How To File The BOI Report With FINCEN Correctly!
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- เผยแพร่เมื่อ 8 ม.ค. 2024
- If you are required to report your company's beneficial ownership information to FinCEN, you will do so electronically through a secure filing system available via FinCEN's BOI E-Filing website. I'll take you through every step, so you know what to do. It only takes a few minutes and can save you $500 a day in fines, so let's do it!
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Check out James’ top recommended videos here - these are cornerstone videos that should answer many of your questions.
-----Longer videos that explain it all!
How to Legally Pay NO US Taxes - • IRS Secrets: How to LE...
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-----Guides and How tos
Annual reporting for a foreign owned multi member LLC (Masterguide) - • Tax Laws for Foreign-O...
What is Form W-BEN and why do I need it • How to Fill Out W-8BEN...
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How to complete Form W-8BEN - • 🧾🔍 HOW TO complete Fo...
How to complete Form W-8BEN-E - • How to Complete Form W...
How to get an ITIN - • Get an ITIN Number for...
-----And don’t forget to check out all of the “CALLS WITH JIM”
• Calls with Jim
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Do you want to learn how to open and operate a Tax Free Company in the USA even if you live outside the US and don’t have a visa.
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Already have an LLC? Did you already complete form 5472 for your company? Did you know there is a $25,000 penalty for not doing this form? I’ve made a short training that explains exactly what you need to do and why so you can get this done quickly and correctly, the first time around.
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Looking for help with your SALES TAXES? Check out a couple of our videos on the topic -
What are sales taxes? • Do I pay Sales Taxes o...
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How to get a Florida Resale Certificate, Part 1 - • 📝💼How to get FLORIDA R...
How to get a Florida Resale Certificate, Part 2 - • Get Your Florida Resal...
How to file a DR-15 Florida Sales and Use Tax with 0 Sales - • How to File Your Flori...
I get asked what company I recommend to help with sales taxes and every time I mention Tax Jar. Once set up, tax jar can complete all of your monthly sales tax filings automatically. If you are looking to solve this problem forever, click this link to find out more about what they can do for you. taxjar.grsm.io/jamesbaker7628
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Lawyer Disclaimer (Occupational Hazard): This is not legal advice. Everything here is for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney for advice regarding any particular issue or problem.
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This Lawer James is just Fantastic !!!! Thanks a lot
This video saved me $200. As a new business owner I had no idea I had to do these kinds of things, it's very overwhelming. Thank you for making this video so easily accessible and understanding how things work.
So if I have more than one owner of my company would I have to submit all the details of both owners or would one be enough?
I am still confuse as I want to file non us resident llc this feb. on my us corporation demand 400$ extra to keep agent and to file this. which i dont even know if i will ever need them or not
Hi! Follow the link in bio or find me at www.jamesbakercpa.com/ for a free consultation! 😁
@@midtownguitars All owners with at least 25% ownership must file.
James Thank you for sharing, I was stressing on what to do. Very Helpful!
Straight to point. Slice and dice. No BS. Thanks James.
James, Thank you very much for the update and the great information on setting up fincen. You made my Year. Thank you.
Thanks, James, and late Happy B-Day!
Thank you for all the great info! I wish taxes wasnt such a stressful thing, but you made a difference for my wife and I today.
Thank you so much for this video. It was explained very well! My CPA was charging me $350 and told me it was very difficult to do! I can't believe how easy it is and how she made me feel like I was too stupid to understand how to do this! I'm glad for people like you here on youtube. Thanks again.
Thanks for watching and commenting I'm happy it helped
Time to change your CPA lol
super helpful! was so worried about this process but this video helped me greatly.
Thanks for doing this video, James. Really helpful.
Thank you so much for doing this. Glad I can check this off my to do list. Check and easy to understand with a dose of common sense.
Thank you so much, you were straight to the point and with some important details!
Mr James, thanks a lot for sharing great and helpful information 👍
Thank you! Sharing it with all my small business friends & family owners! Very helpful!
Thank you I appreciate you!
Thanks so much! I'm very grateful to have found this video, very simple and easy to follow, I appreciate you !
I freaked out cause i heard about this form and the $500 a day penalty. I had not filed it and I filled it out and submitted today with the help of your video and then i got to the end with it saying I had until the end of the year and the stress went away. Thanks for saving me $100 back to building my business
Thanks James! I like that just Straight to the point..
SOOOO Helpful, I still have to find time do this but I will definitely share this video with other business owners, thank you!
Happy Birthday James :)
Thank you, just saved $300!
you are an angel! thank you for this video! saved me some stress
Just subscribed. This helped me out so much! Thank you.
Thank you James!
THANK YOU!!!! Our CPA gave us the "letter" about this that was 4 pages long and included a healthy fee. You just saved me a BUNCH of money! Thanks.
Perfect! I don't charge for this I do it for clients or send them this link lol. Thanks for the comment
Well done. You earned a subscriber.
This video just saved me $400. Thank you
I appreciate your very excellent work. great man.
Great video. Clear and to the point. Thanks so much for doing this!
Thanks for watching!
Thank you this was very helpful!
Thank you for this video! Huge help
Thanks James. I just have to find sometime to go thru. Very easy. Save some money
Thanks for the insight !!!
Thanks for the video.
Thanks for the assistance.
Very helpful I was able to submit mines np!🎉
very informative video. Thanks
Thank you, very helpful :)
Great video!
Thank you so much!
Thanks for a useful video, like all your other videos. I note your comment about the BOI report needing a US address but that doesn't belong to a RA (Registered Agent). What I find strange is that a RA I know says that the Corporate Transparency Act effectively prevents using the RA address for the IRS also. I find this difficult to believe. Comments very welcome.
Appreciate your soul !
Thank you so very much 🙏🏾
Thank you!!!
Happy birthday 🎂 new subscriber 😅
Welcome!!
THANK YOU.. Crazy these companies are charging folks $200 plus to do these simple steps lol.. Appreciate you
Thanks for the video Mr. James. May I ask; Is it necessary to update the Boi form after closing the company?
Just wanted to say thank you for being clear on the US address. The cant use the registered agent address is very confusing since that technically is the business address. But you are the first person in days of research to answer this. Thanks!
So what address can be used to type in if we are non-US residents? I still don't get it.
The same question
What is meant by, “the best address you got.” ? The only address I got is the one from my registered agent.
Hello I have the same problem and I have contacted Fincen and they have told me that I must put the address that was present in my LLC, but it is the same address as my registered agent, the company that I have contracted has told me that I must fill in the BOI only with my details in the personal fields without giving details of my registered agent, maybe if I do this and then put the address of my company even if it is the same as that of my agent it may work.
@@holaslashie9810 hey did you find out how about this? 🙏
Very clear video that partially answered to my question regarding the address of the Llc we just established. Law it's very confusing because we used the registered agent address (Northwest ) but to fill the Boi can't use that. We don't have a phisical address because we don't need it and at same time I don't want to use my personal address as a shareholder. Considered that company is registered in Nevada can we use street address of a friend of us in Vegas who agrees to do that? The registered agent wasn't able to answer to my question. Thank you
Hi James thanks for the info!
One Question: Do we need to send BOI Report each year? or it's one time report sending?
Great Video man! Just to be clear, this way you avoid the $295 Payment?
Thank u sir
Thanks for the detailed explanation. I have a question, my CPA opened LLC for me this month. While filing BOIR in company applicant's section, can I provide my details instead of CPA or should it be CPA details?
thank you
Hi James, nice content! By the way, very nice video resolution, what camera do you use to produce your videos?
Sony ev10 and got that sigma lense
Thank you so much James! This was so helpful! I have a question though, which I can’t find an answer anywhere.
When reporting an LLC that has a trust as the beneficial owner, do we report the name of the trust anywhere in the BOI Report? Example: Beneficial owner information - 38. Individual’s last name or entity’s legal name: NAME OF THE TRUST; 39. First name: GRANTOR’S NAME
???
Or do we just report the grantor’s information and do not even mention the name of the trust?
Thank you so much!!!!!
Thank you for the valuable information, I did my report some weeks ago and I did not receive any confirmation email from Fincen , is that correct? I am sure I did the report correctly, could you please tell me if they don’t send email confirmation
Question. If you paid a company like Bizee to set up your llc for you, who would be the company applicant? Myself for sending the order to them to register my business or would it be them since they were the ones who actually filed it?
I have the same question. I initially left the Company Applicant information blank but it will not allow me to submit without filling in that information.
Thank you for this, last month I filed for my LLC and then after everything was done and all paperwork was done they call me a few weeks later and told me about FinCen. Then they are trying to sell me their services of $149.00 to file it for me. LOL I am like no I think I will do it on my own but did some things a little backwards and created a FinCen ID first :(. I have one question and that is on the part for the reporting company page would I check to Request to receive FinCen ID or just leave that part blank since I have an ID already? Also one more question and that is for the Company Applicants section would I need to fill this out as well or leave it blank? TIA
Do you file the same for a second business and just add fincen #?
Hi James. Thanks for your helpful videos. I have question please help. When LLC is dissolved (actually on the state website its status is "Active-Dissolved") does it need to file BOI? Please advise.
Is there any communication to the organization to file? Or all of a sudden, you get a letter with a penalty of not submitting it.
I opened LLC in 2023 as a Canadian for e-commerce and will operate business from Canada in its entirety.
Do I need to submit this report as first timer?
The business registered address is in Canada.
What about for a business owner who’s business owns a portfolio company? How would a company go as Beneficial owner or would an officer of the company go as a beneficial owner.
In business address should we include registered agent address (or) U.S residential address?
Hi I just regd my LLC in Wyoming by Buffalo . Your Info on Filing BOIR is a Life Saver. Really appreciate that. My EIN is under process. Can you help me in getting an WY Reseller Certificate?
Hi James , Fincen usually send any confirmation email after I submit the report , the thing is that O did some week ago without problem but I did not receive any email of confirmation , is that normal ?
Hello. For state of formation, what if you are an e-commerce business who has to register in multiple states where you have tax nexus? Do you just put the state you first formed it?
So everything seems straight forward but I have Georgia license. On the identification number is that the DD number on license??
Thank you. If I have three or more LLCs, do I have to file separately?
Duh, every entity is separate mate
Does sole proprietorship businesses have to do this as well?
Hello James, it has to be filled by the owners that has more than 25% ownership? or individual by each owner member of the LLC?
I read that an accountant firm is exempt to file this Fincen Report but what would be your suggestion if the Business is doing
Accounting and tax Preparation services under a S Corp? this company is required or no to prepare the report?
I have a single member llc. But I have not yet filed for an EIN. Can I just use my SSN for this? I just mailed my SS4 EIN application because I had error 101 when trying to get it online.
If i have a second business to file do I take the same steps and put in fincen id number from first report?
Hi James! thanks for the video! I have a question, I just talked to my CPA and he said he hasn't received anything from the state to complete this BOI report. I am scared and wanted to do on my own before getting a penalty, but it seems if my LLC was created on 2024 I must input his information. What can I do know? he says he doesn't know anything about this.. thanks in advance
I have a question. If I opened my LLC, then I can be the company applicant while filing BOI and I am the only person in the company so in the beneficiary information I will put my information?
Could you use a duplicate driver's license? I won't have my new license for maybe a month and I'm running out of time.
What do you do when the LLC was formed in one state with EIN and the same LLC is registered as a foreign entity in another state?
BOI form does not specify
What is FinCEN ID? and within how many month BOI Report should be submitted after formation of LLC?
How I can track Boir submission Tracking ID
Thanks 👍&Subs
If im doing my own do I fill out my info for applicant and owner
do you have to file this if the LLC is not making any money?
What about non us resident owned US LLC for E-commerce? How do you fill in the US address?
Hi, Thanks Very Much For Helping Guide.
Please question: In section 11. , "Current US Address" I don't have Current US Address because i have Non-US Residents LLC in Wyoming, which have all addresses outside the united states . so which address we can put?
Hi,
Thank you for reaching out!
We usually reply to all your questions during our calls, if it wouldn’t be an issue for you, you could set up a meeting following this link:
jamesbakercpa.com/schedule
It’s a free consultation!
Hi,
I have the same problem. Did you find a solution?
hi James. how can I track my filing process?, I was provided with a tracking number. Don’t know how to use it.
Mine says you have to fill out the Company Applicant and Beneficial Owner's information. But the submission is not taking the Driver's License attachment, even though all requirements are satisfied. I suspect it's because I uploaded the DL for both Applicant and Owner pages. I don't know how to proceed.
Hello, what is the identifying document number or where can I find it?
4:17 what is the best address meaning, could I use a random address that find from google map?
How often do we have to do this?
Do Uber driver's or Door dash drivers need to file this report??
what if I use icflie or legal zoom to register my llc ? they file this for me or I still have to do it?
thank you sir, I have a question. I am a greencardholder permanent resident here in the US not citizen yet, should I consider my business a foreign one?
Green cards mean you are a US tax resident
I registered a Wyoming llc but when filling boi initial report I get Company address cannot be virtual office , P. O Box or registered agent address, but am not based in the USA and have no usa address apart from company mailing address, company principal and registered agent address I got during registration but they are saying I can't use a third party address
If I don’t have my EIN yet. Can I still properly file the BOI form
I submitted the form last month but I never got a confirming email. How will I double check if the form was done correctly?
If i have to update my business name; under Filing Information section "1e Legal Name" is that my legal name or the previous legal name of my LLC that is getting updated? Thank you
I heard it had been complicated.
Does this FinCEN BOI report make it easier for non-US residents or citizens to establish an LLC in Wyoming to trade stocks on Interactive Brokers?
Hi! Follow the link in bio or find me at www.jamesbakercpa.com/ for a free consultation! 😁
if the company has multiple owners, do i have to add them on Part 3. Beneficial Owner Info? or just with one owner is enough
Hi! Follow the link in bio or find me at www.jamesbakercpa.com/ ! 😁
Hi James I can't submit 😢
For some reason it fails to go through when we file it? Any help would be appreciated