Global Daily Tax News, US IRS Schedules Beneficial Ownership Reporting Webinar, (Nov 15, 2024)

The US Internal Revenue Service is to host a one-hour free webinar on the beneficial ownership information reporting requirements that must be satisfied by January 1, 2025.

The webinar will feature representatives of the Financial Crimes Enforcement Network (FinCEN), who will discuss the preparations and steps that businesses should take to comply with the requirements.

The webinar will take place on November 19, 2024, beginning at 14:00 Eastern Time.

Many companies created or registered to do business before January 1, 2024, must e-file their initial beneficial ownership information (BOI) to FinCEN by January 1, 2025. In general, this means reporting the names and other information about the people who own or control the company. Exceptions and special rules apply.

During the webinar, FinCEN will:

• Explain the Corporate Transparency Act;

• Provide Beneficial Ownership reporting resources;

• Analyze the BOI reporting requirement using the Small Entity Compliance Guide; and

• Describe what happens if a company does not timely report BOI to FinCEN.

The webinar will also feature a live question-and-answer session.