New Jersey Ruling on BOI Reporting

[Lee B]

Copied from Current Federal Tax Developements:

https://www.currentfederaltaxdevelopments.com/blog/2024/7/12/new-jersey-committee-on-unauthorized-practice-of-law-issues-guidance-applicable-to-cpas-and-eas-who-prepare-and-file-fincen-beneficial-ownership-information-reports

 

This ruling has some similarities to the Maryland AG ruling with some differences.

For example this ruling only discusses the question of whether CPAs and EAs can assist their clients with BOI reporting.

It will obviously take some more time for these questions to be resolved.

 

 

 

[Lee B]

 On July 8th, FINCEN updated their 49 pages of FAQs, especially related to situations where BOI Reporting could apply to Trusts.

For example, I have a client where a Trust has 50 % ownership of an LLC who files as a partnership, in which case the Trust would be a reporting entity

and the individuals with a beneficial ownership in the Trust would be required to report. That's my take after skimming the revised FAQs.