Empowering Healthy Business Podcast Episode 24: New Beneficial Ownership Filing Requirements: New in 2024 with Greg Reed

A new federal filing requirement for 2024 is now in effect, and it applies to almost all small businesses in the U.S. In this episode of the Empowering Healthy Business Podcast. Greg Reed explains what this change means and how you can comply.

This requirement, known as Beneficial Ownership Information (BOI) reporting. Mandates that businesses report the identities of key owners or stakeholders to federal authorities. The goal is to improve financial transparency and reduce the misuse of shell companies. But failing to follow this rule can result in hefty penalties, so it’s critical to get ahead of it.

Why the New Federal Filing Requirement for 2024 Matters

Greg explains who needs to file, when to file, and how businesses can stay compliant. This rule applies to both newly formed businesses and long-standing ones.

You must handle the new federal filing requirement for 2024 promptly. Greg recommends that business owners work with a qualified tax CPA or attorney who understands BOI filings. These professionals can also help you update your records whenever ownership changes.

How to Stay Compliant with 2024’s BOI Filing Rule

Staying compliant doesn’t have to be overwhelming. Greg offers clear steps: gather accurate ownership data, determine who qualifies as a “beneficial owner,” and file the report through the appropriate federal system.

Updates are required when ownership changes, so having a process in place is essential. Greg also reminds listeners that even though this is a legal requirement, it’s also a chance to get organized and avoid last-minute stress or fines.

Tune in to this episode and get ahead of the new federal filing requirement for 2024 before it costs you.

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