Do Not Miss Your (BOI) Filing Deadline On 12/31/24! Fines Can be 500.00 Per Day for non Compliance.

Buying A Home? Don't Panic! with John Laforme

Send us a text

James Walsh Explains what Beneficial Ownership Information (BOI) is and how important it is to file before the 12/31/24 deadline. If you own a business in the United States do not delay and file today with link below.
James has created a website to help you with filing your BOI
https://boifilings.com/
Click link below to watch the YouTube version of this episode.
https://youtu.be/r7gfkBV8tWk
Filing your Beneficial Ownership Information (BOI) before December 31, 2024, is essential due to compliance requirements set by the Corporate Transparency Act (CTA), which is enforced by the Financial Crimes Enforcement Network (FinCEN). Here’s why you need to file before this deadline:

1. New Reporting Requirements under the Corporate Transparency Act (CTA)

The CTA was enacted to increase transparency in corporate ownership and prevent illicit activities like money laundering, tax evasion, and fraud. The act requires most U.S. corporations, LLCs, and similar entities to report their beneficial owners to FinCEN. A beneficial owner is any individual who directly or indirectly exercises substantial control over the company or owns at least 25% of its ownership interests.

2. Deadlines for Filing

• Existing Entities (Formed before January 1, 2024): Must file their BOI report by December 31, 2024.
• New Entities (Formed on or after January 1, 2024): Must file within 30 days of formation or registration.

This means if your business was established before 2024, you need to submit your BOI report by the end of 2024. For newer entities, the filing must occur within a month of their establishment.

3. Avoiding Penalties

Failure to file your BOI on time can result in severe penalties, including:

• Fines: Up to $500 per day for non-compliance.
• Criminal Penalties: In some cases, failure to report can lead to criminal charges, with fines up to $10,000 and even imprisonment.

Support the show

Listener Feedback Is Always Welcome and Appreciated.
Is there a particular topic I have not covered on the show that you want to hear?
You can become a supporter of the show by clicking this link below, become a supporter and get a shout out on the next podcast episode.
https://www.buzzsprout.com/1838062/support
Please feel free to email me what type of topics you are interested in as well as any other tips to improve your listening experience. [email protected]
Check out My Shopify Store: Coffee Mugs, Tote bags, T-Shirts
https://homeinspectionauthority.myshopify.com/products/black-glossy-podcast-mug?variant=44158131175643
🔴 Please Subscribe To My YouTube Channel to receive updates on the video version of the podcasts and hundreds of real home defect videos I find during actual home inspections as well as how to maintain your home videos:
https://www.youtube.com/channel/UCXzxEH5J8y5EW1lZ3LtDB0A?sub_confirmation=1

🟢 If you are in the Los Angeles area and are in the process of buying a home I am available to inspect it for you. You can Schedule Inspection Online 24/7
https://www.h...