Navigating New Beneficial Ownership Rules

Roger and Annie kick off the 2024 tax season by explaining the new beneficial ownership reporting requirements under the Corporate Transparency Act. They detail who must comply, what information must be disclosed, and the tight deadlines and penalties involved. They also discuss whether accountants should assist clients with these complex filings or refer them to attorneys. Additionally, Annie provides an update on navigating ERC claims during the current filing season and Roger warns listeners to pay attention to potential last-minute tax law changes from Congress.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome To Federal Tax Updates Episode 25

(01:11) - The 2024 Tax Season

(01:57) - Beneficial Ownership Interest Reporting

(02:58) - Understanding the Rules and Implications

(03:41) - Exploring the Corporate Transparency Act

(04:20) - Impact on Small Businesses

(07:12) - Challenges and Concerns with the New Law

(08:21) - Defining Beneficial Owners

(10:30) - Understanding the Reporting Process

(12:33) - Discussion on the Challenges of Compliance

(15:52) - Advice for Navigating the New Law

(23:10) - What Should People Be Doing Right Now?

(40:05) - Updates on the Employee Retention Credit

(44:23) - Final Thoughts and Thanks For Listening
Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Hosts on LinkedInRoger HarrisAnnie SchwabReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark MediaThe full transcript for this episode is available by clicking on the Transcript tab at the top of this pageAll content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.