What Your CPA Wants You to Know
A podcast for entrepreneurs! We are a husband and wife team running our CPA firm together. We know just how difficult it can be to take your business dream to a reality. Our mission for this podcast is to guide, empower, and educate entrepreneurs in an easy-to-understand way! We want business owners to have the information that they need when they need it, AND without the hefty accounting invoices from a CPA! Follow along for practical advice, tips, and tricks from a CPA who knows what it is like to run a business, and strategies to keep your business thriving from an MBA! We will also show you how to run a business while keeping your family and sanity intact along the way!
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What Your CPA Wants You to Know
93. BOI Report Saga: Stay Informed and Prepared for Change
The episode dives into the updates surrounding the BOI report, which requires LLC owners to report beneficial ownership information to FINCEN. Here we discuss the BOI updates as of today!
• Introduction of the BOI report and its purpose
• Current status, with no legal obligations to file now
• Importance of monitoring updates closely
• Recommendations for proactive filing and seeking clarity
• Encouragement to share the episode for awareness
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Welcome to what your CPA Wants you To Know.
Speaker 2:Tax and accounting help can be expensive, so we've created this podcast to help guide you through it all and make you feel like you have a CPA in your back pocket.
Speaker 1:I'm Carson Sands.
Speaker 2:And I'm Taryn Sands.
Speaker 1:I'm a CPA with over 10 years of experience helping people start and grow their businesses.
Speaker 2:And I'm an MBA with a specialization in marketing and entrepreneurship. Taxes suck and we want to make sure you don't pay more than your fair share.
Speaker 1:We're here to share everything your CPA wants you to know.
Speaker 2:In a fun and easy to understand way.
Speaker 1:Let's get started.
Speaker 2:Let's do it. I'm here today with a very quick episode about the BOI report. Now, if you haven't heard about that, there has been a whole saga with the BOI report and I'll give everyone just a quick little refresher and then I will tell you what you need to know. So the BOI report was passed, stating that all LLC owners nationwide have to file this new report. It wasn't previously a report that anyone had filed, so it's called the BOI report, which stands for Beneficial Ownership Information Reporting, and basically the government was just gathering data for all LLCs and they're stating it's just to decrease some of these crimes that are taking place with like shell companies and things like that. So we were all required to file that by the end of 2024. But right before the due date of all of that then they were fighting this legislation and they put a halt on the VOR filing report, so no one actually had to file by the due date, and this was very last minute in 2024. So now they have just been fighting back and forth, back and forth and trying to figure out if we're actually going to have to file this report or not. So they've been back and forth now for two months and there still is no resolution, even though it's kind of went back and forth, back and forth whether we're going to have to file, but right now no one is legally obligated to file the VOI report. So what does that mean for business owners and what should you be doing? So right now, you should just really closely monitor all of the updates for this and I'm sure we'll be back with another episode whenever they actually figure all of this out. It looks like it's going to be probably March before they have a decision, but when they do have a decision, it looks like they're going to want everything filed very quickly.
Speaker 2:I saw a lot of things saying that it would be 30 days from the time that they passed that, so it could be very quick for them to say all of a sudden okay, now you are legally required to file and need to file by the state. So be on the lookout for that. Know that they still have on the FinCEN website where you can go ahead and file now if you don't want to have to worry about it and I've said this in a previous episode they're not gathering a ton of information. It's not like anything that they don't already have on your tax return. So if you want to go ahead and file that and be done with it, so that you don't have to continue to check on these updates and make sure that you don't miss a filing date, then you can go ahead and do that.
Speaker 2:And if you'll go back a few episodes, I actually walk you through how to do the filing, because it's very simple. So until we have further information, no one is legally required to file a BOI report, and I just wanted to address this because we've received a lot of emails asking if this filing needs to be done now, because there is a lot of misinformation. I think it's just because they're going back and forth and they're fighting this out in the courts and there is not a decision yet. I think it just keeps getting appealed and appealed, so we don't have an answer yet. All you need to know as of right now is that filing is not currently required. If you haven't already done so, please. If you found this episode helpful, please share it with a friend. That's the way that we grow this podcast and until next time, thank you so much for listening to what your CPA Wants you To Know Podcast.
Speaker 1:This podcast is intended to provide accounting and tax information for educational purposes only. All tax situations are unique and should be handled with the assistance of a tax professional.