In this episode of The Progressive Agency Podcast, we revisit the Corporate Transparency Act and its implications for business owners. We explore the critical details of the Beneficial Ownership Information (BOI) reporting requirements, which affect small- to mid-sized business entities in the United States.
Business owners need to be vigilant about ongoing compliance with the new BOI reporting requirements. Due to the potential for daily penalties, it's crucial for businesses to have a system in place to track and report updates to their beneficial ownership information promptly and accurately.
To help business owners get ahead of these changes, we outline who qualifies as a beneficial owner, the four ways an individual can be considered to exercise substantial control, and the specific information that must be reported to FinCEN. We also address the ongoing compliance requirements to report any changes in BOI information in a timely manner and exemptions for certain larger businesses.
What you will learn in this episode:
- When reporting must be completed by
- What is beneficial ownership information (BOI)?
- Four ways an individual can be considered a beneficial owner
- How to report beneficial owner information
- Penalties incurred for missing reporting deadlines
- Being aware of potential scams
- Who's exempt from reporting?
- Rules for rental properties, LLCs, and other side hustles
Resources:
- Website: http://www.craigcodyandcompany.com/
- Twitter: @CraigC2742
- LinkedIn: https://www.linkedin.com/in/craigcodycpa
- BOI Report FinCEN
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