Business Ownership Information (BOI) Reporting Webinar
As we reported in our July 31, 2024 Wednesday Wisdom, domestic and foreign reporting companies that are created or registered by filing documents with the secretary of state (SOS) or similar office are subject to the Beneficial Ownership Information (BOI) Reporting requirements. This includes a corporation, an LLC, or any other entity type.
The deadline to file with FinCen is on or before January 1, 2025.
Background
The Corporate Transparency Act of 2020 (CTA), enacted January 1, 2021, created new reporting requirements relating to the beneficial owners of certain companies doing business in the U.S. Beginning in 2024, certain companies must file a Beneficial Ownership Information Report (BOI report) with the Financial Crimes Enforcement Network (FinCEN) to disclose the individuals who ultimately own or control a company. Not all companies are required to report BOI to FinCEN under the Reporting Rule. Companies are required to report only if they meet the Reporting Rule’s definition of a “reporting company” and do not qualify for an exemption.
BOI Reporting Webinar
A free webinar, sponsored by the IRS Stakeholder Liaison, regarding BOI reporting, will take place on Tuesday, November 19, 2024, at 2 pm Eastern time (1 pm Central).
The agenda for the webinar includes:
- Explain the Corporate Transparency Act (CTA)
- Provide Beneficial Ownership Reporting resources
- Analyze the Beneficial Ownership Information reporting requirements using the Small Entity Compliance Guide
- Describe what happens if a company does not report BOI in the required time frame
- A live Q&A session
Webinar Registration
To register for the IRS webinar, please click here.
If you are unable to attend, the IRS will record and post a recording of the BOI Reporting webinar on their YouTube channel a few weeks after the live broadcast.
Additional Resources
Wouch Maloney Wednesday Wisdom published July 31, 2024: click here
FinCen BOI Informational Brochure April 2024: click here
FinCen BOI Frequently Asked Questions: click here
Moving Forward
We will work alongside your legal professionals or connect you with a legal professional to help ensure that you remain compliant. As always, should you have questions on this or other matters affecting you or your business, please call or email us to speak with a CPA today.
DISCLAIMER: The WM Update, WM Wednesday Wisdom, WM Daily Update, and other related communications are intended to provide general information, as of the date of this communication, and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.
