#543 This Law Will Cost Your Business THOUSANDS.. Do This NOW

Main Street Business

Mark J Kohler and Mat Sorensen

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

2.4 • 584 Ratings

🗓️ 12 November 2024

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen bring you the latest on federal regulations that could land business owners in hot water. With the Corporate Transparency Act now in effect, they’re here to guide you through what the Business Owner Information (BOI) report is, why it matters, and how to tackle it without stress. Here are some of the highlights: Mark & Mat unpack the new federal mandate requiring business owners to file a Business O...

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 best-selling 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,
0:22.1	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.
0:34.2	This is going to be effective in 2024 buckle up. If you lie on the B-O-I, it is noncompliance, $500 a day penalty and jail time. Hey, during COVID, I set up a side hustle that I don't use anymore. You still got a file. Yeah. One sheet of paper is not an entity that's going to protect you in court or a lawsuit or an insurance claim. I hate to tell you
0:54.8	that. If you're a big business, don't worry about this. Hey, small business owners, you got to file this.
1:00.1	You're like, guys, I don't want to do it with this BS. Let me just burn my business and go back
1:03.4	to do my thing and make a money. We got you.
1:14.7	Welcome everybody to the Main Street Business podcast. My name is Mark Kohler. I'm here with the infamous Matt Sorenson. Last week, we were just live on stage doing our show from the
1:20.7	Alt Asset Summit. Yeah. Now we're here back in the studio. It's a lot more relaxed. Yeah.
1:26.7	No live audience. Yeah, we're back in the studio and today we have like a
1:30.2	warning for you. Last week was fun about investing and growing and building your wealth. This week
1:35.3	it's about the federal government wants to know about your LLCs and corporations. And if you don't
1:41.0	tell them about it and file this thing we're going to talk about the B-O-I, you could go to jail. Yeah, it's the penalties are off the chart. And we'd like to say, oh, well, they wouldn't really do that. Or, yeah, there'll be a way to get out of the penalties. You know what? There might initially be for a few weeks or a month or a 30-day grace period and this and that.
2:01.6	There's always grace periods when a new law is brought into effect.
2:04.8	But people, this is here at stay.
2:06.3	It's been challenged in court.
2:08.1	It's legit.
2:09.0	It's a bipartisan bill.
	...

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