#564 The BOI is Back! 99% of Small Business Owners Must File By March 19th

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

🗓️ 20 February 2025

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen explain FinCEN’s BOI requirement and what it means for LLCs and corporations. With compliance deadlines approaching fast, they provide expert guidance on how to file properly and avoid costly fines. Here are some of the highlights: Mark and Mat discuss the recent developments, including the overturning of a previous injunction and the reinstatement of BOI enforcement by FinCEN.Mat provides the new deadline fo...

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.
0:32.6	Here is Mark and Matt.
0:34.6	B-O-E's are back and you've got 30 days to comply.
0:38.1	99% of you of the owners of an LLC or a corporation in America as a small business owner
0:44.2	have to file this report.
0:46.6	It's over 500 bucks a day for failure to file.
0:49.5	I know a lot of people are like, I'm just going to wait until that Supreme Court case and
0:53.1	see if it gets overturned.
0:54.7	You're going to have penalties.
0:56.2	I mean, you're rolling dice. I'm not using it now. Yep. That business didn't go well or I bought a rental and I sold it. There's nothing going on it. You still got to file it. Yep. Too late. There's a requirement. You have to file. Welcome everybody to the Main Street Business podcast. Breaking News. The B-O-I is back on the table.
1:17.3	We're talking about it again. It's, I may be here to stay. I cannot deal with this, Matt.
1:23.2	Well, we're on, we're on the fourth hump in the roller coaster here of what's going on.
1:28.2	So if you've had a little whiplash, you're not alone.
1:30.5	But what's going on right now is FinCEN just issued a notice out today stating that B-O-I's are back and you've got 30 days to comply.
1:39.4	We're going to dig into that.
1:40.2	Now, here's why.
	...

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