How to File Your BOI Report in Just 5 Minutes!
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- เผยแพร่เมื่อ 31 พ.ค. 2024
- Avoid hefty $500/day fines and file your BOI Report in just 5 minutes with our step-by-step guide! As a CPA, I, understand the frustration and complexity of tax filings, but I'm here to simplify the process for you. In this video, I'll walk you through the entire Beneficial Ownership Information (BOI) filing process on the FinCEN website, making it quick and hassle-free. Whether you're running an LLC, corporation, or partnership, this is a must-watch to stay compliant and penalty-free. For specific cases like having foreign owners or companies formed in 2024 or later, the BOI filing process may vary.
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Hey there, welcome to my channel! I'm Noel Lorenzana, a licensed CPA in Illinois. My goal is to help you pay only what you legally owe in taxes, and take the fear out of dealing with taxes and the IRS. Just a heads up-watching this video doesn't make me your personal accountant. No client relationship is formed here. Enjoy the video!
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Thanks for watching my video on, How to File Your BOI Report in Just 5 Minutes!
Disclaimer: This video, and the ideas presented in it, are for entertainment, and informational purposes only and should not be construed as accounting, tax, or legal advice. It is your responsibility to take all necessary steps to independently verify and ascertain that any information you choose to rely on from or take action based on this video is accurate.
⏱️VIDEO CHAPTERS⏱️
00:00 - What is Beneficial Ownership Information (BOI) Report?
01:17 - What You Need to File Your BOI Report
02:10 - File a Report Using the BOI e-Filing System With FinCEN
02:58 - How to File BOI Report (BOIR) Online?
03:06 - BOIR: Filing Information
03:25 - BOIR: Reporting Company
05:30 - BOIR: Company Applicant
07:48 - BOIR: Beneficial Owner Information
09:38 - BOIR: Submit Page
10:59 - NOTE: Before Closing Submission Status Confirmation Page
11:10 - Beneficial Ownership Information FAQs
Replay Video Link: • How to File Your BOI R...
#boi #beneficialownership #fincen
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Thanks for the video. It was helpful with one omission. On the reporting company #16 there was a note that said do not check if the reporting company was created on or after Jan 01 2024. Check box if the company was created before that date. Those that check the box do not have to report have to report any company applicants and then it says go to page III.
Thanks for the clarification!
Excellent video, thank you
Glad you liked it!
Thanks for the informative video!
Glad it was helpful!
Hi Noel. Thanks for the video. I filed it today. The only problem I ran into was when I attempted upload the photo. I took a photo of my driver's license with my iPhone and it would not upload because my photo exceeded 4MB. Then I changed the photo to JPEG, TIFF and PNG and it still was too big of a file to upload. I finally got the photo to upload by making a copy of my driver's license by scanning it on a photocopier and emailing it to myself. Then I downloaded it on my desktop and uploaded it finally. I just wanted to mention this in case anyone else had this problem Thanks again for your video.
Hi Clint, Thank you for sharing your experience and the workaround you found for uploading your driver's license photo. That's a great tip for anyone else who might run into the same issue with file size limits. I appreciate you taking the time to watch the video and provide feedback-it’s incredibly helpful!
You’re welcome.
Thank you for sharing the knowledge! Sharing!
Glad it was helpful!
Excellent information thanks 🙏
Thank you Noel por your video. Very helpful
My pleasure Edgar! Thanks for checking it out
Thanx Noel for the great video --- worked as you instructed. 👍
I'm so glad it worked for you!
For a 2 owner LLC, Should both owners information go in the company applicant(s) and the beneficial owner section? Thank you
The Registered Agency that formed and filed my LLC said they only let business owners that is not living in the USA use their address to file BOI. Can i use my residential address for both address section?
Hi there! I have 6 different LLCs I am the sole owner of it no members etc. I completed one report, and I have received the FinCEN Id can I use that Id to fill out the other 5 reports? Or does each LLC need its own FinCEN ID?
What if im a foreign national formed my company in Wyoming and have not received my EIN yet? Can i just file now without my company EIN and just update it later?
Good information! Do Uber drivers have to file this BOI report, as independent contractors??
Thanks! If they are a sole proprietorship, no. If they setup an LLC, yes.
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?
I'm not certain, and you might want to verify, but there is no 'final' form or a way to indicate you are closing your company.
NO one is explaining what address to put in a foreign Non-Resident of the USA for the BOI if "Company address cannot be Registered Agent address, PO Box or Virtual Office"!!!!!!
Hello there Noel, 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?
Sorry, I don't know the answer to that.
Great video. Was curious did you ever get an email sent to submitter email address you put in stating it was accepted or anything?
No, I didn't receive a confirmation email. Just the confirmation screen at the end where you can download a copy of the accepted submission.
You get a PDF report once it is done. Download it and keep records of your filing.
Hello Noel, I submitted my business BOI back in February. How do I check the status of the submission? I can't seem to find anything that allows me to check the status. Thanks.
I don’t believe there is a way to check that.
Is it better to not have LLC and just use sole proprietor? To avoid this step? Especially if you are a small business.
That’s kind of a legal question that I can’t answer for your specific situation. Although, I do like the simplicity of sole proprietorships.
I haven't received a confirmation email after I submitted the application is that normal?
Thank for the video
It's normal. They do not send a confirmation email. Hopefully you saved the pdf summary report from the end of the process.
@@NoelLorenzanaCPA Thank you for your reply....Yes I did save the summary.
only one owner have to file too ?
Each LLC needs it's own BOI filing.
Thats gona be every year .?!!!
No