93. BOI Report Saga: Stay Informed and Prepared for Change

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The episode dives into the updates surrounding the BOI report, which requires LLC owners to report beneficial ownership information to FINCEN. Here we discuss the BOI updates as of today!

• Introduction of the BOI report and its purpose 
• Current status, with no legal obligations to file now 
• Importance of monitoring updates closely 
• Recommendations for proactive filing and seeking clarity 
• Encouragement to share the episode for awareness

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Episode Transcript

Speaker 1 (00:06):
Welcome to what your CPA Wants you To Know.

Speaker 2 (00:09):
Tax and accounting help can be expensive, so we've
created this podcast to helpguide you through it all and
make you feel like you have aCPA in your back pocket.

Speaker 1 (00:20):
I'm Carson Sands.

Speaker 2 (00:21):
And I'm Taryn Sands.

Speaker 1 (00:23):
I'm a CPA with over 10 years of experience helping
people start and grow theirbusinesses.

Speaker 2 (00:29):
And I'm an MBA with a specialization in marketing and
entrepreneurship.
Taxes suck and we want to makesure you don't pay more than
your fair share.

Speaker 1 (00:38):
We're here to share everything your CPA wants you to
know.

Speaker 2 (00:42):
In a fun and easy to understand way.

Speaker 1 (00:45):
Let's get started.

Speaker 2 (00:47):
Let's do it.
I'm here today with a veryquick episode about the BOI
report.
Now, if you haven't heard aboutthat, there has been a whole
saga with the BOI report andI'll give everyone just a quick

(01:07):
little refresher and then I willtell you what you need to know.
So the BOI report was passed,stating that all LLC owners
nationwide have to file this newreport.
It wasn't previously a reportthat anyone had filed, so it's
called the BOI report, whichstands for Beneficial Ownership
Information Reporting, andbasically the government was

(01:29):
just gathering data for all LLCsand they're stating it's just
to decrease some of these crimesthat are taking place with like
shell companies and things likethat.
So we were all required to filethat by the end of 2024.
But right before the due dateof all of that then they were

(01:50):
fighting this legislation andthey put a halt on the VOR
filing report, so no oneactually had to file by the due
date, and this was very lastminute in 2024.
So now they have just beenfighting back and forth, back
and forth and trying to figureout if we're actually going to
have to file this report or not.

(02:12):
So they've been back and forthnow for two months and there
still is no resolution, eventhough it's kind of went back
and forth, back and forthwhether we're going to have to
file, but right now no one islegally obligated to file the
VOI report.
So what does that mean forbusiness owners and what should
you be doing?
So right now, you should justreally closely monitor all of

(02:35):
the updates for this and I'msure we'll be back with another
episode whenever they actuallyfigure all of this out.
It looks like it's going to beprobably March before they have
a decision, but when they dohave a decision, it looks like
they're going to want everythingfiled very quickly.
I saw a lot of things sayingthat it would be 30 days from
the time that they passed that,so it could be very quick for

(02:59):
them to say all of a sudden okay, now you are legally required
to file and need to file by thestate.
So be on the lookout for that.
Know that they still have onthe FinCEN website where you can
go ahead and file now if youdon't want to have to worry
about it and I've said this in aprevious episode they're not
gathering a ton of information.

(03:20):
It's not like anything thatthey don't already have on your
tax return.
So if you want to go ahead andfile that and be done with it,
so that you don't have tocontinue to check on these
updates and make sure that youdon't miss a filing date, then
you can go ahead and do that.
And if you'll go back a fewepisodes, I actually walk you
through how to do the filing,because it's very simple.
So until we have furtherinformation, no one is legally

(03:45):
required to file a BOI report,and I just wanted to address
this because we've received alot of emails asking if this
filing needs to be done now,because there is a lot of
misinformation.
I think it's just becausethey're going back and forth and
they're fighting this out inthe courts and there is not a
decision yet.
I think it just keeps gettingappealed and appealed, so we

(04:07):
don't have an answer yet.
All you need to know as ofright now is that filing is not
currently required.
If you haven't already done so,please.
If you found this episodehelpful, please share it with a
friend.
That's the way that we growthis podcast and until next time
, thank you so much forlistening to what your CPA Wants
you To Know Podcast.

Speaker 1 (04:33):
This podcast is intended to provide accounting
and tax information foreducational purposes only.
All tax situations are uniqueand should be handled with the
assistance of a tax professional.