The Grow Your Wealthy Mindset Podcast

Episode 87: New Filing Requirement for All Corporations and LLCs

January 24, 2024 Elisa Chiang Season 2 Episode 87
The Grow Your Wealthy Mindset Podcast
Episode 87: New Filing Requirement for All Corporations and LLCs
Show Notes

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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Registration is now open and free! The VIP All-Access pass is $97 thru February 25, 2024. it goes up to $197 during the conference and $297 after the conference ends.

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 Registration is now open for the Leverage and Growth Summit, which will be February 26 to March 1, 2024.  VIP All-Access pass is $97 thru February 25, 2024. it goes up to $197 during the conference and $297 after the conference ends.

 Please consider registering with my affiliate link, https://passiveincomemd.com/LGS2024-Elisa-Chang 
If you do buy a VIP pass, I will receive a commission which su