80 \\ 2024 LLC Rules: How to Handle Beneficial Ownership Reporting (and Avoid $400/Day Penalties)
- Author
- Tiffany Phillips - CPA, Small Business Money Mentor, Financial Expert
- Published
- Mon 19 Feb 2024
- Episode Link
- https://smallbusinessfinance.podbean.com/e/80-2024-llc-update-navigating-new-beneficial-ownership-reporting/
Starting January 1, 2024, LLCs face a new federal requirement: Beneficial Ownership Reporting. In this episode, I break down exactly what this new rule means, why it matters, and how to stay in compliance so you avoid massive penalties. You’ll learn who must file, how the rules differ for LLCs created before and after 2024, what deadlines apply, and why this report is separate from your tax return. I also explain why CPAs may not be able to prepare this report, and what steps you should take now to make sure your business is covered. If you own an LLC, don’t miss this important update on small business compliance and tax strategies.
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