CPA Explains: The Beneficial Ownership Information Report (The Corporate Transparency Act)

Описание: Ok I know it's not an exhaustive explanation with answers to every question, but these are the main highlights that should answer 90% of your questions I'd hope!

In this video I'm taking a look at the new Beneficial Ownership Information report (the BOI) from the corporate transparency act that just came out in 2024 that impacts most small businesses. These are the 6 main points I'll be discussing:

1. Who a “reporting company” is
2. Who the 23 companies that are exempt from this reporting are
3. Who a “beneficial owner” is
4. The information you’ll need to report and when
5. How often you need to submit this report
6. What the penalties are for not reporting

While these main points are sufficient for many small businesses owners to get a grasp on this report, I know there are more details about your particluar business that you may still have questions on. In light of that, here is the BOI Small Entity Compliance Guide with all the details you'll need:
https://www.fincen.gov/sites/default/...

And be sure to reach out to your accountant and/or attorney to see where they can help with this as well.

💡 Disclaimer: This video is for educational purposes only. It does not constitute financial or legal advice. Always seek personalized advice from a qualified accountant, financial professional, and/or attorney based on your specific situation.

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