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Benedict College 1098 T Form

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[Music] so today I'm going to go over a topic that as was mentioned before in practice is actually a very small task but it has a potential to have a huge impact on small business and that is the new Boi which stands for beneficial ownership information report requirement so we're going to go over what this new requirement is is who it applies to who has to file how to file and the consequences for not filing so um just want to make sure that everybody can see this all the full screen here um just to go over the Boi all comes from their uh reporting requirement is a product of the corporate transparency act that was passed in 2021 it requires that many small businesses report basic information about who benefits from ownership or control of the company it um that that information is reported to the treasury Department's Financial crimes enforcement Network which you may be more familiar with fincen.gov the um primary purpose of doing this filing is to assist the

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