Nov. 26, 2024

Beneficial Ownership information & Trucker Tax Relief

Show Notes
Transcript

BOI, Beneficial Ownership information & Trucker Tax Relief
the requires ment for BOI filling, Fincen.gov. Am I require to file the BOI. Trucker Taxes, Owner operators tax relief. Does na LLC have to file a BOI? What is Control for BOI Filing.

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The topics and opinions express in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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or its employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Barry G.

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Fowler EA brings you tax talk for you right here

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on W four CY Radio and Talk for TV. As

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an enrolled agent and a national leader in tax resolution

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as well as Trucker bookkeeping and tax planning.

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With over thirty years of experience.

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Barry will break down taxes, bookkeeping, tax planning, and tax

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relief for individuals and businesses just like you. So let's

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have some tax talk for you with your hosts.

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Barry G. Foul Hey, Welcome, What a great week. This

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is going to be just a reminder to be thanksful

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for everything in your life that you've earned and God

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has given you. You know, God is great and allowing

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us choices and making the choice to be the best

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that we can be out here. You know, we're here

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today talk about taxes and talk about things that affect

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your life on the financial side, you know as well.

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And one of those things, and that's the biggest question

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we keep getting from our people we do taxes for

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and those that own businesses and truckers owner operators. Is

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this thing called BOI beneficial ownership information? You know, hey,

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what is it? Do I have to file? What are

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the penalties? Why do we why are we doing this stuff?

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You know, if you own or plan to form a

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limited liability company or inc. You need to understand the

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beneficial ownership information reporting requirements. This was introduced by the

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Corporate Transparency Act. It was created to increase business transparency.

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That BOI beneficial ownership information for LLCs and inc. You know,

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reports or helps ensure that ownership information is clear in

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aiding the fight against financial crimes. Okay, you know, I

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understand they want to do this and they need this

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information to fight fight financial crimes. But a lot of

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this information is already given to them via K one

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on your tax reterms and is already reported. So sometimes

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I feel like we're getting overly reported and overly burdened

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with regulations. But hey, it is what it is. I

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know some people have sued over this and they've gotten

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some exemptions, but it doesn't apply to most companies out there,

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most LLCs. So let's spend some time. We're going to

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explore what BOI for a company is, what it entails,

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why it matters, and then how to comply with these requirements.

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You know, So, a BOI or beneficial ownership information report

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identifies the people who own or significantly influence a business. Specifically,

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a BOI report documents the details of anyone who exerts

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significant control over a business or holds twenty five percent

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or more of the reporting companies ownership interests. So, as

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of January one, twenty twenty four, these requirements now apply

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to LLCs and incs because the Financial Crimes Enforcement Network

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FINS and you may have heard that before, wants to

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maintain this information for transparency. And in the past, you know,

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LLCs didn't have to report information about their owner's defense,

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and the BOI reporting requirement has changed that. This transparency step,

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they say, is essential for government to track business ownerships

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prevent unlawful activities like money laundering via a small shell corporation.

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So you know what does this all involve is essentially

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structured record of each owner's name, address, data, birth, and

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other identifying information. If you understand this, it can you know,

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understanding this can help you stay compliant and protect your

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business and its integrity. So is it required for your LLC?

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You know, most LLCs most incs in the United States

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are required to file a BOI report, but there are

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some exemptions. Generally, any LLC that is created or registered

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with the Secretary of State or similar office must submit

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a BOI report. However, your LLC is already regulated by

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federal agencies such as certain financial institutions, you could be

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exempt from the filings, So you know, you've got to

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look at each situation. Nonprofits and some larger entities that

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are already under strict and heavily burdened financial guidelines and

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regulations and oversight may also avoid the BOI requirements. So

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if you're wondering, hey, is BOI reporting required for your

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ls just kind of keep in mind that most registered

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small businesses will need to fight. You can talk with

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your legal advisor. That's where I recommend you go one.

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We are not an attorney ever wanted to be an attorney.

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Don't charge legal fees, so don't take this as legal advice.

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Contact your attorney if you have questions about the legality

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of this or whether maybe you have the exemptions. So again,

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certain structures, certain industries will take have exemptions. Taking the

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time to understand whether you qualify for any exemptions from

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the CTA. That's a corporate transparency Act. You can save

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it from unnecessary paperwork or unnecessary penalties. Now, the next

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big question that comes in is do single member LLC's

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are they required to file a BOI? Yeah, single member

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LLC's generally need to file a BOI report if they

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meet the requirements in the Corporate Transparency Act CTA. Even

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though single member ll s's you have a straightforward ownership structure,

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the BOI is considered to still be required for transparency.

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Maybe that's double transparency. There's some similar like double jeopardy.

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I know, double transparency just means hey, we're double a reporting.

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You report part with your tax return. Whether it's a

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Schedule C on your T or whether it is an

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S corporation, it doesn't matter. It's transparency for ct A

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but again you could be exempt based on your activities

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or federal oversight. So the next question is if you're

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an escort, you require to file this BOI. Yes, again

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under that corporate treaty or a corporate Transparency Act as

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a pass through entity under sub Chapter S of the

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Internal Revenue Code that qualifies as reporting company that is

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created or registered to do business by the filing of

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a document with secretary or state or similar office and

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does not qualify for any of the exemptions to the

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reporting requirements, and then you must comply those reporting requirements.

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The es corpse passed through structure for tax purposes does

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not affect your BOI reporting obligations, and so in particular,

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pass through a treatment under escorp status does not qualify

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as a tax exempt entity under FINC in BOI reporting regulations.

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See then, is fun government regulation. The more regulation, the

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more they put on you and I to run our

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business here that we're going to run legally anyway, adds

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more and more red tape, more expense, whether it's time

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or money paying somebody to do this or learning and

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understanding these kind of regulations just cost you and I

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money to run our business. Sometimes it's just to say, hey,

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get the heck out of our life. Let us run

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our business. We're going to do it legally anyway. We're

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going to pay our taxes as required. Why do we

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have to continue to fight and do things as crazy

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as beneficial ownership information that's required under the CTA. So

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for this CTA beneficial information. Whose exempt from these reporting requirements?

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You know, we talked about some ore exempt from BOI reporting.

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Maybe because they're public traded companies. They're already heavily regulated.

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They are already reporting their major shareholders and who owns

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their shares. They're already heavily burdened by regulations by all

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the federal agencies, whether it's the SEC. But other entities

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such as nonprofits, tax exempt entities, and specific types of

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financial institutions may qualify for this exemption as well. BOI

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has a whole list of entities that would be considered

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exempt from BOI. You know, it's security reporting issuers, governmental authorities, banks,

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credit unions, deposit institution holding companies, money service businesses, broker

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dealer and securities, securities and exchanger clearing agencies, other exchange

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Act registered entities, venture capital fund advisor, insurance companies, state

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licensed insurance producer, commodity Exchange Act, registered entities, accounting firms,

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public utilities, finance anential market utilities, pulled investment vehicles, and

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this list goes on through about twenty five different types

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of entities. Hey, we're going to take a quick break,

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but when we come back, we're going to talk about

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who is a beneficial owner. We'll be right back after this.

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We have only scratched the surface of today's show. Please

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stand by as Barry G. Fowler will be right back

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with tax talk for you. If you own the IRS

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a free no obligation consultation. Let's get back to tax

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talk for you with more tax tock once again, here's

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your host, Barry G.

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Fowler. Hey, welcome back. You know we're gonna be talking

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about beneficial ownership information, the BOI filings that's required by

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the Corporate Transparency Act and how it relates for you

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and your business. Whether you're an LC INC. One of

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the questions that just came in from Chad. Chad is

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running a DBA as an owner operator. Hey, thank you

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for transporting goods around the country for everybody. It's very

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much an underappreciated industry that's out there that Trucker Tax

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tools does a lot of work for you. Being a DBA. No,

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you are not required as long as the DBA is

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under your personal name, not underneath an LLC or an INC.

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You would not be required to file BOI. Remember this

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is entities that are set up through your secretary of

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state or similar groups. So it could be INC, it

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can be an LLC, l l l P. There could

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be there's a couple other entities out there that you

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can set up underneath your secretary of state depending on

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what state you're in, check with your attorney. But if

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you're just a DBA, that you just got the doing

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business as So if it's Chad doing business as Express Transportation,

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whatever name your company would happen to be, you would

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not have to file that. So but let's get into

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who's a beneficial owner. So who does the Corporate Transparency

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Act FENCENT claim to be a beneficial owner? So, a

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beneficial owner is an individual who directly or indirectly exercises

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substantial control over a reporting company or owns or controls

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at least twenty five percent of the reporting company's ownership interests.

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Just twenty five percent, okay, So as long as you

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have anybody under that twenty five percent ownership or control

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would not have to be reported. This is definitely crucial

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in understanding who must be reported as a beneficial ownership

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and whose information needs to be reported. So, if you're

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going to determine if an individual as a beneficial owner,

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you've got to consider certain factors. You know, does the

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individual have the ability to make important decisions on behalf

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of the company. Does the individual have significant ownership stake

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in the company, either directly or indirectly. Does the individual

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exercise substantial control over the company's operations or finances. So,

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in the context of let's say an LLC or or

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an inc. Beneficial owners generally will include the founding members

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and managers. These beneficial owners might be active participants in

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the business or members who have just invested in the companies.

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So you may have people that are actively involved and

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have more voting rights in an LLC and have more

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than twenty five percent control, but they could own less

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than twenty five percent interest. Or you could have people

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that have invested more money in the business but are

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not actively involved in not exercising or do have the

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power to exercise control. So you know, you kind of

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got to look at this and weigh out where the

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control lies. So this being said, there are several individuals

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who aren't considered beneficial owners of a company, and that

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would include your minor children, even if they own more

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than twenty five percent. Individuals acting as nominees, intermediaries, custodians,

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or agents of another individual so somebody else representing working

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for individual representing them. Employees acting solely as employees, even

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if they have the power to make decisions. Individuals who

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only interest in the company is a future interest through

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right if maybe inheritance. So let's say your kids may

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have a right of inheritance, they're not going to be

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listed as beneficial owners today. Number when they do inherit it,

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they might become a beneficial ownership of it depending on

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the percentage into power and control that they put out there.

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Your creditors, yes, they may have some influence over it,

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but they're going to get paid. So it's very essential

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to accurately identify your beneficial owners is because this is

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what's reported to Finnsin. So as a reporting company, is

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crucial to understand who your beneficial owners are and to

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report the information accurately and timely. So how are you

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going to go about filing a BOI? You know, filing

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your BOI is going to have some pretty straightforward but

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very essential steps, and make sure you follow these steps

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to ensure you meet your requirements. So the first thing

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you don't want to do is gather your beneficial ownership

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information before you even start. Collect the detailed information on

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each beneficial owner. To provide accurate information to Vincent, you

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need to make sure you have their full names, their addresses,

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the dates of birth, valid identification numbers such as driver's

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license or even passport for each person that meets the criteria. Now, hey, reporting,

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you got to get this done before January, so you know,

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start gathering that information. Now, go get the BOI form,

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fill it out before you file it online. You can

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file you find that form the official format BOI forms

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on the fen SIND Financial Crimes Enforcement Network FENCEIND website,

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or you can pay a third party service to guide

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you through this process and sure getting the reporting done

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so you can sit down and decide which way you

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want to go do it. Do you want to spend

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the money to do it or do you have the

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time to sit down and do it yourself. If you

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can sit down and do it yourself, go to FENCEIND

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and file it there and then complete the forms accurately.

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Fill in the forms carefully, hey, check each entry for accuracy.

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Errors or incomplete information may lead to delays and then penalties.

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Every piece of information such as names, ID numbers, dates

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of birth need to match the official records that they

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have on file form and then submit the BOI form.

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You know. Once the form is complete, you can submit

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it via fence in through their online portal or through

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a certified third party provider. Keep proof of your submission

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such as confirmation numbers which will serve as your record

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of compliance, and then retain the documentation after submitting it,

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store a copy of that BOI filing form and supporting

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documents in a secure place. You know, helps ensure that

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if you need to reference that in the future, you

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have that report and you can provide proof of the

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submission and everything is accessible. And I always tell people,

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if you don't have a scanner, take a picture of

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it and set up a folder on your on your

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phone so you have it at your fingertips, you know,

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keep the information out there. That to one of the

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big things that you need to do is you know,

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always tell you a see way. You know, we're covering yourself.

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That's what you're doing, gover you wear end out there

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because you never want to fall out of compliance. You know,

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people have expressed to me a lot of times, you

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know there's privacy concerns with this, and I agree, I agree.

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I think I think our government is overstepped in asking

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for this information and asking for compliance. But uploading copy

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of your identifying information like your passport of driver's lives,

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you can feel like a risk, but and no business

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owner wants to put their personal life for data to

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be compromised. You're at risk, but fincent says, hey, you

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should register, sure that your data would be safe. You know,

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we've got to believe in some of these portals out there,

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and hopefully it is. You know, it's BOI isn't like

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your articles of organization. They don't go on the public

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record and they're not accessible by anybody else. The BOI

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report information can only be accessed by federal or state

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law enforcement, sometimes with the court order, I would say

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hopefully all the time. With the court order. Officials at

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the Department of Treasury and similar groups have to go

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through chain of command to be able to do that.

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And we're hoping to bray that again your data hopefully

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and we prayfully say, won't fall into the wrong hands. Now,

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when we come right back after this, we're going to

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talk about penalties for non compliance with BOI filings and

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for lcs and incs and what happens if you fail

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to submit a BOI report or you file it within

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your great information, And we're going to do that right

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after we come back.

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We have only scratched the surface of today's show. Please

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stand by as Barry G. Fowler will be right back

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with tax talk for you. As an owner operator. You

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your life run smoothly. Go to truckertax tools dot com

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for a free guide that will give you the tools

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to never worry about your taxes again. Call Trucker Tax

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Tools eight seven seven nine sixty six two four seven

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seven or go to truck tax Tools dot com now

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00:25:01.880 --> 00:25:08.279
and let the experts keep you trucket. Let's get back

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to tax talk for you with more tax talk once again.

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Here's your host, Barry G.

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Fallon.

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Hey, welcome back. You know we're talking about beneficial ownership

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information and BOIS filings. You know what's required and where

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do we go you know from here? And you know

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it's always interesting questions we get in and right before

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the break we got a nice question from Sarah asking

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about can I go to jail if I don't do this?

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You know, they certainly threaten it. It's like with everything

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that's a rule of law here that government puts in place.

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You know that it comes with penalties. It comes sometimes

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with you know, threat at jail time or whatever. But

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you know the penalties for non compliance with BOI violance

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is is there to enforce this law and force you

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to act, force you to get this done. So failing

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to submit a BOI report or submitting one with inaccurate information, yes,

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can lead to severe penalties. These consequences, yes, they can

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be pretty severe, including both civil and criminal penalties. See

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that's where they're getting to the jail time side. Civil

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penalties max out at five hundred dollars per day that

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you're out of compliance. Wow. Who can afford that? Wow?

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Criminal penalties can include fines of up to ten thousand

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dollars and up to two years of imprisonment. So Sarah, yeah,

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they put this in to the code. Crazy. So it's

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crucially you pay attention to the actual in public notices

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regarding the deadlines for your initial BOI report, as different

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deadlines will be there based on the year of formation.

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So if you discover an error in your BOI report,

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corrected immediately. To make sure that you're avoiding these penalties.

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Make sure you look at your BOI filing details and

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review them regularly, especially if there's ownership changes, control changes

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in your business, and then make sure that bo of

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filing is updated. So staying compliant with BOI filing requirements

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will protect your business from costly mistakes and allow it

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to operate smoothly. Now remember you only have to change

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it if there's changes in ownership or control. So this

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is supposed to be a one time filing until there's

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a change in that control or ownership. Now where do

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you go? What are your tools? What are your resources

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for doing this BOI filing? What I tell you is

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if you have major questions on BOI filings, call your attorney.

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Talk to your attorney, let them discuss with you whether

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you're required to file this. Maybe you can find an

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exception with the attorney. But if you want to do

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this on yourself because you're an LLC and you know

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you've got to file, you don't fall into one of

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the twenty five exemp businesses you're not a publicly traded company.

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You can go to Benson and look at their guylines,

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download their forms, and you can actually file right there

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online with fincin And you can do that. Now that

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website for fencin is, fincin dot gov, f I n

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ce N dot gov and you can access the information there,

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or you can go to a third party BOI filing

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service and you can actually get their assistance in filing

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these forms online and help you navigate the requirements and

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submit accurate reports out there. So, if you're an LC

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and you were established this year, your attorney or wherever

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you filed it should have walked you through or got

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you to file the BOI report. If you were filed

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set up prior to December thirty first, twenty twenty four,

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you would have a deadline, or twenty twenty three you

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would have a deadline of this year of filing. So

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make sure that you get in and do the filing.

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Make sure you're gathering all the appropriate information to make

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this filing to save you from potential penalties, whether it's civil,

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whether it's a criminal. I would assume the criminal is

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if only you're committing fraud and you are hiding major

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people ownership out there, or you're faking who actually owns

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the business. I've seen that happen before as well, So

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make sure that if you're responsible or you have control

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of the business, whether it's twenty five percent or more.

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Make sure the business entity is getting this filing done

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as soon as possible. I suiggest, don't wait. I suggest

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you get in there and get the filing done and

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taken care of as soon as possible. So you know,

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go to fencin dot gov and make your filings right

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there on their website. Like I said, there's plenty of

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information out here, how to file, Do I qualify for

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Beneficial Ownership information & Trucker Tax Relief

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