The Basics of Beneficial Ownership Information Reporting

Поділитися
Вставка
  • Опубліковано 30 лип 2024
  • Recent Federal legislation requires all businesses that are organized as corporations or LLCs to file a Beneficial Ownership Information Report, or BOIR, with the Treasury Dept.'s Financial Crimes Enforcement Network, or FinCEN.
    This video goes into the rationale for the BOIR, who has to file one, the information required, how to file the report online, and the deadlines for filing the report.
    Also included is how to look out for potential scams involving the BOIR and how you can avoid being a victim.
    0:00 Introduction/What is a BOIR?
    1:09 Who needs to file
    2:15 What information needs to be reported
    3:20 How to e-file your BOIR
    3:55 When does your BOIR need to be filed
    4:33 Avoid potential BOIR scams
    4:58 Conclusion and Bonus Material
    Additional Information and resources:
    The FinCEN BOIR e-filing link: boiefiling.fincen.gov
    FinCEN: "Beneficial Ownership Information Reporting: Frequently Asked Questions": www.fincen.gov/boi-faqs#6_6
    The Tax Geek on the Site Formerly Known as Twitter: @taxgeekusa
    The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
    Image and footage credits:
    Storyblocks.com
    Federal Government logos and websites are assumed to be in the public domain
    No artificial intelligence was used to research, write, animate, voice, or edit this video
    Intro Music: "Bluesy Vibes" - Doug Maxwell - UA-cam Creator Music
    Outro Music: "Modern Attempt" - Track Tribe under license from UA-cam Creator Music
    DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.

КОМЕНТАРІ • 18

  • @JennyLu2003
    @JennyLu2003 3 дні тому

    Hi there, thank you for the informative video!

    • @TheTaxGeek
      @TheTaxGeek  2 дні тому

      You're welcome! I'm glad you found it helpful!

  • @billytheweasel
    @billytheweasel 5 місяців тому +1

    Great topic and timely for me. Thanks.

  • @tudabruner7676
    @tudabruner7676 4 місяці тому

    LOL, this oversimplified version is exactly what I needed, THANK YOU!

  • @EstrellaNegron
    @EstrellaNegron 4 місяці тому +1

    THANK YOU THANK YOU Just what I had asked you for!!! Awesome

    • @TheTaxGeek
      @TheTaxGeek  4 місяці тому +1

      Thanks for the suggestion!

    • @EstrellaNegron
      @EstrellaNegron 4 місяці тому

      @@TheTaxGeek I have a few more for you 😆

  • @miguelcubero3440
    @miguelcubero3440 5 місяців тому

    If you watched the video...leave a comment for the algorithm. Putting good content out there for those that need it!

  • @rae08
    @rae08 16 днів тому

    As a sole proprietorship with just an EIN would you need to file for a BOIR? Also, if you register for a DBA with the state do you have to file for a BOIR???

    • @TheTaxGeek
      @TheTaxGeek  15 днів тому

      Only if you have created an entity, such as an LLC or Corporation, is there a BOIR requirement. There is no requirement for simply having a DBA registered with the state or local government.

  • @DorisRivera-bb8hu
    @DorisRivera-bb8hu 4 місяці тому +1

    so if i have an EIN # do I still need to file for a BOIR #?

    • @TheTaxGeek
      @TheTaxGeek  4 місяці тому

      No. Merely having an EIN does not require you to file a BOIR. Only if you have an LLC granted by your state do you have to file.

    • @DorisRivera-bb8hu
      @DorisRivera-bb8hu 4 місяці тому

      thank you @@TheTaxGeek

    • @JanineAmei
      @JanineAmei Місяць тому

      No

  • @miguelcubero3440
    @miguelcubero3440 5 місяців тому

  • @rupalakshminarayan4943
    @rupalakshminarayan4943 14 днів тому

    If one of the owners is a Trust then what happens ??

    • @TheTaxGeek
      @TheTaxGeek  13 днів тому

      The trust is not included in the BOI reporting for the corporation/LLC. However, if the trust owns more than 25% of the entity, the trust itself has a BOIR.