E208: New Reporting Requirement for Small Businesses (BOI)
Jan 17, 2024•9 min
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Episode description
Starting January 1st, 2024, a crucial new requirement for LLCs and most small businesses involves reporting Beneficial Ownership Information (BOI) to FinCEN (The Financial Crimes Enforcement Network). Ignoring this requirement could lead to severe consequences, including substantial fines and imprisonment.
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