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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