About Troy:
Troy defines himself by how he contributes to others through his expertise, experience, and skills, rather than just by his profession. As a business coach, mentor, and public speaker, Troy focuses on tax law, tax-saving strategies, succession planning, family strategic planning, and fostering a growth mindset. He thrives on the complexity of tax codes and is passionate about minimizing clients' tax burdens. With over 30 years of experience, he specializes in proactive services tailored to each client's unique tax situation.
Troy enjoys learning about his clients and their businesses to help them excel in all aspects. He acts as a facilitator, helping small business owners and executives improve personal and business performance, with a focus on strategic planning, maximizing business value, and succession planning. He also assists with mergers and acquisitions and teaches clients to use financial information to enhance performance.
As an entrepreneur, Troy owns several equipment and recreational rental companies, providing him with a unique business perspective. His experience spans various sectors, including medical, dental, manufacturing, retail, software development, construction, and farming.
In his free time, Troy enjoys a wide range of outdoor activities, including boating, flying, mountain biking, traveling, diving, camping, hunting, fishing, hiking, backpacking, horseback riding, tennis, and pickleball.
What we'll learn:
There have been updates to Beneficial Ownership Information (BOI) reporting laws in various jurisdictions, often driven by increased regulatory efforts to enhance transparency and combat financial crimes. One significant development is the Corporate Transparency Act (CTA) in the United States, which came into effect in 2021, with implementation details and regulations being rolled out over time, including into 2024.
Key aspects of the new BOI reporting laws under the CTA include:
- Scope of Reporting: The CTA requires certain entities, primarily corporations, limited liability companies (LLCs), and similar entities, to report their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). Beneficial owners are generally defined as individuals who exercise substantial control over an entity or own at least 25% of it.
- Information Required: The required information typically includes the full legal name, date of birth, current address, and a unique identifying number (such as a passport or driver's license number) for each beneficial owner.
- Reporting Deadlines: New entities formed or registered after the effective date of the law must report their beneficial owners at the time of formation or registration. Existing entities have a specific deadline to comply, usually within a set number of days after the regulation's effective date.
- Exemptions: There are several exemptions to the reporting requirements, such as large operating companies, certain regulated entities, and inactive entities that meet specific criteria.
- Penalties: The CTA imposes penalties for willful failure to comply with the reporting requirements, including fines and potential imprisonment.
This legislation represents a significant shift towards greater transparency in corporate ownership in the United States, aiming to curb illicit activities by making it harder for individuals to conceal their identities behind anonymous entities. Similar laws and regulations have been implemented or are being considered in other countries as part of global efforts to enhance corporate transparency.
Troy will be helping us navigate what this reporting looks like for businesses.
