Keep What You Earn Breaking Down BOI Reports with Frank Tumminello
In this episode, Shannon delves into the new Beneficial Ownership Information (BOI) reporting requirements, which are essential for nearly all small business owners in the United States.
Shannon is joined by Frank Tumminello, co-founder and CEO of fileforms.com, a leading expert on navigating regulatory requirements. Together, they will break down the critical aspects of BOI reports—from the practical steps of filing and avoiding hefty fines, to the important role CPAs can play and how fileforms.com can streamline the compliance process.
Listeners will gain insights on how to steer clear of penalties and focus on business growth without the burden of administrative tasks. This episode promises valuable information for both seasoned entrepreneurs and those just starting out, ensuring they stay compliant and thrive in the current regulatory landscape.
Frank Tumminello comes from a decade-long background in the financial services and technology industry. Prior to FileForms, he was an investor, acquirer, and value-creation resource in several family-owned, operated financial services, insurance, and healthcare businesses throughout his private equity, corporate development, and investment banking career.
Businesses can take our free quiz to determine if they are a reporting company: https://apps.fileforms.com/boi/qualification
Website: www.fileforms.com
LinkedIn: https://www.linkedin.com/company/fileforms/
What you'll hear in this episode:
03:38 U.S. regulating shell companies to prevent financial crimes.
08:34 Resourceful site, practitioners must spread awareness quickly.
11:20 Misunderstanding about deadlines led to unnecessary urgency.
13:36 When unsure, prioritize over disclosing substantial control.
16:46 Beneficial owners ultimately responsible for reporting compliance.
19:25 FinCEN guidance: Quick initial filing, needs maintenance.
23:14 People need confidence and support with tax submissions.
27:59 States maintain autonomy despite Corporate Transparency Act.
31:02 Filing window shortens from 90 to 30 days.
33:28 File forms simplify compliance, prevent costly penalties.
If you like this episode, check out:
Clearing Constraints in Your Business
Exploring Alternatives to Capital Fundraising for Your Business
Why Is It Hard to Find a Good Tax Pro?
Want to learn more so you can earn more?
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Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.