Attention Business Owners - Don't Miss the BOI Reporting Deadline

Law Days & Lattes

In this episode of Law Days and Lattes, your host, Sidney Wheelan, breaks down the essential details about the new Beneficial Ownership Information (BOI) report required by the Corporate Transparency Act (CTA). This federal requirement, effective January 1, 2024, affects many business owners in the U.S. Listen in to learn about who needs to file, what information is required, deadlines, and the potential penalties for non-compliance. Don’t miss this essential episode for small business owners and entrepreneurs!

Episode Segments

Segment 1: What is the BOI Report?

• Overview of the CTA and its goal to increase transparency in business ownership.
• Explanation of what the BOI report entails and why the government is requiring it.

Segment 2: Who Needs to File the BOI Report?

• Breakdown of which businesses are required to file, along with exemptions for larger and highly regulated companies.

Segment 3: Required Information for Filing

• List of information each beneficial owner must provide, including full name, date of birth, address, and government-issued ID details.

Segment 4: Deadlines and Penalties for Non-Compliance

• Key filing deadlines -
• Existing companies (before January 1, 2024): Deadline of January 1, 2025.
• New companies (formed after January 1, 2024): File within 90 days of formation.
• Potential civil and criminal penalties for non-compliance, including fines and possible prison time.

Segment 5: Practical Steps for Business Owners

• Step-by-step guidance for BOI compliance, including identifying beneficial owners, gathering documentation, and consulting with professionals as needed.

Key Takeaways

• Deadlines Matter: Note your deadline based on your business’s formation date.
• Accurate Reporting is Essential: Avoid penalties by submitting complete and correct information.
• Seek Help if Needed: Legal professionals can provide valuable assistance with compliance.

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