AMANDA! I just did a google search for this to share with my community - and guess who popped up?! It's been forever since Graham's mastermind. Hope you're awesome!! And thanks for the video :)
I'm so glad I found this video. The step-by-step guide made filing my BOI a breeze, and I saved a ton of money. I've already liked the video and subscribed to the channel. Thanks again for sharing this valuable information.
Thank you, Amanda. Even though I'm a CPA, I found the BOI site confusing (no surprise there...). You are a wonderful teacher, and I look forward to seeing more of your videos. God bless you!
You know it is STUNNING that Fincen does this and doesn't tell anyone about it. I had to find out by accident from a friend. Why can't Fincen first off just download the records from all the states? The information is already there! Second why can't they at least let people know via email as those are already in the systems at the states and then the FINES holy cow 499 per day! That's my entire food budget for a MONTH.
So much value on your channel. Thank you. I use Northwest registered agent for my business and they are awesome. They emailed me about this filing and offered to file it for me for only $25 but me paying someone to do something is only when I know for sure I can't do it. Your video was exactly what I needed. Thank you. Liked and subscribed.
Thank you very much for your precise and straightforward explanation. You would only believe that a few accounting firms in the US offer around $750 to prepare and file this BOI report. Thanks a lot!
I think this filling requirement is being contested in court as being unconstitutional. So for those whose businesses existed before 2024 can probably wait to see if a decision is made before end of year since they have until Jan 1, 2025 to file.
Thank you. This was very helpful. Following along your steps, I was able to complete this task. Considering a company wanted to charge $25 to do this for me, your steps were painless and everything was understandable.
I just want to thank you so much for these videos, I'll be trying to dissolve my LLC by next year but i was so nervous about this (for no reason.) I did it in the span of 10minutes. I just subbed too! :)
Very insightful and easy to follow. One question, I put my business address for myself in the beneficial owners section. Should I edit and change to my home address?
love your video. Thanks so much for sharing. My question is: I have an LLC that has only one member who is me. That LLC owns a rental property so my accountant include the rental on my 1040 report. Do I still need to do the BOIR?
thank you so much, helped me a lot. Only issue, I have I live in Brazil, no passport. Did not had any option to fill with drive license from here. but I select foregin passport and add photo of my Drive license. Only way I found.
What if the owner of LLC passed away and the LLC is shut down in 2024. What is the BOIC filing requirements? I can find no info on this scenario anywhere.
Under 'Company Applicants' I checked 'Existing Reporting Company' and then went on to 'Beneficial Owner(s)' I entered my data, then went to 'Add Beneficial Owner(s)' and entered the data for two additional beneficial owners. I proceeded to 'Submit', and received, and saved, a 'Submission Status Confirmation' with a 'BOIR ID' as requested (the FinCen ID I assume). The 'Submission Status Confirmation' only listed me under 'SUBMITTER INFORMATION', and not the two other benefical owners. Is that correct? Is there any way to confirm that the other two beneficial owners data was accepted? Thanks for the great video!
Hey Amanda...thanks for the video. What about filing foreign entities in other states? Should 2024 entities be filed within 3 months? There are issues within the legality of FinCen, correct?
There's no legal issues that have changed anything yet. It's probably a ways away if anything does get legally changed. It doesn't effect anything by being a foreign entity. You just use your domestic state info for this filing. Yes, 2024 formed entities get 3 months. For 2025 entities and going forward it will be 30 days to file. And if the business was formed before 2024, you have until 12/31/24 to file.
I formed my LLC on May 2, 2024 and I just found out tonight about this new rule so I just did the form but my 90 days was up on July 30, 2024 . Do you think I will get penalized and that they will follow thru with this since it was a total unintentional late filing since I did not know anything about this
i had the same issue where this wasnt communicated to me. So there was no willful intent. i haven't gotten anything even in the mail. i got a text saying i should have filed it lol. im sure you're fine though. they probably have many people who didnt know they had to file, theyd be sending half the working people in the country to jail if it were that serious. and they can't make money on their taxes that they generate if they did that haha. they'll just have to communicate this better to people in the future. i believe 2025 jan 1 is like the main date they're looking for everybody to be registered up.
Great info! So I have a weird situation, just wondering your thoughts on. I have an old LLC I never ended up using, never had an EIN number issued, to the IRS the business is inactive, but to the state I just found out it is still an active business apparently, I'm going to start the process of doing a dissolution, but I think I still need to report to FinCen, however I can't get beyond the first page of the application without an EIN. Do I request an EIN now just to file the BOI? Any tips would be much appreciated, thanks!
Since your business was formed before 2024, the report isn't due for you until 1/1/25 so I would just file the paper work to dissolve the LLC. It should be very easy
Only thing I'm nervous about is downloading the picture of my driver's license. I saved it somewhere. I'll have to start the application soon and see if I can't pull that up.
What do I do if I'm closing my LLC this year? Is there a "Final" form I also must file? Or is there a way to denote I'm closing the company (or closed the company) in the Initial filing?
not if it's the same business registered as a foreign entity in another state. If you have 2 legal businesses, then YES! Every business needs to file if it meets the criteria.
Hi! I wonder about what you said regarding the Company Applicant section. I read or watched somewhere that if I payed someone… yes I was so busy and afraid to make a mistake that I payed our accountant to register the company with the state, then I have to enter their information under the Company Applicant. And our information goes under Beneficial Owner… Now I am confused. 🤔
No - company applicant is not asking who set up your business - it's asking who is filling out THIS BOI filing and it sounds like that's you. And yes, like I explained in the video, you would also go under the beneficial owner if that you!
What if a LLC was formed in one state and is registered as Foreign Company in second state? Do you still file one BOIR? Yes the Foreign company has the same EIN.
One filing. You have one business. Registering in a 2nd state doesn't constitute another entity - you still only have the one entity. Registering in another state is just about your activity in another state. This doesn't effect BOI
if you mean registering yourself, so that you could select yourself as the owner of each business - that's optional. You still don't need to do that. You can just do the filings.
I downloaded the pdf but it was corrupt file is there anyway I can get a copy of the submission tracking number at this point since that’s my proof of submission?
I recently filed a boi report. But I have multiple LLC's and I do not remember which LLC I filed the boi report for. how can I check to see which one I filed for. I do not want to file twice for the same LLC
my LLC was formed in WY but doing business in CA. (foreign entity in CA.). Which business address should I use? The one in WY or the one in CA? Thank you!!!
@@jimharris9877 thank you. that is what i was thinking. no change of this being revoked yet? i'm going to wait more time before filing the information.
What if I need to make a correction because I put it in the wrong name ? I see where it says to make a correction, but then it asks me for the name that I made the original filing but I need to change the name?
Try entering - it as it was when it asks that and then it should allow you to change things. I don't know though - the name might not be something you can change. You might need to start over, but I would try it first. If it doesn't work, maybe contact them and ask them.
Referring to the official FinCEN tutorial video on the "Company Applicant(s)" section, they clarify that this part is for the applicant who registered the company with the Secretary of State. It is not intended for the person filling out the BOI. For example, if someone has a registered agent who registered their LLC with the Secretary of State, that agent should complete the "Company Applicant(s)" section not the owner of the LLC. The link below of the video at the 1min55sec: th-cam.com/video/GydCvfbKxPw/w-d-xo.html Correct me if I'm wrong thanks :)
I just watched that video and that makes no sense. So I am supposed to get a copy of our attorney's driver license when I complete the form? I'm the registed agent on some of our other LLCs, but I'm not an owner, I'm not putting my info on there.
@@nickcpa6113 I'm not sure 100% but what I've understand from the official FinCen tutorial is that they need to get infos of who registered the LLC with the Secretary of State. So if someone who did it for you as your registered agent it's himself who have to fill the part of "Company applicant" because there is no link between you the owner and the Secretary of State in their records but the agent of the the registered agent who applied for the LLC with them. So me too I'm waiting a confirmation about this information to be 100% sure.
This video is HOW to DIY - for all the details about the rules, see this video: th-cam.com/video/g_WBvqIGzx0/w-d-xo.html
Thank you for the clear and accurate instructions. Just completed and submitted thanks to your help! Best Always!
AMANDA! I just did a google search for this to share with my community - and guess who popped up?! It's been forever since Graham's mastermind. Hope you're awesome!! And thanks for the video :)
AH! Awesome! Great to hear from you!! Hope you are doing awesome too!!! I am :)
I'm so glad I found this video. The step-by-step guide made filing my BOI a breeze, and I saved a ton of money. I've already liked the video and subscribed to the channel. Thanks again for sharing this valuable information.
Thank you, Amanda. Even though I'm a CPA, I found the BOI site confusing (no surprise there...). You are a wonderful teacher, and I look forward to seeing more of your videos. God bless you!
You know it is STUNNING that Fincen does this and doesn't tell anyone about it. I had to find out by accident from a friend. Why can't Fincen first off just download the records from all the states? The information is already there! Second why can't they at least let people know via email as those are already in the systems at the states and then the FINES holy cow 499 per day! That's my entire food budget for a MONTH.
I watched several videos on this topic. This is the best one for me. Thank you very much! ❤
So much value on your channel. Thank you. I use Northwest registered agent for my business and they are awesome. They emailed me about this filing and offered to file it for me for only $25 but me paying someone to do something is only when I know for sure I can't do it. Your video was exactly what I needed. Thank you. Liked and subscribed.
Thank you very much for your precise and straightforward explanation. You would only believe that a few accounting firms in the US offer around $750 to prepare and file this BOI report. Thanks a lot!
This was very helpful. Thank you for taking the time to do this and guiding us through the process. Keep it up! :)
i was halfway through and you answered the one question I had...in the first couple minutes!😃
I think this filling requirement is being contested in court as being unconstitutional. So for those whose businesses existed before 2024 can probably wait to see if a decision is made before end of year since they have until Jan 1, 2025 to file.
Awesome, this is overreach!
Thank you. This was very helpful. Following along your steps, I was able to complete this task. Considering a company wanted to charge $25 to do this for me, your steps were painless and everything was understandable.
Thank you. May have saved me $1K for all my LLC's together. After I file this I will donate
I just want to thank you so much for these videos, I'll be trying to dissolve my LLC by next year but i was so nervous about this (for no reason.) I did it in the span of 10minutes. I just subbed too! :)
Saved my SBIZZ $150! THANK YOU for the thorough walkthrough. Subscribed and Liked!
thank you!! I'm a business coach and sending this to my entire email list!!
Very insightful and easy to follow. One question, I put my business address for myself in the beneficial owners section. Should I edit and change to my home address?
Wow that just saved me the $300 my accountant wanted to charge me! Thank you so much
You are amazing. You made a daunting process simple. Thank You very much.
You are a AMAZING! Thank you so much, this was so easy and helpful.
thank you so much, you saved me $150. so fast and easy.
THANK YOU!!! I love your videos! You make everything complicated make sense!
Thank you so much!!
Quick and easy. Appreciate you!
Thank you!!!’ So helpful and I was able to file
Done! Thank you! This saved me some bucks!!!
Just completed it, thank you so much!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
OMG THANK YOUUU 🙏🏼💓 for this amazing video 🫡♥️ you’re amazing 🤩.. have an amazing day ❤❤❤🎉
love your video. Thanks so much for sharing. My question is: I have an LLC that has only one member who is me. That LLC owns a rental property so my accountant include the rental on my 1040 report. Do I still need to do the BOIR?
Thank you for the walk through!
Thanks so much … this was very helpful
Thanks for the video! It was super helpful!!
What if your business and personal address are the same? is it ok to add same address to residential address?
Thank you for this!!!
thank you so much, helped me a lot. Only issue, I have I live in Brazil, no passport. Did not had any option to fill with drive license from here. but I select foregin passport and add photo of my Drive license. Only way I found.
Thank you nice and simple ❤
Thanks a lot for your video. Super helpful!!!!!!!!
Great job. Thank you
Thanks so much
For Corporation-type companies, is there any difference or is it also the same as what you showed in your tutorial? Thanks Luiz
hahaha, my registered agent wanted to charge me 179$ for this. PS I love your energy
What if the owner of LLC passed away and the LLC is shut down in 2024. What is the BOIC filing requirements? I can find no info on this scenario anywhere.
Under 'Company Applicants' I checked 'Existing Reporting Company' and then went on to
'Beneficial Owner(s)'
I entered my data, then went to 'Add Beneficial Owner(s)' and entered the data for two
additional beneficial owners.
I proceeded to 'Submit', and received, and saved, a 'Submission Status Confirmation'
with a 'BOIR ID' as requested (the FinCen ID I assume).
The 'Submission Status Confirmation' only listed me under 'SUBMITTER INFORMATION',
and not the two other benefical owners.
Is that correct? Is there any way to confirm that the other two beneficial owners
data was accepted?
Thanks for the great video!
Thank you so much. Saved me. 🙏
Great content thank you so much for the video how do we find out more about your courses
Thank you!
thank you so much, just save me money.
What if trust or C-corp owns the LLC? Do you still put personal info or C-corp or trust info?
Hey Amanda...thanks for the video. What about filing foreign entities in other states? Should 2024 entities be filed within 3 months? There are issues within the legality of FinCen, correct?
There's no legal issues that have changed anything yet. It's probably a ways away if anything does get legally changed. It doesn't effect anything by being a foreign entity. You just use your domestic state info for this filing. Yes, 2024 formed entities get 3 months. For 2025 entities and going forward it will be 30 days to file. And if the business was formed before 2024, you have until 12/31/24 to file.
Double Clap for this vid!!
I formed my LLC on May 2, 2024 and I just found out tonight about this new rule so I just did the form but my 90 days was up on July 30, 2024 . Do you think I will get penalized and that they will follow thru with this since it was a total unintentional late filing since I did not know anything about this
i had the same issue where this wasnt communicated to me. So there was no willful intent. i haven't gotten anything even in the mail. i got a text saying i should have filed it lol. im sure you're fine though. they probably have many people who didnt know they had to file, theyd be sending half the working people in the country to jail if it were that serious. and they can't make money on their taxes that they generate if they did that haha. they'll just have to communicate this better to people in the future. i believe 2025 jan 1 is like the main date they're looking for everybody to be registered up.
@@slightedlaser546 FINCEN is absolutely negligent in not telling people about this. They should take the head of FINCEN to the cleaners
Would I use my registered agents address as the company address?
good video!!
Thank you for this video.
Do you still need to complete this form when you are a 'single' member llc?
Great info! So I have a weird situation, just wondering your thoughts on. I have an old LLC I never ended up using, never had an EIN number issued, to the IRS the business is inactive, but to the state I just found out it is still an active business apparently, I'm going to start the process of doing a dissolution, but I think I still need to report to FinCen, however I can't get beyond the first page of the application without an EIN. Do I request an EIN now just to file the BOI? Any tips would be much appreciated, thanks!
Since your business was formed before 2024, the report isn't due for you until 1/1/25 so I would just file the paper work to dissolve the LLC. It should be very easy
Only thing I'm nervous about is downloading the picture of my driver's license. I saved it somewhere. I'll have to start the application soon and see if I can't pull that up.
What do I do if I'm closing my LLC this year? Is there a "Final" form I also must file? Or is there a way to denote I'm closing the company (or closed the company) in the Initial filing?
Hello How many time are submit BOI Report for Florida LLC
If you select a drivers license as an identifying document.. will the document number be your drivers license number??
I think so. And you have to upload a picture of it. That's got me nervous.
Thank you
After the application is submitted. How do you know its been admitted or processed? I have bo received anything from fincen as of it its been 2months
I show you the confirmation you get after you press submit, at the end of the video. I wouldn't expect to receive anything else
Hi i just made mine but did'nt get an email so I re did it and i got a rejected process what should I do? to get an update
SO WE DO NOT HIT EXEMPT AND IF YOU HAVE ONE SMALL BUSINESS IN NEW YORK AND ONE IN CONNECTICUT YOU DO IT FOR BOTH?
not if it's the same business registered as a foreign entity in another state. If you have 2 legal businesses, then YES! Every business needs to file if it meets the criteria.
Hi! I wonder about what you said regarding the Company Applicant section. I read or watched somewhere that if I payed someone… yes I was so busy and afraid to make a mistake that I payed our accountant to register the company with the state, then I have to enter their information under the Company Applicant. And our information goes under Beneficial Owner… Now I am confused. 🤔
No - company applicant is not asking who set up your business - it's asking who is filling out THIS BOI filing and it sounds like that's you. And yes, like I explained in the video, you would also go under the beneficial owner if that you!
What if you have a nonprofit would I need to click the Exempt box under Benefial owner page?
No. If you are a registered 501 C3 you are exempt from this filing, refer to my other video pinned in the top comment
What if a LLC was formed in one state and is registered as Foreign Company in second state? Do you still file one BOIR? Yes the Foreign company has the same EIN.
One filing. You have one business. Registering in a 2nd state doesn't constitute another entity - you still only have the one entity. Registering in another state is just about your activity in another state. This doesn't effect BOI
If I have several llc should I click where it says fincen number or just leave it
if you mean registering yourself, so that you could select yourself as the owner of each business - that's optional. You still don't need to do that. You can just do the filings.
I downloaded the pdf but it was corrupt file is there anyway I can get a copy of the submission tracking number at this point since that’s my proof of submission?
I recently filed a boi report. But I have multiple LLC's and I do not remember which LLC I filed the boi report for. how can I check to see which one I filed for. I do not want to file twice for the same LLC
I set up and dissolved my LLC in one month’s time… do I still have to file this paperwork?
Technically probably yes. But off the record, I wouldn't worry about it - presuming you aren't doing anything shiesty.
my LLC was formed in WY but doing business in CA. (foreign entity in CA.). Which business address should I use? The one in WY or the one in CA? Thank you!!!
I would use the WY address. That is where the business was created, even though it's doing business in other locales.
@@jimharris9877 thank you. that is what i was thinking. no change of this being revoked yet? i'm going to wait more time before filing the information.
Hello I would love spreadsheets
Is this a yearly requirement or once and update as ownership changes?
One-time and then if something changes you can update it
Hello,
Do I need to File a BOI Report if the LLC do not have EIN number?
The requirement is for LLCs, not EIN numbers so YES
Who has to fill this B.S. form out? Every small business? thank you
See this video for all details about the rules - specifically at 4:10 addressed your question: th-cam.com/video/g_WBvqIGzx0/w-d-xo.html
@@businessfinancecoach Thanks
What if an entity like a Trust owns the LLC. How to put the beneficial owner info ?
That's the entity type of an owner
is it okay with jpg file for ID upload?
What if I need to make a correction because I put it in the wrong name ? I see where it says to make a correction, but then it asks me for the name that I made the original filing but I need to change the name?
Try entering - it as it was when it asks that and then it should allow you to change things. I don't know though - the name might not be something you can change. You might need to start over, but I would try it first. If it doesn't work, maybe contact them and ask them.
Referring to the official FinCEN tutorial video on the "Company Applicant(s)" section, they clarify that this part is for the applicant who registered the company with the Secretary of State. It is not intended for the person filling out the BOI. For example, if someone has a registered agent who registered their LLC with the Secretary of State, that agent should complete the "Company Applicant(s)" section not the owner of the LLC.
The link below of the video at the 1min55sec:
th-cam.com/video/GydCvfbKxPw/w-d-xo.html
Correct me if I'm wrong thanks :)
I just watched that video and that makes no sense. So I am supposed to get a copy of our attorney's driver license when I complete the form? I'm the registed agent on some of our other LLCs, but I'm not an owner, I'm not putting my info on there.
@@nickcpa6113 I'm not sure 100% but what I've understand from the official FinCen tutorial is that they need to get infos of who registered the LLC with the Secretary of State. So if someone who did it for you as your registered agent it's himself who have to fill the part of "Company applicant" because there is no link between you the owner and the Secretary of State in their records but the agent of the the registered agent who applied for the LLC with them. So me too I'm waiting a confirmation about this information to be 100% sure.
What if dissolved this year
Tool 15 min
Your didn't explain enough. Just reading the English. For eg. You didn't explain business address vs residential address. What does that mean
LOL - what is a business address vs residential? Is that the question? You want to complain about my video and then ask a question?!?!
Thank you!
Thank you 😊