Uploaded November 2023 | Updated September 2026, 1 week ago
The new Corporate Transparency Act mandates small businesses, those with under 20 employees, to submit their Beneficial Owner Information to FinCEN (Financial Crimes Enforcement Network), with a steep daily penalty of $500 for non-compliance. This requirement starts January 1st, 2024, affecting LLCs, Corporations, S Corporations, and Limited Partnerships with fewer than 20 employees.
The act creates a complex situation: CPAs are hesitant to get involved due to legal risks, while lawyers suggest it's a task for accountants. This video aims to demystify the act, exploring its implications for your business, and navigating the confusion about who can assist you in this critical compliance process.
🎥 Watch me file the BOI Report Step-By-Step: youtu.be/jRjraHXrgbU?si=gvF12aHjsZuncijT
❗ Have Your BOI Filed Through CorpNet for $199: corpnet.com/?PID=1446
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Hi, I'm Noel Lorenzana, a Registered CPA based in Illinois. I created this channel to help everyday people better understand money, protect their wealth, and prepare for whatever comes next through thoughtful discussions about gold and silver, wealth management, and tax strategy.
On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media.
★CONNECT WITH ME ON SOCIAL MEDIA ★
Website: noellorenzanacpa.com
Facebook: web.facebook.com/noelblorenzana
LinkedIn: linkedin.com/in/noellorenzanacpa
🎥 RECOMMENDED VIDEOS 🎥
youtu.be/Z0jtyr3VKQs
youtu.be/RszTSm36qCE
youtu.be/X1dCHl4Vc64
Thanks for watching my video on, New Regulations!!! Severe Penalties Your Small Business Needs to Avoid
Disclaimer: The information presented in this video is for informational and educational purposes only and should not be considered accounting, tax, legal, financial, or investment advice. Watching this video does not create a client relationship. While I strive for accuracy, I cannot guarantee that all information is complete, current, or applicable to your specific situation. Always consult with a qualified professional before making financial, tax, or investment decisions.
Affiliate Disclosure: Some links in the description may be affiliate links, which means I may earn a commission if you purchase through them at no additional cost to you. I only recommend products and services that I have personally researched, use, or believe provide genuine value to my audience.
⏱️VIDEO CHAPTERS⏱️
00:00 - The New Corporate Transparency Act
02:10 - What Information Needs to be Reported to FinCEN?
02:38 - Who is a Beneficial Owner of a Reporting Company?
02:56 - What Will This Information Be Used For?
03:08 - How Secure Is This Information?
03:37 - What Are They Hoping to Accomplish With This New Act?
03:57 - Who Can Prepare The BOI Information?
04:34 - Are There Reporting Exceptions?
05:24 - Note: If You Have Any Old LLCs or Corporations
Replay Video Link: youtu.be/_9MFngn4VCs
#llc #boi #fincen
The new Corporate Transparency Act mandates small businesses, those with under 20 employees, to submit their Beneficial Owner Information to FinCEN (Financial Crimes Enforcement Network), with a steep daily penalty of $500 for non-compliance. This requirement starts January 1st, 2024, affecting LLCs, Corporations, S Corporations, and Limited Partnerships with fewer than 20 employees.
The act creates a complex situation: CPAs are hesitant to get involved due to legal risks, while lawyers suggest it's a task for accountants. This video aims to demystify the act, exploring its implications for your business, and navigating the confusion about who can assist you in this critical compliance process.
🎥 Watch me file the BOI Report Step-By-Step: youtu.be/jRjraHXrgbU?si=gvF12aHjsZuncijT
❗ Have Your BOI Filed Through CorpNet for $199: corpnet.com/?PID=1446
☕ Buy Me a Coffee: Help support the channel!
buymeacoffee.com/NoelLorenzana
Hi, I'm Noel Lorenzana, a Registered CPA based in Illinois. I created this channel to help everyday people better understand money, protect their wealth, and prepare for whatever comes next through thoughtful discussions about gold and silver, wealth management, and tax strategy.
On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media.
★CONNECT WITH ME ON SOCIAL MEDIA ★
Website: noellorenzanacpa.com
Facebook: web.facebook.com/noelblorenzana
LinkedIn: linkedin.com/in/noellorenzanacpa
🎥 RECOMMENDED VIDEOS 🎥
youtu.be/Z0jtyr3VKQs
youtu.be/RszTSm36qCE
youtu.be/X1dCHl4Vc64
Thanks for watching my video on, New Regulations!!! Severe Penalties Your Small Business Needs to Avoid
Disclaimer: The information presented in this video is for informational and educational purposes only and should not be considered accounting, tax, legal, financial, or investment advice. Watching this video does not create a client relationship. While I strive for accuracy, I cannot guarantee that all information is complete, current, or applicable to your specific situation. Always consult with a qualified professional before making financial, tax, or investment decisions.
Affiliate Disclosure: Some links in the description may be affiliate links, which means I may earn a commission if you purchase through them at no additional cost to you. I only recommend products and services that I have personally researched, use, or believe provide genuine value to my audience.
⏱️VIDEO CHAPTERS⏱️
00:00 - The New Corporate Transparency Act
02:10 - What Information Needs to be Reported to FinCEN?
02:38 - Who is a Beneficial Owner of a Reporting Company?
02:56 - What Will This Information Be Used For?
03:08 - How Secure Is This Information?
03:37 - What Are They Hoping to Accomplish With This New Act?
03:57 - Who Can Prepare The BOI Information?
04:34 - Are There Reporting Exceptions?
05:24 - Note: If You Have Any Old LLCs or Corporations
Replay Video Link: youtu.be/_9MFngn4VCs
#llc #boi #fincen
