Confused about impending BOI reporting deadlines? Not sure how the Corporate Transparency Act (CTA) applies to you and your small business? Have we got a podcast for you! Recently, our very own Justin Lund sat down with Fund&Grow to chat about the fines and penalties facing entrepreneurs who fail to file beneficial ownership information with the government – fines that could exceed $591 per day!

Watch the podcast now:

Amanda Webster, chief operating officer at Fund&Grow, framed how imperative it is to file a BOI report for your business: “You’ve got to listen up – you’ve got to get educated – and understand what those requirements are and how to make sure you get this deadline done on time, to not cost you money,” she says to introduce the podcast.

Since 2007, Fund&Grow has helped more than 30,000 business owners and real estate investors across the United States access over $1.8 billion in growth capital. Continuing on their mission to empower entrepreneurs and investors, they invited Justin from Propel to share his insights and expertise in this murky area of federal legislation.

More red tape?!

“The law that was passed is the Corporate Transparency Act,” explains Justin in the podcast. “What it put in place was several sweeping measures that – under the premise and auspice of tracking funds, preventing money laundering, and anti-terrorism – monitor all business owners so that there’s not an opportunity for money movement under the table.”

The result was the Financial Crimes Enforcement Network (FinCEN), and while the goals of the new bureau are commendable, the resultant web of red tape is anything but. Small business owners, who are often already juggling multiple roles from management to operations, now face the additional burden of navigating even more complex regulatory requirements.

For many, the administrative costs associated with compliance are significant – and BOI reporting is just one more headache. These costs include time spent understanding the regulations, the financial burden of hiring compliance experts, and potential legal fees. Just imagine the impact on a mom-and-pop shop that operates on tight margins and limited budgets.

“Running a business is hard,” continues Justin. “There’s a lot of things to think about. As an entrepreneur…you’re always thinking about taking care of your employees, your team – all the things going on. You’re probably not thinking: ‘I should update my compliance reports.’”

That’s where Propel comes in. Our team is standing by to help small business owners navigate these uncharted waters. We’re subject matter experts in this latest addition to a parade of requirements: BOI reporting. We can even file your BOI report for you! So check out the podcast, do some research, and get in touch with Propel. We’ll guide you through every step of the way.