BOI

Beginning on 01/01/24, many companies in the U.S. will have to begin reporting info about their beneficial owners (the individuals who ultimately own or control the company). Most of our clients must report, else face monstrous penalties for failure to do so. The rules create a beneficial ownership information reporting requirement designed to make it harder for bad actors to use shell companies to hide their ill-gotten gains. Our clients are not bad actors, nor are their tax representatives (you and me). However, we legitimate tax advisors and our clients have major new problems on our hands if we don’t learn the new rules and react intelligently in response. There’s no hiding our heads in the sand on this one. Discussion Leader: Bradley Burnett

The Corporate Transparency Act, which goes into effect on January 1, 2024, will require many legal entities to report the structure of their ownership. Accountants, attorneys, and other advisors need to understand the reporting requirements to advise and assist their clients with the filings. Discussion Leader: Verne McGough