Don't File The BOI Report Until You've Seen This!
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- เผยแพร่เมื่อ 5 มี.ค. 2024
- Before you file the BOI report, make sure to watch this video! I'll share some crucial information about the report that you need to know before you send it off, trust me. This isn't something you will want to miss!
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This law simply needs to go away. Small business owners are constantly a target of this government. Thank you, Mr. Baker for your updates with this.
Amen! Stop stepping on the little man. This really is an invasion of privacy. Imagine treating every business owner as a criminal because of one bad egg. Now we're all suspicious and unworthy in there eyes. Seems very sketchy to me. 😑
Time to abolish the Federal Reserve and the IRS.
Let's wait.. WE GOT TIME!! 😊 Thanks for the update.. I literally was filling out this BOI. but pulled up the old vid on the steps to file and saw this vid.. sooooo... Much Appreciated.. Keep us posted.. or if there's a link in the news somewhere post that as a backup fact info... ✌
Thank you for the update. Keep us posted please.
Note that this judgment only applies to the plaintiffs and not to everyone. Everyone still has to comply with the regulations and fill out FinCen. Read this please "The Current State of Play for the CTA So, what does this mean for the CTA going forward? Shortly after the Alabama district court entered the injunction, FinCEN confirmed in a statement its view that the injunction against the application of the CTA applies only to the plaintiffs in the Alabama case. Notably, the government took the explicit position that the injunction applies to NSBA members as of March 1, the date of the district court's decisions, but also suggested that it would not apply to reporting companies for which individual NSBA members are the beneficial owners.
You have 90 days to report if you started a business in 2024
Thank you, James. New subscriber here.
Thank you for this update.
Great and wonderful video ,good to listen.Mr James please keep updating us
Great info! Looking forward for updates 🤠
James, I appreciate!
Thanks James
Great catch!! Roll Tide!!
Glad I searched for this on TH-cam first, bc I was about to put it on my list of things to do tomorrow bc I just saw an ad that reminded me 😂😂😂
Facts
I am from Pakistan.
I subscribed to your channel...
Your deserve more subscribers
You are doing a great job❤
Thank you
Thanks!
No worries
Thanks for your updated information. If I open an LLC now, you said I have 60 days. What about the final clear result not upcoming before the 60 days, I apply for the BOI?
James, now the fincen boi requires a US street address that does not belong to a third party. i think they also exclude the possibility of using RA address, p.o box or virtual mail box services. Does this mean foreigners who are without a US address can no longer form US llcs? This is confusing for many online business who provide services digitally to US people from abroad.
Hello there, thank you for the video. May I ask for foreigners, what should we put down for the US company address? Can I put down my virtual office address?
It is my 1st comment ever, but you are doing wonderful, You mentioned, it is 60 days to file BOI for LLC formed in 2024, could you please reconfirm as FinCen guide says that it can be filed in 90 days post formation.
Note that this judgment only applies to the plaintiffs and not to everyone. Everyone still has to comply with the regulations and fill out FinCen. Read this please "The Current State of Play for the CTA So, what does this mean for the CTA going forward? Shortly after the Alabama district court entered the injunction, FinCEN confirmed in a statement its view that the injunction against the application of the CTA applies only to the plaintiffs in the Alabama case. Notably, the government took the explicit position that the injunction applies to NSBA members as of March 1, the date of the district court's decisions, but also suggested that it would not apply to reporting companies for which individual NSBA members are the beneficial owners.
The government sucks no matter who we vote for.
The ruling only applies to members of NASB who filed a suit on behalf of its members.
What about transferring a small Real-estate property to a revocable trust?
Hi James, because the decision still in the court wether to file or not. What should we do now? File or not?
Hi. Do you have to file state BOI...LLC registered in New York....many moons ago. Thanks.
Thanks for the video,
so would you also suggest waiting before filing this report for someone that's in the process of opening a new LLC?
Actually im delaying formation of my llc until fincen is clear on the position of foreign owned llcs, esp online business. They charge fines like $500 a day unless we file boi.
Please shed some light on companies who do not have any address in the US.. Not a single video is available on the whole of youtube about what address can such companies use for Current US address on BOI report when they don’t have any Current US address.. I think it will help a lot of people looking for solution to this problem. Thanks.
Waiting to hear back from them but if you have no other address here you have to put something
You are absolutely right. Thank you!
Despite FinCEN regulations, a lot of people use virtual offices or registered agent addresses.
In case FinCEN requires you to correct it, you have 30 days before being charged with penalties.
FinCen asked me to correct it and I don't have any solution for this while the day is counting. What should I do? Should I dissolve my LLC? Or do I still have until the end of the year to dissolve my LLC?
@@ennysusilowati4279 Not sure what happens if you dissolve the LLC.
This only applies to US Companies, not Corps or LLC's in countries other than the US.
Just filed and didn’t realize this was a requirement until a few minutes ago and looking for clarification. 2 questions: it says I can’t use a virtual office or my RA address so 1). Will I be able to use my home address without it being public information? And 2). If I put my home address and I’m not actually doing business out of it/end up renting a small office soon will that make my BOI invalid
Following everyone’s request on physical address issue, please share anything if you hear back from them. As other comments said, everyone one is wondering if that means foreigners are allowed to open LLCs anymore? It sounds like they use the CTA to unveil another bigger rule. Very confusing! Thank you for your videos and community, I m a big fan ☺️
The want to hunt for small businesses. Large companies don't require to do it! 🎉
I just took a CPE course ( 04/25/2024) that said you better file and not go by the ruling you listed that was sponsored by the AICPA!!!
Yes yes you need to file I didn't say don't, but if your company was opened in 2023 or before them you can wait until end of 2024
My LLC got registered in april. They gave me time till june 1st week. Shall I wait? Do I have time for that?
Doesn't the ruling only apply to the named plaintiffs in the case? Isn't it too early to start thinking the enforcement of this law will blow over soon?
Yes only applies to the 50000 people in the organization. I'm just saying if you don't have to file until end of 2024 why not wait a little and see what happens. If you open a new LLC in 2024 you need to comply
Hi James, I already signed up to your group but IMPORTANT questions for me and others here.
In Short, what of all should I report and UNTIL WHEN.
1. BOI- until end of the year (if will be neccesary)?
2.Annual report - My northwest registered agency doing for me, is that ok?
3. REPORT FEDERAL AND STATE TAXES> I should take an accountant for that? Until when is the deadline to do that? Do you have reccomendation WHERE to find an online accountants which will take care of it and that are trustworthy? If you are doing it, I would like to take you if you make that kind of business. Thank you
If your company was open in 2023 you can wait until end of 2024. If you open a new company you need to file BOI on 60 days I think
2. Need to do this
Have the deadline for 3 in another video but it's March or April 15
i launched my company in march of 2024 so i should file this form?
It certainly felt to me like this whole change has been "slow walked." I had suspected that the 2025 deadline (for existing companies) was designed to allow time for a legal challenge process and/or push it until after the election. It'll be interesting to see what happens.
Yes it will. Would be great if they just got rid of it
Does this apply to all states in the US? Or could each state decide this to not be enforced by the end of the year when the IRS requires it due by 12/31/24?
All states. It's a federal requirement
Does this also applies in California for LLC
All LLC's
I just received a letter from Ficen alliance saying I had to do a BOI that I had to file before 4/09/2024 because I opened an LLC on 1/10/2024 so I did it today on 4/19/2024 was I wrong for going to Fincen website and filling my info the person that opened my LLC did not tell me about this
You probably won't have any problems but contact me if you do. Id be interested to see how we could help
Do Uber drivers have to file this BOI, as independent contractors??
Do you have an LLC or a business registered with your state?
Join that small biz group 😆 🤣 😂 😹 😆 🤣
So if I opened my LLC in May of 2020, what do I do? File or not file??
File. It's for all businesses. You have until the end of 2024.
Who is required to file beneficial ownership report?
Any domestic reporting company or foreign reporting company created or first registered in 2024 must file the initial BOI report within 90 calendar days of the date on which it receives actual or public notice that its creation has become effective.
Your information is everywhere so it doesn't matter. Watch many forget... not good advice.
This administration is cancer. After starting a few small businesses six years ago, I have grown in my deep frustration at the absurdity of wasteful time and cost of governmental agencies. It's worse being a contractor and seeing first hand how ridiculous so many layers of bureaucratic shite there are.