S2E22 : BOI Reporting - What You Need To Know
- Author
- Dawn Scott
- Published
- Wed 20 Nov 2024
- Episode Link
- https://www.theempoweredcpa.com/podcasts/the-empowered-cpa-3/episodes/2148905301
In this episode of the Empowered CPA podcast, I discuss what you need to know about Beneficial Ownership Information (BOI) reporting. As mandated by the Corporate Transparency Act, this new requirement affects many business entities, particularly LLCs, and aims to combat illicit activities such as money laundering and tax fraud. I describe the filing process, necessary documentation, and the significant penalties for noncompliance, emphasizing the importance of being prepared and proactive in meeting these new regulations.
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