FINCEN BOI Webinar

[Lee B]

Here is a link to register for a FINCEN online webinar about Beneficial Ownership Reporting this Wednesday:

 

https://fincen.zoomgov.com/webinar/register/WN_lh7pK9P8T5WD7w4ZPAYCGw

 

[Lynn EA USTCP in Louisiana]

reigstration is already closed for this webinar, minutes after receiving the email

[Margaret CPA in OH]

Hmm, if closed so quickly, I do hope it is offered again and soon!

[BulldogTom]

36 minutes ago, Lynn EA USTCP in Louisiana said:

reigstration is already closed for this webinar, minutes after receiving the email

Overwhelming demand for knowledge and compliance guidance....

Tom
Longview, TX

[kathyc2]

Click on English in link to download pdf guide.  https://www.fincen.gov/boi/small-entity-compliance-guide

[Margaret CPA in OH]

Thanks!

[Lion EA]

Thanks for the Guide. Just what I need: 57 pages! It's on my desktop to be handy. Hope someone does distill this for us.

I'm really leaning toward NO new tasks that don't improve my clients' tax situations. However, I need to know what to tell them or not tell them. Maybe a 2nd page in my engagement letter for those with Schedules C and entities.

By the way, do Schedules E & F count?

And, I've yet to contact my E&O carrier. Probably because I'm hoping they say NO.

[kathyc2]

23 minutes ago, Lion EA said:

Thanks for the Guide. Just what I need: 57 pages! It's on my desktop to be handy. Hope someone does distill this for us.

I'm really leaning toward NO new tasks that don't improve my clients' tax situations. However, I need to know what to tell them or not tell them. Maybe a 2nd page in my engagement letter for those with Schedules C and entities.

By the way, do Schedules E & F count?

And, I've yet to contact my E&O carrier. Probably because I'm hoping they say NO.

It's pretty easy reading.  I got through it in around an hour. 

See chart on page 2. The form they file doesn't matter so much as if the C, E or F business is a LLC. 

[kathyc2]

IRS has on demand video of webinar:  https://www.irsvideos.gov/Webinars/BeneficialOwnershipInformationpresentedbyFinancialCrimesEnforcementNetworkFinCEN

[DANRVAN]

8 hours ago, Lion EA said:

Thanks for the Guide. Just what I need: 57 pages! It's on my desktop to be handy. Hope someone does distill this for us.

It is actually a well written document with a table of contents, chapter summaries, checklist, flowcharts and examples.

About 30 minutes to get a good grasp.

8 hours ago, kathyc2 said:

See chart on page 2. The form they file doesn't matter so much as if the C, E or F business is a LLC. 

Or corporation or entity registered with Sec. Of State (page 2) unless exceptions are met (page 4).

One takeaway is the filing deadlines:

"If your company already exists as of January 1, 2024, it must file its initial BOI report by January 1, 2025. If your company is created or registered to do business in the United States on or after January 1, 2024, and before January 1, 2025,..."

[DANRVAN]

9 hours ago, Lion EA said:

And, I've yet to contact my E&O carrier. Probably because I'm hoping they say NO.

The E&O carriers and AICPA are currently backing away with concerns the reporting might be seen as a legal matter, but I think that might change once the dust settles.  

For my existing clients I refer them to the Jan 2024 vs 2005 reporting requirements.