New Beneficial Ownership Reporting Requirements.

It is highly likely that financial service professionals, particularly those engaged in tax practice, will be asked by clients to either prepare or assist in the preparation of the beneficial ownership information (BOI) report. These professionals would be well advised to consult with their attorney and their malpractice insurance provider about the potential risks involved in taking on this type of work. It is also suggested that professionals make sure their engagement letters are specific with respect to the responsibilities of the various parties involved, including the updating of information when the company's relevant information changes. [ABSTRACT FROM AUTHOR]