LUNCHEON SPEAKER

Broadbent brings news of
Beneficial Ownership Information (BOI)

Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury.

Brad Broadbent

Brad Broadbent of Broadbent, Houts & Co., P.C., was guest speaker, providing information on the Federal reporting requirement known as BOI, or Beneficial Ownership Information. “This is not about accounting — this is a public service announcement,” said Brad. “This is about money laundering and narrowing down the type of companies involved in money laundering.”

He did start by telling an accountant joke: “An accountant is someone who solves a problem you didn’t know you had in a way that you don’t understand.”

Reporting companies are those that have filed a company with the state, such as an LLC. Registration must be done online and takes less than 10 minutes to register. You will need a passport or driver’s license number for reporting. There are exceptions. If you are a member of the National Small Business Association, you are not required to report.

Brad made available a handout with important website information. He pointed out the Small Business Resources Guide that is located on the BOI website. There are pretty serious penalties that may be imposed for noncompliance, including $500 for each day a violation continues and criminal charges could also brought.

Brad also provided information on energy credits that are available annually. Find out about the Home Energy Tax Credits and the Inflation Reduction Act at IRS.gov/HomeEnergy.

Brad Broadbent is a business specialist who has been working with individuals and businesses in the Kansas City Metro area for over 25 years. To reach Brad phone 816-630-3894 or send an email. To learn more about the company, visit the website.

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