Many businesses must report beneficial ownership information
The Internal Revenue Service will sponsor a free one-hour webinar designed to help the many businesses that must report their beneficial ownership information to the Treasury Department’s Financial Crimes Enforcement Network.
Because this is not an IRS or tax-related requirement, FinCEN representatives will conduct the webinar on this new anti-money laundering provision. The webinar will take place on Tuesday, Nov. 19, 2024, beginning at 2 p.m. ET.
Many companies created or registered to do business before Jan. 1, 2024, must e-file their initial beneficial ownership information (BOI) to FinCEN by Jan. 1, 2025. In general, this means reporting the names and other information about the people who own or control the company. Exceptions and special rules apply.
During this free webinar, FinCEN will:
- Explain the Corporate Transparency Act.
- Provide Beneficial Ownership reporting resources.
- Analyze the BOI reporting requirement using the Small Entity Compliance Guide.
- Describe what happens if a company does not timely report BOI to FinCEN.
The webinar will also feature a live question-and-answer session. Though primarily aimed at tax professionals, anyone is welcome to attend.
Certificates of completion will be offered, but no continuing education credits are available for this webinar. Closed captioning will also be offered.
Time: 2 p.m. (Eastern); 1 p.m. (Central); 12 p.m. (Arizona and Mountain); 11 a.m. (Pacific); 10 a.m. (Alaska); 9 a.m. (Hawaii and Aleutian) time zones.
Registration: Visit the Internal Revenue Service webinar website. Questions about the webinar can be emailed to the web conference team.
For more information about the BOI reporting requirement, including FAQs and a five-minute video illustrating how to file, visit FinCEN’s BOI page
AUTHOR: IRS
Call WXC for more details.
