CPAs in New Jersey and across the country are grappling with whether to provide beneficial ownership information (BOI) filing services to clients. Here’s the latest: 

UPL Determination

• The NJCPA has submitted a request to the New Jersey Supreme Court’s Committee on the Unauthorized Practice of Law (UPL) to determine whether BOI filing would be considered UPL in New Jersey. The committee reviewed our request at their March meeting and will be discussing it again at their late June meeting. It is unclear when they will issue a formal opinion.
• CAMICO, the NJCPA’s preferred provider of accountants’ malpractice insurance, has said that these services will be covered unless and until it is determined to be UPL in New Jersey.

Impact of Federal Court Case

• A recent federal court ruling in the case of NSBA v. Yellen has caused some confusion. The case is being appealed, but, ultimately, the court’s decision will only apply to businesses that were members of the NSBA as of March 1.
• The AICPA, NJCPA and all other state CPA societies recently sent a letterr to the U.S. Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), to voice serious concerns regarding the enforcement of the BOI reporting requirements and to ask that all enforcement actions be suspended until one year after the conclusion of all court cases related to NSBA v. Yellen.
• The AICPA recommends that businesses continue to file BOI reports now rather than wait for the outcome of the appeal.

Engagement Letter Recommendations

• If your firm has decided not to provide BOI services, CAMICO recommends you amend your engagement letter to disclaim your firm’s involvement. Click here for sample language (see pages 6-7). Page 7 of that document also provides sample language for firms that do anticipate providing BOI filing services.

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