In this video, Vincenzo Villamena, CPA and founder of Online Taxman, explains the crucial topic of Beneficial Ownership Information (BOI), a new requirement for 2024 mandated by the Financial Crimes Enforcement Network.
Vincenzo covers:
• Explanation of BOI (Beneficial Ownership Information) and its mandate for the current year.
• Detailed reporting requirements and the information needed for beneficial owners.
• Timelines for filing based on the date of LLC establishment, with deadlines varying accordingly.
• Consequences of non-compliance and emphasizing the seriousness of adhering to these regulations.
• Exceptions to the rule, such as government entities, insurance companies, and banks, along with clarifications regarding self-directed IRAs and trusts.
• Insight into filing responsibilities for trustees, beneficiaries, and grantors, providing clarity on who bears the obligation to report.
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