Arizona Society of Enrolled Agents
FinCEN Beneficial Ownership Interest (BOI) Reporting
Tax Representatives Caught in the Crossfire.
How to Give Great Service . . . And Stay Out of Trouble.
Avoid Being Caught by Surprise.
Bradley Burnett, J.D., LL.M. (Taxation)
Webinar
Friday, December 6, 2024
12:30 to 4:30 PM MST
4 hours of CPE
So here we are, in late October or early November. Throughout this past filing season, you may have mentioned to your return preparation clients about new reporting requirements for LLCs and S-Corps and select other entities, which became effective on January 1, 2024. And you may have noted that this was not a tax return reporting requirement, but one overseen by FinCEN. You probably informed your clients that if they have an entity (LLC, S-Corp, possibly a trust) subject to the new Beneficial Ownership Interest reporting guidelines, they might be able to file the report themselves, or hire an attorney, because there were some questions as to whether mere CPAs and EAs could file these reports for clients. You may have mentioned the late-filing penalty of $591….a day. At that point, you finally got their attention. And then you said, no, I don’t think I’ll be helping you with this BOI report.
So here you are, on the cusp of November, barely 60 days away from the December 31, 2024 deadline for filing the BOIR “initial report” for most reporting entities. And maybe now you are thinking, perhaps I should help my clients.
I suspect a lot of tax professionals are having similar thoughts. But if you are going to offer the service, you have to be thoroughly clear on what is involved.
The Arizona Society of Enrolled Agents is pleased to have Bradley Burnett teaching a live webinar on the afternoon of December 6, from 12:30 to 4:30 PM that will give you the necessary information and insight to decide whether you really want to prepare these BOIR reports for clients, and if you do, how to prepare them correctly, competently and confidently. I can’t imagine that many attorneys would have a better practical understanding of how to apply the rules relating to substantial control or beneficial ownership or inactive status, than an experienced Enrolled Agent or CPA could offer. Of course, there were some concerns earlier in 2024 about the possible “unauthorized practice of law”, which Bradley addresses in considerable detail.
One article I read indicated that there are 32 million LLCs and S-corps that will likely have to file BOIRs; Bradley’s materials note that by July 1, 2024, only 2.7 million BOIR reports had been filed. There is a LOT of potential business for this holiday season in BOIR filings. KA-CHING!
But you may decide you DON’T want to file the BOIR reports for your clients. Bradley discusses the steps to take to safeguard yourself from later claims by clients who try to do it themselves, or fail to file the report entirely, and then try to blame you.
We urge you to sign up for this very timely webinar. We are keeping the price quite affordable. A national webinar provider is offering a very similar course, with three hours of CPE credit, for $247.
If you are or have been a member of NAEA during 2024, the registration fee is $125. You are on the honor system regarding the NAEA affiliation status.
If you have not been a member of NAEA this year, the registration fee is $195. BUT, if you are an Enrolled Agent or a CPA or an attorney, and you would like to become a member of the Arizona Society of Enrolled Agents, you could join AzSEA for $50, and then pay the $125 “member” rate. There is no need to join NAEA for this special promotion.
The AzSEA membership would be good through June 30, 2025. AzSEA membership would entitle you to other AzSEA educational events, at member rates. (We are having a 2-day Chris Bird Seminar in Phoenix on December 9 and 10. That has been a top-rated seminar here in Arizona over the past 20 years,).
Act quickly. Time is short. Registration closes at 6:00 PM on December 3rd.
Jack Wood
Enrolled Agent
AzSEA Education Coordinator
Cell: (928) 533-4777
Your Instructor:
Bradley Burnett, J.D., LL.M., is a practicing Colorado tax attorney with 40 years of tax practice
experience. He focuses on tax planning and tax controversy resolution.
After stints at a national accounting firm (in the tax department), local bank (as trust officer) and
medium sized Denver law firm (as managing tax partner), Mr. Burnett established his own law
firm in 1990. He represents both individual and business clients in a variety of industries.
Mr. Burnett has delivered more than 3,000 presentations on tax law to CPAs and attorneys in all
fifty U.S. states, Washington, D.C., and seven countries. He served four years as adjunct
professor at the University of Denver School of Law Graduate Tax Program, where he
pioneered an employment tax course and occasionally pinch-hit in the IRS practice and
procedure field.
Mr. Burnett authors tax materials and teaches extensively for Commerce Clearing House
(CCH). He has received the Illinois Society of CPAs Instructor Excellence Award and is often the most requested, top-rated presenter at annual state CPA tax institutes. His forte is the candid communication of practical ideas with humor.
After law school, Mr. Burnett earned a Master of Laws in Taxation (LL.M.) from the University of
Denver School of Law Graduate Tax Program.
Your Moderator:
Jack Wood, Enrolled Agent, began his professional tax career during the Nixon Administration (1971), when he went to work for IRS as an Office Auditor. He became a Tax Audit Group Manager and then a Taxpayer Service Group Manager. Jack worked for IRS for 14 years, and then left, became an Enrolled Agent, and he then worked for 15 years with a tax law firm in Providence, RI, which focused on criminal tax representation. In 1999, Jack relocated to Prescott, AZ and opened Tax Strategies Southwest, where he helps clients resolve tax disputes and unmanageable tax debt issues. He is very active with AzSEA and the Arizona Forum for the Improvement of Taxation (AFIT).
