Empowering Healthy Business Podcast Episode 35: Beneficial Ownership Reporting Update and Tax Planning Win
The U.S. Treasury Department recently announced updates to the beneficial ownership filing requirements that could impact millions of small business owners. In this episode of the Empowering Healthy Business Podcast, Greg Reed breaks down exactly what these changes mean and how business owners should respond. If you’re not aware of these changes or you’re unsure how they apply to you, this is the time to pay attention. Failing to act could result in significant penalties.
Greg explains who is affected, what the new rules require, and the specific deadlines you need to watch. He also shares how these filing requirements fit into broader financial and legal compliance strategies, especially for businesses navigating post-2024 tax policy updates.
How Beneficial Ownership Filing Requirements Tie Into Tax Strategy
Greg also shares a real-life case where proactive planning saved a client $29,000 in taxes. By anticipating reporting obligations and building a strategy around beneficial ownership filing requirements, this business owner avoided last-minute errors and penalties. It’s a great example of why tax planning is not just about April 15th—it’s about making smart moves year-round.
In addition to the ownership filing update, Greg touches on another often-overlooked issue: informational filings for U.S. businesses with international dealings. These forms aren’t optional, and skipping them can lead to costly consequences. You’ll learn what forms to watch out for, who’s responsible for them, and how to stay on track without burning hours of your time.
Why This Matters for Every Business Owner
If you think your CPA will catch every issue, think again. Understanding the basics of beneficial ownership filing requirement gives you the insight to ask smarter questions, plan, and avoid preventable fines.
Tune in now to learn how staying informed can directly impact your bottom line.
Check us out at www.empoweringhealthybusiness.com.