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

10/21/24 • 51 min

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.

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(00:00) - Welcome to Federal Tax Updates
(03:34) - Understanding the FinCEN Reporting Requirements
(05:11) - Navigating the FAQs and Compliance Challenges
(09:57) - Filing Requirements and Deadlines
(23:37) - Who Needs to Report? Identifying Reporting Companies
(27:33) - Understanding Reporting Company Criteria
(29:43) - Sole Proprietorships and Reporting Requirements
(30:59) - Navigating S Corps and HOAs Reporting
(32:37) - Legal Implications and Attorney Involvement
(33:59) - Complex Scenarios and Reporting Obligations
(40:27) - Company Applicant Responsibilities
(45:46) - Filing Requirements and Updates
(50:44) - Conclusion and Next Steps

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Connect with the Hosts on LinkedIn
https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/

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This podcast is a production of the Earmark Media

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Padgett - Contact Padgett or Email Jeff Phillips

(00:00) - Welcome to Federal Tax Updates
(03:34) - Understanding the FinCEN Reporting Requirements
(05:11) - Navigating the FAQs and Compliance Challenges
(09:57) - Filing Requirements and Deadlines
(23:37) - Who Needs to Report? Identifying Reporting Companies
(27:33) - Understanding Reporting Company Criteria
(29:43) - Sole Proprietorships and Reporting Requirements
(30:59) - Navigating S Corps and HOAs Reporting
(32:37) - Legal Implications and Attorney Involvement
(33:59) - Complex Scenarios and Reporting Obligations
(40:27) - Company Applicant Responsibilities
(45:46) - Filing Requirements and Updates
(50:44) - 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.

This podcast is a production of the Earmark Media

Previous Episode

How Modern Firm Owners are Addressing Common Industry Woes

Zach Warren from Thomson Reuters Institute and Amanda Aguillard from Padgett dive into the pressing challenges facing modern accounting firms, particularly those in the mid-sized range. They explore innovative solutions to the talent shortage, discuss the surprising resilience of time-based pricing, and emphasize the critical role of technology adoption in driving efficiency. This data-driven conversation offers practical insights for firm owners looking to navigate industry pressures and position themselves for sustainable growth.

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Connect with Zachary Warren, MBA
https://www.linkedin.com/in/zach-warren-19403371
https://www.thomsonreuters.com/en-us/posts/authors/zach-warren

Connect with Amanda Aguillard, CPA CISD
https://www.linkedin.com/in/amandaaguillard
https://www.aguillardaccounting.com

Review
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This podcast is a production of the Earmark Media

Next Episode

What You Need to Know About Beneficial Ownership Information Reporting | Part 2

In Part 2 of their BOI series, Roger and Annie tackle the most challenging aspects of beneficial ownership reporting requirements, focusing on determining who qualifies as a beneficial owner and the significant penalties for non-compliance. They dissect FinCEN's FAQs about substantial control while highlighting concerning gray areas that could put both business owners and tax professionals at risk. The discussion provides critical guidance for practitioners considering whether to offer BOI services, emphasizing protection strategies like engagement letters and insurance coverage given the potential $591 daily penalties and criminal consequences.

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips