Episode 87: New Filing Requirement for All Corporations and LLCs

The Corporate Transparency Act, which was passed as part of the National Defense Authorization Act for Fiscal Year 2021, introduced new reporting requirements for businesses in the United States, specifically focusing on beneficial ownership. This episode details who needs to file a Beneficial Owner Information Report, what information is collected, as well as how to file. I go into detail who is considered a beneficial owner as described by FinCEN. Penalties for not filing as well as how the information will be stored and who it will be shared with is also discussed.

If you have an LLC, even a single member LLC disregarded for tax purposes, you likely still need to file a Beneficial Owner Information Report.

To file your Beneficial Owner Information Report, go to https://www.fincen.gov/boi

Learn more about the requirements for filing at https://www.fincen.gov/boi-faqs#B_1
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If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook

Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

Website: https://ww.GrowYourWealthyMindset.com

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Facebook https://www.facebook.com/ElisaChiang

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