WEBINAR: 2024 FinCEN Beneficial Ownership Interest (BOI) Reporting E3S5R-T-00764-24-O

Open ended Q&A following the presentation

Tax Representatives Caught in the Crossfire - How to Give Great Client Service / Stay Out of Trouble 

Beginning on 01/01/24, many companies in U.S. will have to begin reporting info about their beneficial owners (the individuals who ultimately own or control the company). Most of our clients must report, else face monstrous penalties for failure to do so. 

The rules create a beneficial ownership information reporting requirement designed to make it harder for bad actors to use shell companies to hide their ill-gotten gains. Our clients are not bad actors, nor are their tax representatives (you and me). 

However, we legitimate tax advisors and our clients have major new problems on our hands if we don’t learn the new rules and react intelligently in response. There’s no hiding our heads in the sand on this one.   

 Beneficial Ownership (BOI) Rules – Why Do We Care?

1. It’s a crime to not comply – Someone can go to jail
2. Financial penalties for noncompliance are monstrous 
3. If tax profession does not handle appropriately, it might be malpractice 
4. Clients are exposed if someone does not tell them about it 
5. Tax practitioner may charge a fee for helping client comply 
6. We don’t want to be accused of helping bad guys to hide (a/k/a conspiracy)
7. Your mother (particularly if she works for FinCEN) might be proud of you for helping people
8. Reporting starts in 2024  

 A federal court in Alabama recently ruled the BOI reporting (BOIR) rules unconstitutional, but only for the plaintiffs in that case, not for the rest of us. Other courts are currently dabbling with the issue as well. What does all of this mean to you and I? 

In this brand-new course, we’ll expose the new reporting rules and show you exactly how to handle them

-        Should the accountant or attorney handle the reporting?

-       What does your malpractice carrier have to say about it all?

-       How to communicate with your client about the new rules?

-       How to give great service and, at the same time, protect yourself

 We look forward to you tuning in to our latest episode of how you can save your own bacon