In part 1 of this 2-part series, Annie and Roger dive into the complexities of the new Beneficial Ownership Information (BOI) reporting requirements. They discuss who needs to file, key deadlines, and potential risks for tax professionals assisting clients with compliance. The hosts emphasize the importance of understanding the current guidance, primarily based on FAQs, and highlight areas where interpretation could lead to legal complications.

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Padgett - Contact Padgett or Email Jeff Phillips

• (00:00) - Welcome to Federal Tax Updates
• (03:34) - Understanding the FinCEN Reporting Requirements
• (05:11) - Navigating the FAQs and Compliance Challenges
• (09:57) - Filing Requirements and Deadlines
• (23:37) - Who Needs to Report? Identifying Reporting Companies
• (27:33) - Understanding Reporting Company Criteria
• (29:43) - Sole Proprietorships and Reporting Requirements
• (30:59) - Navigating S Corps and HOAs Reporting
• (32:37) - Legal Implications and Attorney Involvement
• (33:59) - Complex Scenarios and Reporting Obligations
• (40:27) - Company Applicant Responsibilities
• (45:46) - Filing Requirements and Updates
• (50:44) - Conclusion and Next Steps

Connect with the Hosts on LinkedIn
https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/

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This podcast is a production of the Earmark Media