In this episode of Small Biz Catalyst, Ayisat discusses the Beneficial Owners Information (BOI) filing requirements under the Corporate Transparency Act. The conversation covers the importance of compliance, key dates for filing, who needs to file, exemptions, and a step-by-step guide on how to file a BOI report. Ayisat emphasizes the potential penalties for non-compliance and encourages listeners to share this crucial information with others in the business community.

The Corporate Transparency Act requires certain types of U.S. and foreign entities to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.
Ayisat provides step-by-step instructions on how to file the BOI report online, including the five sections that need to be completed. She encourages listeners to file the report as soon as possible to ensure compliance with the Corporate Transparency Act.

Resources:

Washington Federal Foundation Grant:
Maximum Grant: $5,000
Deadline: NONE
Guidelines and Application: https://www.wafdbank.com/about-us/washington-federal-foundation

PNC Foundation Grant:
Maximum Grant: not specified
Deadline: NONE
Guidelines and Application: https://www.pnc.com/en/about-pnc/corporate-responsibility/philanthropy/pnc-foundation.html

Grant application review email: [email protected]
Veterans Entrepreneurship Grant by TWU-CWE: twucwe | Instagram, Facebook | Linktree

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Takeaways

• You will know exactly what to do to comply.
• The Corporate Transparency Act is effective in 2024.
• Key dates for filing include January 1, 2025.
• There is no fee for submitting a BOI report.
• Domestic reporting companies must file BOI reports.
• There are 23 exemptions from filing requirements.
• Filing can be done online or via PDF.
• Non-compliance can result in significant fines.
• It's crucial to share this information with others.
• The process of filing is straightforward and manageable.

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