CRITICAL BUSINESS OWNER INFORMATION: Understanding BOI Reporting to FinCEN
In recent years, the U.S. financial regulatory landscape has experienced significant shifts aimed at increasing transparency and fighting financial crimes like money laundering and terrorism financing. One such shift is the introduction of BOI reporting, a requirement established under the Corporate Transparency Act (CTA), which mandates companies to disclose their Beneficial Owners and Controlling Persons to the Financial Crimes Enforcement Network (FinCEN). But what exactly is BOI reporting, and why is it important? Here’s a breakdown.
What Happens if You Die Without a Will in Tennessee
Creating a Will is one of the most important steps you can take to ensure your estate is managed according to your wishes. However, if you pass away without a Will or a Living Trust in Tennessee, your assets are distributed based on the state’s intestate succession laws. This process may not reflect your personal preferences, and it can lead to outcomes that leave your loved ones with unexpected challenges.
Estate Planning for Families with Blended Religious or Cultural Beliefs: A Thanksgiving Approach
Thanksgiving is a time for reflection, family, and gratitude. For families with diverse religious or cultural backgrounds, it’s also a time to celebrate the unique blend of traditions that each member brings to the table. When it comes to estate planning, this diversity can create both opportunities and challenges. An estate plan tailored to a family’s beliefs not only protects assets but also ensures that each family member’s values and wishes are respected for future generations.Here, we’ll explore key estate planning steps for families with blended beliefs, with a focus on using Thanksgiving as an opportunity to begin a conversation about protecting your legacy.
A Series LLC: The Benefit in Real Estate Investing
The world of real estate investing can be complex, especially when it comes to managing multiple properties and protecting your assets. For real estate investors looking for a flexible, efficient, and protective business structure, a Series Limited Liability Company (Series LLC) can be an ideal solution. In this article, we’ll explore what a Series LLC is and how it can specifically benefit those involved in real estate.
Gift Giving by Business Owners: Tax Considerations
As the holiday season approaches, gift-giving is on the minds of many business owners. But there are reasons why a business owner may want to give gifts to employees and clients throughout the year and not just during the holidays. Whether to recognize a job well done, boost employee morale, or solidify client relationships, monetary and non-monetary gifts can provide a powerful psychological boost for people.
New Small Business Entity Beneficial Ownership Reporting Guidelines for 2024
Are you a small business owner with less than 20 full time employees? Then this might apply to you! Make sure you check into this before the first of the year, 2024 so that you’re ready to comply.
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