As we start the new year, many tax professionals are feeling concerned or even panicked about this new “Corporate Transparency Act.”
Quick summary of why a tax professional would or should care about the new Corporate Transparency Act:
- This new law requires all “non-exempt” business entities to file a new “Beneficial Ownership Information Report” (BOIR) with the Financial Crimes Enforcement Network, a.k.a. FinCEN. (In general, bigger companies–20 employees or more–are exempt, but smaller companies must file.)
- The purpose of this new form is to make sure FinCEN knows who has substantial ownership or substantial “control” over every “smaller” business entity that operates in the U.S.A.
- If business entities who are required to file this new form don’t file this new form by the deadline, the “beneficial owners” of any non-compliant business entity can face brutal fines ($500 per day) or even jail time.
The Beneficial Ownership Information Report (BOIR) form itself is now live on FinCEN’s website at this link (the form was just released yesterday): https://fincen.gov/boi The new form is mandatory for most business entities (LLCs and Corporations).
In order to make sure that Pronto Tax School Members do NOT feel concerned or panicked, and instead we feel confident when handling this new required form, we created a couple “hands on training” resources for you:
- Step-by-Step Walkthrough BOIR Online Filing PDF Tutorial – this 18 page PDF document shows every step of the process of filing the new form, with screenshots, arrows, which buttons to click, etc.
- Step-by-Step Walkthrough BOIR Online Filing Video Tutorial – this 18 minute video shows every step of the process of filling out the new form, which buttons to click, how to avoid mistakes, shortcuts that tax pros can use if you’re providing this as a service to your clients, etc..
Here’s how to get access to these new Step-by-Step Walkthrough resources:
- Pronto Tax School Existing Members — click here to access these new Step-by-Step Walkthrough resources (you’ll need to log into your Pronto Tax School account before you can access that page).
- Not Yet Pronto Tax School Members — click here to see what all is included in a Membership and grab the Membership Plan that’s right for you. Memberships start at under $100 per year. Then, once you’re a Member, go to this link and grab the Step-by-Step Walkthrough resources (you’ll need to log into your Pronto Tax School account before you can access that page).
- We wanted to be the FIRST tax education provider to give you the FULL “hands on” walkthrough of this new form, so that you can you stay one step ahead of your competitors and serve your clients with unshakeable confidence.