Small Biz Catalyst
Hello and welcome to Small Biz Catalysts. This show is for struggling small business owners who want to be able to earn a consistent 6 figure salary from their businesses and the economic development professionals who support them.
Explore with us as we delve into innovative strategies, success stories and actionable insights to empower small businesses as catalysts for economic resilience.
Your host, Ayisat Abilogun is a Certified Entrepreneurship Development Professional and the CEO of Financial Leadership Club of America.
Ayisat loves helping small business owners stay resilient so that their business can move past stagnation to growth phase.
In the last 5 years, Ayisat has empowered over 20,000 students and business owner through financial leadership courses, workshops and curriculum.
Let's help your business move from wistful to wellspring.
Stay with us as we delve into today's topic.
Small Biz Catalyst
#26: Corporate Transparency Act Requirement for small businesses - BOIR
In this episode of Small Biz Catalyst, Ayisat discusses the Beneficial Owners Information (BOI) filing requirements under the Corporate Transparency Act. The conversation covers the importance of compliance, key dates for filing, who needs to file, exemptions, and a step-by-step guide on how to file a BOI report. Ayisat emphasizes the potential penalties for non-compliance and encourages listeners to share this crucial information with others in the business community.
The Corporate Transparency Act requires certain types of U.S. and foreign entities to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.
Ayisat provides step-by-step instructions on how to file the BOI report online, including the five sections that need to be completed. She encourages listeners to file the report as soon as possible to ensure compliance with the Corporate Transparency Act.
Resources:
Washington Federal Foundation Grant:
Maximum Grant: $5,000
Deadline: NONE
Guidelines and Application: https://www.wafdbank.com/about-us/washington-federal-foundation
PNC Foundation Grant:
Maximum Grant: not specified
Deadline: NONE
Guidelines and Application: https://www.pnc.com/en/about-pnc/corporate-responsibility/philanthropy/pnc-foundation.html
Grant application review email: CWEgrants@twu.edu
Veterans Entrepreneurship Grant by TWU-CWE: twucwe | Instagram, Facebook | Linktree
SmallBizCatalyst.org/resources
Takeaways
- You will know exactly what to do to comply.
- The Corporate Transparency Act is effective in 2024.
- Key dates for filing include January 1, 2025.
- There is no fee for submitting a BOI report.
- Domestic reporting companies must file BOI reports.
- There are 23 exemptions from filing requirements.
- Filing can be done online or via PDF.
- Non-compliance can result in significant fines.
- It's crucial to share this information with others.
- The process of filing is straightforward and manageable.
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