CAMICO Provides BOI Coverage FAQs and BOI Resources
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February 20, 2024
CAMICO, NJCPA's preferred provider of accountants malpractice insurance, has provided FAQs on common coverage-related inquiries from CPAs who are considering providing beneficial ownership information (BOI) reporting services to clients under the Corporate Transparency Act (CTA). This is in response to the concern that CPAs helping clients in this arena could be deemed as engaging in the unauthorized practice of law (UPL).
CAMICO has also provided the following BOI resources:
The NJCPA has submitted a request to the New Jersey Supreme Court's Committee on the Unauthorized Practice of Law to make a determination as to whether BOI assistance is considered UPL in New Jersey. The committee is meeting in March; we will share their response as soon as it is available. And access additional BOI information, resources and events in our BOI Knowledge Hub.
The information in this guide has been gathered from many sources, including the Internal Revenue Service, the Social Security Administration, state agencies, professional organizations and members of the NJCPA. The COVID-19 pandemic has prompted the majority of state agencies to offer more online and prerecorded services. Though offices have reopened after the COVID-19 shutdown, it’s best to check online or call before you visit.
Material contained within this guide should be augmented by, and used in accordance with, a certified public accountant's professional judgment. Your CPA can properly apply the tax laws and regulations to the facts and circumstances of your particular situation. For help with locating a CPA, visit findacpa.org.
The New Jersey Society of Certified Public Accountants is not responsible for any claims arising as a result of this information or its usage.
This guide was updated in October 2023. Future users of this material are cautioned that some portions, particularly tax-related information, may become outdated.