Welcome to the Financial Advisors Want to Know podcast. I'm Catherine Tindall, a CPA with Dominion, a specialty tax and accounting firm that works with financial advisors.
In today’s episode of Financial Advisors Want to Know I have Jonathan B. Wilson, Esq. joining me to discuss the Beneficial Ownership Information Report requirements that are impacting most entities starting Jan 1, 2025.
Key Takeaways for Advisors:
1- Talk to business owner clients and HNW individuals with ownership stakes in LLCs to make sure they have a resource for these filings - their tax professionals, attorney, or an automated solution like FinCEN Report Company
2- Deadlines for entities started during 2024 is 90 days, but that shrinks down to 30 days for new entities in 2025
3- There have been some challenges to the underlying law, those challenges won’t be resolved until after the filing deadlines so it’s likely that the 1/1/25 deadline will stand (barring a legislative change)
4-Because this law falls between the realms of tax professionals, attorneys, and other professionals, it’s in a no man’s land of compliance requirements that a client could EASILY miss.
Although some entities are exempt, most are not. You’ll need to discuss with an experienced advisor if you are not sure.
Jonathan is a co-founder of FinCEN Report Company, LLC and a leading legal expert on the Corporate Transparency Act. As a corporate partner at Taylor English Duma LLP, he has 33 years of experience in corporate, M&A, and securities matters. He previously served as general counsel or chief legal officer at Web.com and EasyLink Services International.
Jonathan authored *The Corporate Transparency Act Compliance Guide* (Lexis Nexis, 2023) and the Lexis Practical Guidance on the CTA. He holds a B.A. from The College of William and Mary (Phi Beta Kappa) and a J.D. from The George Washington University.
Recognized by *The Best Lawyers in America®* (2017-2022) and *Georgia Super Lawyers* (2021-2024), he is a former Board of Governors member of the State Bar of Georgia.
Connect with Jonathan:
www.fincenreport.com
Connect with Catherine:
https://www.linkedin.com/in/ctindallcpa/
Contact Catherine's Team:
admin@dominiones.com
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