EDIT: I misspoke about this being an annual filing - it is a one-time filing, unless you need to update the ownership information. FOR STEP-BY-STEP INSTRUCTIONS - SEE THIS VIDEO: th-cam.com/video/7cL9DFmMi68/w-d-xo.html
This Is the BEST BOI VIDEO and info We ever saw. This Is a GREAT INFORMATIVE VIDEO.... THANKS WE LOVE YOU ❤❤❤ THANK YOU FOR YOUR PROFESSIONAL SERVICE, YOUR FRIENDS FROM ITALY 🇮🇹🇮🇹🇮🇹🇮🇹🇮🇹👏👏👍👍👍👍
Thank You so much for this INFORMATION, I AM A NEWLEY LLC FROM OCT 2023 AND I AM SO CONFFUSED ABOUT THIS NEW RULE, I WANT TO COMPLY WITH THE LAW, BUT I GOT TO UNDERSTAND IT BEFORE I CAN CONPLY WITH IT, AND I DON'T UNDERSTAND THIS I AM NEW LLC BUT RIGHT NOW I HAVE NOT MADE OR BROUGHT NO MONEY OR REVENUE IN TO MY NEWELY BUSINESS NON SO FAR BUT IM OPTAMISTIC AND WORKING ON DOING SO SO THANK YOU I NEEDED TO NO THIS THANK YOU
My husband is self employed and has been filing taxes as a Sole Proprietorship since opening his business in April 2016. Is he required to fill out this BOI before Jan 1, 2025? This is the first we’ve heard about BOI after receiving a notification letter from our tax preparer. His business is not an LLC.
Great video!!! But you made an error this is NOT an annual filing. You only need to update information if something changes namely address or driver's license or passport expires.
What if I created an LLC because I thought I might need it for taxes, but I didn’t, and I’m the only person involved, and the LLC isn’t doing anything now? Do I still need to file?
Is there a way to tell if a business has registered already? Or is there a problem if there are double entries? We have asked our accountant and attorney (which handle SOS renewals) if they have done this yet with no response from their offices. (Yes, frustrating!) I would like to take this off my list and just do it myself if I know they havent already...
Did you have your business set up before 2024? If so, it's pretty much guaranteed you aren't registered yet. If so, your registration isn't due until 2025. If you formed your business in 2024, you need to do the fincen registration within 90 days of getting your entity formation confirmation from your state. You only do it once and only update it if your owner information changes. If your business was formed before 2024, you might want to wait a little bit - as many organizations are challenging this requirement in courts... so we'll see what happens! I will have another video shortly going through the registration but it also looks pretty self-explanatory. Hope that helps!
I'm curious how this comports with the few states, or maybe it's just one, but allow you to own chairs in a business or percentage of an LLC anonymously. If I remember correctly, Wyoming allows you to own a business anonymously and the only thing that has to be listed is the registered agent.
Since it's a legal LLC formed at a state, it would be required to comply - it doesn't matter the state rules or whose listed as owners at the state level
@ssfinancecoach If the LLC is owned by a nonprofit (tax-exempt entity) it is EXEMPT, Also other exempt entities can start LLCs and those LLCs would be exempt. Please see the exemption list put out by FinCen (See exemption list number 20 and 22)
If the LLC is owned by a nonprofit (tax-exempt entity) it is EXEMPT, Also other exempt entities can start LLCs and those LLCs would be exempt. Please see the exemption list put out by FinCen (See exemption list number 20 and 22)
Thanks for the education on BOI yet I'm a new small business owner trying to get away from the gig economy or being an independent contractor on apps . ( Misclassified Employee)
What happens if you closed your LLC and no longer have and EIN/SSN/etc. ? Does this make me exempt from reporting since I no longer have those numbers?
Hi. I just watched your video after receiving a four page letter from our CPA telling us we need to file this and it comes with a bill from them. UGH! So I'm trying to do this myself and after watching your video it seems doable. However, I cannot find the second video. Where is it please??
If my old LLC has been inactive for more than 10 years, apparently it meets the requirement to be considered "exempt" In this case is there ANYTHING I am still required to do?
No! they should not contact you - in fact there's a bunch of scams reaching out to people... remember, if you've had your business before 2024, you don't need to file this until 1/1/25
@@InvestersEdge-lm6zl I imagine professionals and software will be notifying people when they form new businesses, which is why older businesses have a delay
HELP! If you are a sole owner does your spouse have to fill out the BOI too? I live in AZ. Technically I am the owner but if he is my spouse is he technically a beneficiary as well? Thanks!
Why are HOA's considered businesses? Our HOA Board of Directors retains a property management company to handle all financial transactions including collecting annual assessments to paying bills. The Board does not handle money...period. This so-called requirement is a bunch of malarky.
I really truly need your guidance as I am a victim of business crimes and have no one to help me find a lawyer to fight with these foreign people. I watched your video on Finn Son reporting and I’m trying to get them to help me.
![File The BOI Report Yourself Step-By-Step - Don't pay someone! [FinCen new LLC filing requirement]](http://i.ytimg.com/vi/7cL9DFmMi68/mqdefault.jpg)
![File The BOI Report Yourself Step-By-Step - Don't pay someone! [FinCen new LLC filing requirement]](/img/tr.png)
EDIT: I misspoke about this being an annual filing - it is a one-time filing, unless you need to update the ownership information. FOR STEP-BY-STEP INSTRUCTIONS - SEE THIS VIDEO: th-cam.com/video/7cL9DFmMi68/w-d-xo.html
Where is the next video on how to? Thanks
This Is the BEST BOI VIDEO and info We ever saw. This Is a GREAT INFORMATIVE VIDEO.... THANKS WE LOVE YOU ❤❤❤ THANK YOU FOR YOUR PROFESSIONAL SERVICE, YOUR FRIENDS FROM ITALY 🇮🇹🇮🇹🇮🇹🇮🇹🇮🇹👏👏👍👍👍👍
subscribed, super clean and informative and appreciate the context given as well.
thank you!
Thanks so much for this video and information. Your videos have helped us so much!
Thank You so much for this INFORMATION, I AM A NEWLEY LLC FROM OCT 2023 AND I AM SO CONFFUSED ABOUT THIS NEW RULE, I WANT TO COMPLY WITH THE LAW, BUT I GOT TO UNDERSTAND IT BEFORE I CAN CONPLY WITH IT, AND I DON'T UNDERSTAND THIS I AM NEW LLC BUT RIGHT NOW I HAVE NOT MADE OR BROUGHT NO MONEY OR REVENUE IN TO MY NEWELY BUSINESS NON SO FAR BUT IM OPTAMISTIC AND WORKING ON DOING SO SO THANK YOU I NEEDED TO NO THIS THANK YOU
Thanks for this video, it's very helpful in preparing to file the BOI Reports!
Very informative video. Thank you
Excellent info. Thanks!
You made this easy to follow- thanks!
Thank you so much!
Super helpful thank you!
Thank you!!
So, a SOLE PROPRIETOR biz does NOT have to file a BOI Report? I just want to be absolutely clear on this. Thank you!
Did anyone ever figure this out?
Its been suspended temporarily
My husband is self employed and has been filing taxes as a Sole Proprietorship since opening his business in April 2016.
Is he required to fill out this BOI before Jan 1, 2025? This is the first we’ve heard about BOI after receiving a notification letter from our tax preparer.
His business is not an LLC.
Thank you but where is the second video you mentioned?
Very helpful understanding the new law and how to file it
Thanks coach! 😊
#steadylearning
Thank you. Very Good
What if you have to go back and make changes 😮..to the report?
Is this CTA beneficial owner rule still in effect? Wasn’t it ruled unconstitutional?
So if I just formed my LLC in September of 2024… I have to do this too?
Great video!!! But you made an error this is NOT an annual filing. You only need to update information if something changes namely address or driver's license or passport expires.
I agree thank you!
What if I created an LLC because I thought I might need it for taxes, but I didn’t, and I’m the only person involved, and the LLC isn’t doing anything now? Do I still need to file?
I’m getting mixed messages. If you get a 1099k for a sole proprietorship business on ebay, do you file?
you should always report your business income - whether you get a form or not
Is there a way to tell if a business has registered already? Or is there a problem if there are double entries? We have asked our accountant and attorney (which handle SOS renewals) if they have done this yet with no response from their offices. (Yes, frustrating!) I would like to take this off my list and just do it myself if I know they havent already...
Did you have your business set up before 2024? If so, it's pretty much guaranteed you aren't registered yet. If so, your registration isn't due until 2025. If you formed your business in 2024, you need to do the fincen registration within 90 days of getting your entity formation confirmation from your state. You only do it once and only update it if your owner information changes.
If your business was formed before 2024, you might want to wait a little bit - as many organizations are challenging this requirement in courts... so we'll see what happens! I will have another video shortly going through the registration but it also looks pretty self-explanatory.
Hope that helps!
I'm curious how this comports with the few states, or maybe it's just one, but allow you to own chairs in a business or percentage of an LLC anonymously. If I remember correctly, Wyoming allows you to own a business anonymously and the only thing that has to be listed is the registered agent.
Since it's a legal LLC formed at a state, it would be required to comply - it doesn't matter the state rules or whose listed as owners at the state level
@@businessfinancecoach sounds like some 10th Amendment violations, but thank you for your response.
@ssfinancecoach If the LLC is owned by a nonprofit (tax-exempt entity) it is EXEMPT, Also other exempt entities can start LLCs and those LLCs would be exempt. Please see the exemption list put out by FinCen (See exemption list number 20 and 22)
If the LLC is owned by a nonprofit (tax-exempt entity) it is EXEMPT, Also other exempt entities can start LLCs and those LLCs would be exempt. Please see the exemption list put out by FinCen (See exemption list number 20 and 22)
Thanks for the education on BOI yet I'm a new small business owner trying to get away from the gig economy or being an independent contractor on apps . ( Misclassified Employee)
Great presentation! I found it very informative.
What happens if you closed your LLC and no longer have and EIN/SSN/etc. ? Does this make me exempt from reporting since I no longer have those numbers?
Is it annual or one-time. You mentioned “annual” in this video but 1 times out of in the 2nd video.
Hi. I just watched your video after receiving a four page letter from our CPA telling us we need to file this and it comes with a bill from them. UGH! So I'm trying to do this myself and after watching your video it seems doable. However, I cannot find the second video. Where is it please??
You do not need to pay someone to do this for you. It's coming. Subscribe and hit the bell to be notified.
If my old LLC has been inactive for more than 10 years, apparently it meets the requirement to be considered "exempt" In this case is there ANYTHING I am still required to do?
Do they send you a notice or reminder when it is due. I have never even gotten a notice that i needed to do this.
No! they should not contact you - in fact there's a bunch of scams reaching out to people... remember, if you've had your business before 2024, you don't need to file this until 1/1/25
@@businessfinancecoach i hope they at least give you a notice/warning before giving you a fee/fine
@@InvestersEdge-lm6zl I imagine professionals and software will be notifying people when they form new businesses, which is why older businesses have a delay
What about a 'single member llc, is this form still required?
What if IRS is delay woth send the EIN in the 90 days?..
HELP! If you are a sole owner does your spouse have to fill out the BOI too? I live in AZ. Technically I am the owner but if he is my spouse is he technically a beneficiary as well? Thanks!
Will this need to be filed EACH year?
Thank you! Very informative
what if a LLC is a beneficial owner? And the LLC is owned by another LLC? How do we report this in the beneficial owner section?
Yes, and any one else that qualifies as "beneficial owners"... see here section D What is substantial control www.fincen.gov/boi-faqs#D_1
@@businessfinancecoach if there are 5 individuals with substantial control, is there a requirement to list all 5 individuals?
What happens if your LLC is owned 100% by another LLC? Do you have to put the benefital owner information from the Parent LLC?
Yes, and any one else that qualifies as "beneficial owners"... see here section D What is substantial control www.fincen.gov/boi-faqs#D_1
We need to file for this every year?
No. Please see pinned comment. You file this once and you only need to file again if you have a change in ownership.
DBA HAVE TO FILE
Why are HOA's considered businesses? Our HOA Board of Directors retains a property management company to handle all financial transactions including collecting annual assessments to paying bills. The Board does not handle money...period. This so-called requirement is a bunch of malarky.
I really truly need your guidance as I am a victim of business crimes and have no one to help me find a lawyer to fight with these foreign people. I watched your video on Finn Son reporting and I’m trying to get them to help me.
What's interesting is the bad guys aren't going to file a thing and carry on with shady business practices.
Disgusting.
Thank you!