Navigating BOI Compliance: HD Growth Partners Offers Essential Webinar

YOUNGSTOWN, Ohio — As the year draws to a close, business owners face a critical deadline to comply with new federal reporting requirements that could significantly impact their operations.

To help businesses navigate these changes, HD Growth Partners will host a comprehensive webinar at 10 a.m. Sept. 5.

The session will focus on the new Beneficial Owner Identification (BOI) paperwork requirements mandated by the Corporate Transparency Act. CEO Tim Petrey will lead the webinar, with Gina Getsy, CPA, MAcc, and Alex McNally providing expert insights as presenters. Registration is required for this essential event.

Understanding BOI Requirements

“BOI reporting is part of the Corporate Transparency Act [2021, Congress passed on a bipartisan basis] with the intent to prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activities,” Petrey said.

HD Growth Partners is stepping up to assist businesses in meeting these requirements before the Jan. 1, 2025, deadline. 

Why You Need to Act Now

The BOI paperwork applies to businesses established both before and after 2024, with strict deadlines for filing. Entities formed in 2024 must file within 90 days, and new entities in 2025 and beyond will have just 30 days to comply. Failure to file by the end of the year can result in severe penalties, including civil fines of up to $591 per day and criminal penalties that could lead to two years of imprisonment and a fine of up to $10,000.

“Anyone who willfully violates the BOI reporting requirements may face substantial consequences,” Petrey said. “It’s crucial for business owners to understand these obligations and act promptly.”

Key Points to Be Discussed in the Webinar

During the webinar, attendees will learn about:

• The specific due dates for BOI filings based on when their business was created.

• The potential civil and criminal penalties for noncompliance.

• The primary purpose of the BOI, which is to enhance transparency and prevent illicit financial activities.

Petrey, Getsy and McNally will provide practical advice on how to ensure your business meets these new requirements, avoiding costly penalties and safeguarding your operations.

The webinar will be an invaluable resource for business owners looking to ensure compliance with the BOI paperwork and prepare for potential changes in the tax landscape.

Register HERE.

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