The business use of your vehicle can have significant tax implications. It’s important to learn how and when to take expenses especially if you are considering purchasing a new vehicle for your business or converting a personal car for business use.
Under the Corporate Transparency Act, entities exempt from beneficial ownership reporting include government bodies, banks, credit unions, publicly traded companies, and certain tax-exempt organizations. This article outlines who is exempt from beneficial ownership reporting and the specific criteria they must meet. Key Takeaways The Corporate Transparency Act mandates beneficial ownership reporting to increase transparency and…
The Corporate Transparency Act requires certain companies, referred to as “reporting companies,” to file a Beneficial Ownership Information Report to disclose individuals who qualify as beneficial owners. A beneficial owner is defined as someone who directly or indirectly exercises substantial control over a reporting company or owns or controls at least 25% of the ownership…
A Beneficial Ownership Information Report (BOIR) is required to disclose who really owns or controls a business. This report, mandated by the Corporate Transparency Act, helps ensure transparency and prevent financial crimes. This article covers what is beneficial ownership information report you need to know about filing a BOIR, including key requirements and compliance deadlines.…