In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen bring you the latest on federal regulations that could land business owners in hot water. With the Corporate Transparency Act now in effect, they’re here to guide you through what the Business Owner Information (BOI) report is, why it matters, and how to tackle it without stress.

Here are some of the highlights:

• Mark & Mat unpack the new federal mandate requiring business owners to file a Business Owner Information (BOI) report.
• Explanation of exemptions, including criteria for "large companies" and "inactive entities" set up before 2020.
• How maintaining compliance can support asset protection and why business owners should stay on top of annual entity requirements.
• Non-compliance with BOI filing can result in $500/day penalty and up to 2 years in prison.
• Insights into the government's reasons for the Corporate Transparency Act, focusing on combating money laundering and fraud through enhanced transparency.
• Mark & Mat breakdown the challenges for nomadic individuals or those using privacy services to provide residential addresses.
• Details on Main Street Business Services' compliance services for handling BOI filings and maintaining entity compliance.

• Grab my FREE Ultimate Tax Strategy Guide HERE!
• Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo to explore the Main Street Tax Pro Certification.
• You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360
• Looking to connect with a rock star law firm? KKOS is only a click away!
• Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
• Craving more content? Check out my Instagram!