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#567 BOI Is Officially Dead!

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Manage episode 469842849 series 1248143
Content provided by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

BOI Reporting Fines Canceled for U.S. Citizens & Businesses!
Big news for U.S. business owners! The Treasury Department has announced that U.S. citizens and domestic businesses will not face fines or penalties for failing to file Beneficial Ownership Information (BOI) reports after new deadlines are set.
Last week, FinCEN confirmed that updated BOI reporting deadlines will be announced no later than March 21. However, Treasury has now clarified that they will not enforce penalties or fines associated with the BOI!
This decision comes as part of the Corporate Transparency Act (CTA) and is being positioned as a win for reducing regulatory burdens on small businesses. Treasury Secretary Scott Bessent stated that this move aligns with President Trump's goal of fostering economic growth by cutting unnecessary red tape.
What does this mean for you?
No fines or penalties for U.S. businesses and beneficial owners.
A significant shift in compliance obligations under the CTA.
Stay tuned for more updates as the final rule changes are announced!
Need Help Setting Up An LLC? Please check out my law firm here: https://kkoslawyers.com/

  continue reading

Chapters

1. #567 BOI Is Officially Dead! (00:00:00)

2. Introduction to the Podcast (00:00:12)

3. Key Changes Regarding the BOI Report (00:18:51)

4. Future Implications and What to Expect (06:20:38)

692 episodes

Artwork

#567 BOI Is Officially Dead!

Main Street Business

105 subscribers

published

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Manage episode 469842849 series 1248143
Content provided by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Mark J Kohler and Mat Sorensen, Mark J Kohler, and Mat Sorensen or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

BOI Reporting Fines Canceled for U.S. Citizens & Businesses!
Big news for U.S. business owners! The Treasury Department has announced that U.S. citizens and domestic businesses will not face fines or penalties for failing to file Beneficial Ownership Information (BOI) reports after new deadlines are set.
Last week, FinCEN confirmed that updated BOI reporting deadlines will be announced no later than March 21. However, Treasury has now clarified that they will not enforce penalties or fines associated with the BOI!
This decision comes as part of the Corporate Transparency Act (CTA) and is being positioned as a win for reducing regulatory burdens on small businesses. Treasury Secretary Scott Bessent stated that this move aligns with President Trump's goal of fostering economic growth by cutting unnecessary red tape.
What does this mean for you?
No fines or penalties for U.S. businesses and beneficial owners.
A significant shift in compliance obligations under the CTA.
Stay tuned for more updates as the final rule changes are announced!
Need Help Setting Up An LLC? Please check out my law firm here: https://kkoslawyers.com/

  continue reading

Chapters

1. #567 BOI Is Officially Dead! (00:00:00)

2. Introduction to the Podcast (00:00:12)

3. Key Changes Regarding the BOI Report (00:18:51)

4. Future Implications and What to Expect (06:20:38)

692 episodes

All episodes

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