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Ep 24: Beneficial Ownership Information Reporting (BOI Report)
Ep 24: Beneficial Ownership Information Reporting (BOI Report)
Welcome to Financial Advisors Want to Know! I’m Catherine Tindall, CPA, partner at Dominion Enterprise Services, where we specialize in tax advisory and compliance for financial advisors.🚨 BOI Report Compliance is Here—Are Your Clients Ready? 🚨Starting January 1, 2025, the Beneficial Ownership Information (BOI) Report filing requirement will impact most business entities—and non-compliance comes with a $500 per day fine! With only 10% of required entities having completed this filing so far, many business owners remain at risk.To break it all down, I’m joined by Jonathan B. Wilson, Esq., a leading legal expert on the Corporate Transparency Act (CTA). Jonathan co-founded FinCEN Report Company, LLC and is a corporate partner at Taylor English Duma LLP. With over 33 years of experience, he’s the author of The Corporate Transparency Act Compliance Guide (Lexis Nexis, 2023) and has been recognized by The Best Lawyers in America® and Georgia Super Lawyers.
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Episode 24: Beneficial Ownership Information Reporting (BOI Report)
Guest: Jonathan B. Wilson, Esq. | Ep. 24
Welcome to Financial Advisors Want to Know! I’m Catherine Tindall, CPA, partner at Dominion Enterprise Services, where we specialize in tax advisory and compliance for financial advisors.
🚨 BOI Report Compliance is Here—Are Your Clients Ready? 🚨
Starting January 1, 2025, the Beneficial Ownership Information (BOI) Report filing requirement will impact most business entities—and non-compliance comes with a $500 per day fine! With only 10% of required entities having completed this filing so far, many business owners remain at risk.
To break it all down, I’m joined by Jonathan B. Wilson, Esq., a leading legal expert on the Corporate Transparency Act (CTA). Jonathan co-founded FinCEN Report Company, LLC and is a corporate partner at Taylor English Duma LLP. With over 33 years of experience, he’s the author of The Corporate Transparency Act Compliance Guide (Lexis Nexis, 2023) and has been recognized by The Best Lawyers in America® and Georgia Super Lawyers.
Key Takeaways for Advisors:
✅ Business owners & HNW clients need a plan – Whether through tax professionals, attorneys, or an automated solution, clients must file these reports.
✅ Deadlines vary by entity formation date – Entities formed in 2024 have 90 days to file, but new entities in 2025 will have only 30 days.
✅ Legal challenges won’t impact 2025 deadlines – While some challenges exist, advisors should assume compliance is required unless a legislative change occurs.
✅ The BOI report falls into a compliance “gray area” – Neither tax pros nor attorneys are universally responsible, meaning clients could easily miss this requirement.
✅ Most entities are NOT exempt – If in doubt, consult an expert to determine filing obligations.
💡 Advisors, this is a critical issue that could impact your clients’ businesses—make sure they’re aware and compliant!
🔗 Connect with Jonathan B. Wilson:
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☕ Book a coffee chat with Catherine: Schedule Here
🌐 Learn more: www.DominionEs.com
