How to File the BOI Report With FinCEN (Step-By-Step)
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- čas přidán 28. 07. 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 Registered 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!
On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media.
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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 the BOI Report (BOIR) With FinCEN (Step-By-Step)
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 the BOI Re...
#boi #beneficialownership #fincen
![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)
I hope you received value from the video. Here's a link to my (free) Facebook group:
facebook.com/groups/951368119040370
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!
WOW!!! Quick & Painless. Some accounting firm just called me & tried to charge me $2,700!!! THANK YOU IMMENSELY!!!
Great to hear!!
❤
Thanks for the informative video!
Glad it was helpful!
Excellent video, thank you
Glad you liked it!
Excellent information thanks 🙏
Thanks so much for all your help!
You are so welcome!
Thank you for sharing the knowledge! Sharing!
Glad it was helpful!
Thank you Noel por your video. Very helpful
My pleasure Edgar! Thanks for checking it out
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.
Thanx Noel for the great video --- worked as you instructed. 👍
I'm so glad it worked for you!
Thank you so much! this saved me lots of money & It was so easy! Thanks for the step by step!
My pleasure! I’m glad it helped. I just filmed a FAQ which answers the most common questions including how to update your filing if needed.
Thank you
You're welcome!
Thank you very much for the video, I will follow the step by step. And of course, I can also follow you on You Tube, I see that you provide a lot of beneficial information. Congratulations👏👏👏
Aracelly, thank you very much for your kind words 😊🙏
Correct me if I'm wrong, but I believe BOI reporting IS required for sole proprietors IF you are conducting business as an LLC. Sole Proprietorship is a tax reporting status, not a business entity type.
To be clear, sole proprietors do not need to file a BOI report. LLCs, including single member LLCs, taxed as a sole proprietor need to file a BOI report.
For a 2 owner LLC, Should both owners information go in the company applicant(s) and the beneficial owner section? Thank you
I am sole owner, shall i check box 37 ? For exempt ?
Or i dont need to file at all ?
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?
Once I submit is there any further steps
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?
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.
Thank you so much for the video. I have a question. what if your corporation's Beneficial Owner is a family trust. How to report the BOI?
Sorry, but I'm not sure. I am planning a follow up video with frequently asked questions, and I'll try to include this.
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.
Thank you for the valuable information. I think your information will be of great help. However, in my case, there is an inc. headquartered in Japan and an inc. in California, and of course, 100% of the shares are owned by the head office in Japan. How should I report this case?
Please check out my BOI FAQ video and then review their website to see if your question is answered: czcams.com/video/yduU8lvZgBw/video.html
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.
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 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.
If there are future updates for the original BOIR, is the submitter or company applicant liable to make the changes?
Yes, an update BOIR must be filed. The company is responsible
Thank you for the video. I do not have a business address. Could I use my residential address as business address? Thanks.
Yes, I believe that would be appropriate.
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.
if it's a LLC that has 2 owners, do you need to add information for both of them?
Yes
@@NoelLorenzanaCPA 2 separate reports or on the same report??
Same
Thats gona be every year .?!!!
No
I am sole owner, shall i check box 37 ? For exempt ?
Or i dont need to file at all ?