#537 LLC & Corp BOI Filing Requirement - Don't get fined or jailed

Main Street Business

Mark J Kohler and Mat Sorensen

Management, Tax Tips, Entrepreneurship, Accounting, Business, Business Structure, Estate Planning, Tax Reform, Legal Compliance, Tax Prep, Tax Strategies, Financial Reporting, Irs Updates

4.8 • 584 Ratings

🗓️ 17 October 2024

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Main Street Business Podcast, host Mat Sorensen dives into a crucial new filing requirement that many small businesses need to be aware of: the Beneficial Ownership Information (BOI) report. Mat explains the Corporate Transparency Act, which mandates businesses to disclose their key beneficial owners to FinCEN. While the deadline to file is December 31, 2024, many small businesses should start preparing now to avoid penalties. Mat breaks down who needs to file, what inf...

Transcript

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0:00.0	Welcome to the Main Street Business Podcast with your distinguished hosts, Mark J. Kohler and Matt Sorensen.
0:05.5	Both are bestselling authors and have over 25 years of industry experience with 10,000 client consultations,
0:12.3	making them the leading tax and legal experts in the nation.
0:16.1	Together, they'll unpack the most complex tax, legal, and financial strategies,
0:20.6	crucial for saving more,
0:22.2	stressing less, and building generational wealth. Today, they're your personal advisors,
0:28.1	ready to break it down for you and make the tax and legal game easier than ever. Here is Mark and Matt.
0:34.4	Welcome everyone to the Main Street Business podcast. This is Matt Sorensen. I am flying solo today.
0:39.6	Mark J. Kohler is out on assignment. He's in the Big Apple, New York City on TV and everything.
0:44.5	It was the October 15th deadline just recently. So he's been out pounding the pavement and helping
0:49.1	people know how to file taxes. But today, I have something more important than filing your taxes. If you have an LLC or
0:55.9	corporation, today's podcast episode is critical. You've got to know this. This is the most important
1:02.0	revolutionary thing that has happened for small businesses in my lifetime as a lawyer. You must know
1:07.8	about this. It's called a beneficial ownership information report, a BOI.
1:12.5	This is something every LLC incorporation has to file by the end of the year. If you don't know what
1:16.9	I'm talking about, make sure you stay on this. If you're like, hmm, do I need to file this or not?
1:21.8	Listen, this is critical. Today's episode is going to be really important to understand.
1:26.7	LLC's and corporations have a new
1:28.4	law that applies in 2024 that means you have to file something to the federal government.
1:33.6	It's called a beneficial ownership information report. This was a new law called the
1:38.0	Corporate Transparency Act passed a couple years ago, but now it requires you to do something
1:44.0	and you have until December 31st,
	...

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