What You Need to Know About Beneficial Ownership Information Reporting | Part 1

In part 1 of this 2-part series, Annie and Roger dive into the complexities of the new Beneficial Ownership Information (BOI) reporting requirements. They discuss who needs to file, key deadlines, and potential risks for tax professionals assisting clients with compliance. The hosts emphasize the importance of understanding the current guidance, primarily based on FAQs, and highlight areas where interpretation could lead to legal complications. Sponsors Padgett - Contact Padgett or Email Jeff Phillips (00:00) - Welcome to Federal Tax Updates (03:18) - Understanding the FinCEN Reporting Requirements (04:55) - Navigating the FAQs and Compliance Challenges (09:41) - Filing Requirements and Deadlines (23:25) - Who Needs to Report? Identifying Reporting Companies (27:21) - Understanding Reporting Company Criteria (29:31) - Sole Proprietorships and Reporting Requirements (30:47) - Navigating S Corps and HOAs Reporting (32:25) - Legal Implications and Attorney Involvement (33:47) - Complex Scenarios and Reporting Obligations (40:15) - Company Applicant Responsibilities (45:34) - Filing Requirements and Updates (50:32) - Conclusion and Next Steps Get NASBA Approved CPE or IRS Approved CE Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode. Connect with the Hosts on LinkedIn https://www.linkedin.com/in/rogerharrispbs/ https://www.linkedin.com/in/annie-schwab-852418261/ Review Leave a review on Apple Podcasts or Podchaser Subscribe Subscribe to the Federal Tax Updates podcast in your favorite podcast app! This podcast is a production of the Earmark Media