Advisor" (2024). ETSU Faculty Works. 1018.
https://dc.etsu.edu/etsu-works-2/1018