#567 BOI Is Officially Dead!
from Main Street Business Hosted by Mark J Kohler and Mat Sorensen
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/ Ready to Take the Next Step? Work With Mat & Mark’s Law Firm Get strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers. [Book a Call with KKOS Lawyers] Take Control of Your Retirement Want to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA. [Learn More About Directed IRA] Free Resources Mat Sorensen’s Optimal Order of Investing Guide Learn how to prioritize where your money should go and build a smarter investing strategy. [Download the Free Guide] Mark J. Kohler’s 30-Point Tax Guide Discover practical tax strategies and planning opportunities every business owner and investor should know. [Download the Free Guide] Get More From Mat & Mark Watch on YouTube Tax strategies, business planning, investing, asset protection, and more. [Visit the YouTube Channel...
Embed this episode
What this episode covers
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...
Chapters
- 0:12 Introduction to the Podcast
No transcript yet.