In this episode, Frank Tumminello and Ian Quinlan discuss the Corporate Transparency Act (CTA) and the importance of BOI compliance.
They highlight the knowledge gap among small business owners and the need for education and awareness. They also emphasize the potential financial liabilities for businesses that fail to comply with the CTA.
The conversation touches on the challenges faced by different types of businesses, such as Airbnb owners and e-commerce entrepreneurs. They recommend resources, including an article on the Fileforms website, to help businesses understand and meet their compliance obligations.
The conversation discusses the challenges of making BOI top of mind for entrepreneurs and the need for awareness and education. It highlights the progress made with FinCEN and the excitement about accessing their API. The low percentage of BOI reports filed so far raises concerns about awareness and the need for proactive compliance.
The conversation emphasizes the importance of getting BOI done and out of the way to avoid last-minute scrambling. It also mentions the need for BOI to be integrated into the formation process and the role of different professionals in driving education and compliance.
Beneficial Ownership Information Reporting is Now Required in the US
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