How to File the BOI Report With FinCEN (Step-By-Step)

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  • Опубліковано 7 жов 2024

КОМЕНТАРІ • 89

  • @NoelLorenzanaCPA
    @NoelLorenzanaCPA  8 місяців тому +15

    I hope you received value from the video. If you do, it would really help this channel if you Subscribe. It's FREE. 😉
    Here's a link to my (free) Facebook group:
    facebook.com/groups/951368119040370

  • @superhandymanservice9413
    @superhandymanservice9413 4 місяці тому +10

    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.

  • @t-mell1171
    @t-mell1171 4 місяці тому +10

    WOW!!! Quick & Painless. Some accounting firm just called me & tried to charge me $2,700!!! THANK YOU IMMENSELY!!!

  • @clintfrancispodcast
    @clintfrancispodcast 5 місяців тому +8

    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.

    • @NoelLorenzanaCPA
      @NoelLorenzanaCPA  5 місяців тому +2

      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!

    • @clintfrancispodcast
      @clintfrancispodcast 5 місяців тому +1

      You’re welcome.

  • @petegrande9304
    @petegrande9304 24 дні тому +1

    Your clear step by step guidance and explanation made this an easier process that I could feel certain I did correctly. Thanks.

    • @NoelLorenzanaCPA
      @NoelLorenzanaCPA  24 дні тому

      Great to hear! And thank you for your wonderful comment. I really appreciate it. 🙂

  • @ZenNLee-qd3gl
    @ZenNLee-qd3gl 8 місяців тому +9

    Excellent video, thank you

  • @danceflix1
    @danceflix1 8 місяців тому +9

    Thanks for the informative video!

  • @edgarlemoine147
    @edgarlemoine147 7 місяців тому +5

    Thank you Noel por your video. Very helpful

    • @NoelLorenzanaCPA
      @NoelLorenzanaCPA  7 місяців тому +1

      My pleasure Edgar! Thanks for checking it out

  • @savorycrustfoodtrucktuesdays
    @savorycrustfoodtrucktuesdays 8 місяців тому +5

    Thank you for sharing the knowledge! Sharing!

  • @rquinsey1
    @rquinsey1 5 місяців тому +3

    Thanx Noel for the great video --- worked as you instructed. 👍

  • @pattybautista9249
    @pattybautista9249 4 місяці тому +3

    Excellent information thanks 🙏

  • @angellicadelosada3666
    @angellicadelosada3666 3 місяці тому +1

    Thank you so much! this saved me lots of money & It was so easy! Thanks for the step by step!

    • @NoelLorenzanaCPA
      @NoelLorenzanaCPA  3 місяці тому

      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.

  • @aracellyborgesreis5684
    @aracellyborgesreis5684 3 місяці тому +2

    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👏👏👏

    • @NoelLorenzanaCPA
      @NoelLorenzanaCPA  3 місяці тому +1

      Aracelly, thank you very much for your kind words 😊🙏

  • @faraway12345
    @faraway12345 Місяць тому +1

    Great information. Thank you

  • @VivianGonzalez-v7n
    @VivianGonzalez-v7n 2 місяці тому +1

    Thanks so much for all your help!

  • @weegee-dramaticbehindthemi5442
    @weegee-dramaticbehindthemi5442 2 місяці тому +1

    Thank you

  • @joyceharris2853
    @joyceharris2853 Місяць тому +1

    Nice

  • @terriwalker2105
    @terriwalker2105 Місяць тому +2

    How do you add multiple owners on the form. I click on "add owner" and it doesn't allow me to put more than one owner on the form. Thanks

  • @DAYURISPENAFUERTE
    @DAYURISPENAFUERTE Місяць тому +1

    I truly appreciated this video, you saved me $350, thank you very much! On the other hand, I put my llc and dba in the same application is that right or, am I supposed to separated them?

  • @keithc8108
    @keithc8108 6 місяців тому +2

    Good information! Do Uber drivers have to file this BOI report, as independent contractors??

    • @NoelLorenzanaCPA
      @NoelLorenzanaCPA  6 місяців тому

      Thanks! If they are a sole proprietorship, no. If they setup an LLC, yes.

  • @BLee-zn5kh
    @BLee-zn5kh 4 місяці тому +2

    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?

    • @NoelLorenzanaCPA
      @NoelLorenzanaCPA  3 місяці тому

      Sorry, but I'm not sure. I am planning a follow up video with frequently asked questions, and I'll try to include this.

  • @unpredictable8766
    @unpredictable8766 4 місяці тому +3

    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?

  • @fdsadfer2105
    @fdsadfer2105 6 місяців тому +2

    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?

  • @Helloo0oo-k
    @Helloo0oo-k 2 місяці тому +1

    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?

    • @NoelLorenzanaCPA
      @NoelLorenzanaCPA  2 місяці тому

      Please check out my BOI FAQ video and then review their website to see if your question is answered: ua-cam.com/video/yduU8lvZgBw/v-deo.html

  • @jamesdeininger3759
    @jamesdeininger3759 24 дні тому

    One question - The entirety of Part II (under “Company Applicants” section) can’t be filled out if I check the box for “Existing reporting company”. I’m not sure why you’re able to fill that out.

  • @user-tb2qh7ok7z
    @user-tb2qh7ok7z 7 місяців тому +3

    Great video. Was curious did you ever get an email sent to submitter email address you put in stating it was accepted or anything?

    • @NoelLorenzanaCPA
      @NoelLorenzanaCPA  7 місяців тому +1

      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.

    • @lHurtYourFeeIings
      @lHurtYourFeeIings 7 місяців тому +1

      You get a PDF report once it is done. Download it and keep records of your filing.

  • @StephaniePariona
    @StephaniePariona 2 місяці тому +1

    Great Video! It was very helpful Question 16 Existing reporting company, I checked the box. Its didn't allow me to fill out the the part underneath Question 19 thru 29. Is that correct? In your video you fill in the information.

    • @NoelLorenzanaCPA
      @NoelLorenzanaCPA  Місяць тому

      Yep, that should be right. If you have more questions, I've uploaded a video here where I talked about common questions related to BOI Reporting. Feel free to check. 🙂
      Here's the video: ua-cam.com/video/yduU8lvZgBw/v-deo.html

  • @MTANVEERSADIQ
    @MTANVEERSADIQ 7 місяців тому +1

    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?

  • @RafaelLopez-os3wd
    @RafaelLopez-os3wd 18 днів тому +1

    What if I started an LLC in 2023 but filed to be treated as an SCorp?

  • @wendysosa1416
    @wendysosa1416 6 місяців тому +2

    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.

    • @NoelLorenzanaCPA
      @NoelLorenzanaCPA  6 місяців тому +1

      I don’t believe there is a way to check that.

  • @GDOSSARY
    @GDOSSARY 7 місяців тому +1

    Is it better to not have LLC and just use sole proprietor? To avoid this step? Especially if you are a small business.

    • @NoelLorenzanaCPA
      @NoelLorenzanaCPA  7 місяців тому +1

      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.

  • @sanmac9621
    @sanmac9621 4 місяці тому +1

    I am sole owner, shall i check box 37 ? For exempt ?
    Or i dont need to file at all ?

    • @NoelLorenzanaCPA
      @NoelLorenzanaCPA  Місяць тому

      Being a Sole Owner does not make you exempt from filing. For you to be exempted from filing this BOI, you should be one of those 23 entities that are exempt.
      If you need more info about BOI Filing, I've uploaded a video where I talked about common questions regarding BOI Reporting.
      Here's the video: ua-cam.com/video/yduU8lvZgBw/v-deo.html

  • @sarmadaldulaimi7963
    @sarmadaldulaimi7963 6 місяців тому +2

    I haven't received a confirmation email after I submitted the application is that normal?
    Thank for the video

    • @NoelLorenzanaCPA
      @NoelLorenzanaCPA  6 місяців тому +1

      It's normal. They do not send a confirmation email. Hopefully you saved the pdf summary report from the end of the process.

    • @sarmadaldulaimi7963
      @sarmadaldulaimi7963 6 місяців тому +1

      @@NoelLorenzanaCPA Thank you for your reply....Yes I did save the summary.

  • @ezitv
    @ezitv 4 місяці тому +1

    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?

    • @NoelLorenzanaCPA
      @NoelLorenzanaCPA  4 місяці тому

      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.

  • @InfinityGroup-n2s
    @InfinityGroup-n2s 5 місяців тому +1

    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?

  • @LiconaThompsonLLC
    @LiconaThompsonLLC 3 місяці тому +1

    If there are future updates for the original BOIR, is the submitter or company applicant liable to make the changes?

    • @NoelLorenzanaCPA
      @NoelLorenzanaCPA  3 місяці тому

      Yes, an update BOIR must be filed. The company is responsible

  • @MTANVEERSADIQ
    @MTANVEERSADIQ 6 місяців тому +1

    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"!!!!!!

  • @sanmac9621
    @sanmac9621 4 місяці тому +1

    only one owner have to file too ?

  • @tytt6562
    @tytt6562 2 місяці тому

    Thank you for the video. I do not have a business address. Could I use my residential address as business address? Thanks.

  • @misssml32
    @misssml32 6 місяців тому

    For a 2 owner LLC, Should both owners information go in the company applicant(s) and the beneficial owner section? Thank you

    • @wavyremix
      @wavyremix 2 місяці тому

      Yeah precisely. This video answers nothing. Shows you how to fill in a form, possibly correct, and maybe not.

  • @1el5elemento
    @1el5elemento 2 місяці тому

    Once I submit is there any further steps

  • @karencampbell3848
    @karencampbell3848 3 місяці тому +1

    if it's a LLC that has 2 owners, do you need to add information for both of them?

  • @sanmac9621
    @sanmac9621 4 місяці тому

    Thats gona be every year .?!!!

  • @gregmartinez8329
    @gregmartinez8329 2 місяці тому

    incredibly tedious, unless you like watching him enter his address on a website. He doesn't even explain the basics, like how many beneficial owners to enter.

  • @mike-f1k
    @mike-f1k 3 місяці тому +1

    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.

    • @NoelLorenzanaCPA
      @NoelLorenzanaCPA  3 місяці тому +3

      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.

    • @CIA1900-f8e
      @CIA1900-f8e 28 днів тому

      ​@@NoelLorenzanaCPAdo we need a separate fillings if we had multiple members ?

  • @sanmac9621
    @sanmac9621 4 місяці тому

    I am sole owner, shall i check box 37 ? For exempt ?
    Or i dont need to file at all ?