How to File BOI Report with FinCEN - Sample Filing for S Corporation
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- Опубліковано 2 лип 2024
- The Corporate Transparency Act (CTA) now requires domestic and foreign reporting companies to provide information about their beneficial owners and company applicants to FinCEN.
The BOI Report is a one-time filing obligation; however, the reporting company may need to file an updated BOI Report in future years if any changes are made to the information originally submitted on the report. Updates would include changes to the beneficial ownership structure (changes in who holds the equity), changes in address for either the company or beneficial owners, expired identification documents for the beneficial owners, changes in the company management (e.g., CEO retires and new CEO is appointed), etc.
For rules on filing updated reports: • BOI Report Updates for...
In this example, we have a Florida-based S corporation with two owners, each owning 50% of the company. The S corporation was formed in 2022, so the BOI Report needs to be filed anytime before January 1, 2025. The company must disclose the two shareholders as beneficial owners, and it must disclose the identity of the company's CFO/CAO even though he is not an equity owner.
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Perfect explanation, ty
Glad it was helpful!
Thank you. Great video.
Glad it was helpful!
Thank you Jason
You're welcome. Thanks for the support!
My name is Jorge and I am one of your listeners, nice to meet you. I am a CPA in Argentina and I have just realized that none of my clients have paid the additional 1% tax required in Miami-Dade County. The tax is called the "Homeless Tax" and is paid by those who have alcohol licenses. I understand that the tax is retroactive. Can you help me? I need to find the best way to handle this with the ultimate goal of reducing the penalties for all my clients.
Do non US resident single LLC who has no any trade or any income connection in US has to file BOI form? I plan to use non US residents LLC only for investing in stocks
Good question! Yes, all domestic LLCs must file the BOI report whether the owners are US residents or nonresidents. The nonresident owned LLC also needs to complete the Form 5472 with a proforma Form 1120.
Thank you kindly for your response. Do you provide a tax filing service?