As of January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) requires most legal entities, both domestic or foreign, report their beneficial ownership information (BOI). It's crucial for CPAs and accountants to familiarize themselves with this new federal requirement to prevent their clients from facing substantial fines and penalties for late filings. Join Nellie Akalp from CorpNet.com as she provides a comprehensive overview of the new BOI report. Attendees will gain insight into:
-Understanding the purpose of a BOI report and which entity types are required to submit the report to FinCEN.
-Exploring the 23 business exemption categories outlined in FinCEN's reporting regulations, exempting certain entities from filing.
-Identifying filing deadlines for both newly formed and established companies.
-Addressing frequently asked questions about BOI filings, along with comprehensive answers.