Avoid the $500 per day penalty (and jail time) by complying with this new LLC filing requirement

[@ItsDan123]

So the feds could have asked 50 states for this info or 50 million LLC owners and they went with option B? Fantastic.

[@notyourdadscpa]

😂🤦🏼‍♂️

[@ikechicoreralation]

Lol

[@BiggVic]

😂 hilarious … facts

[@user-bn7cg5kz9p]

Thanks for the heads up as I’m sure most small LLCs wouldn’t have heard about it otherwise. Appreciate your channel and information you give us!

[@angrydriversattack]

yup

[@j.altario2619]

The exempt list is funny..thats where all the big money crimes take place. accounting firms , insurance companies, etc smh

[@ItsDan123]

They already have way more disclosure rules which is probably why

[@manuelcunha7048]

Ty so much. It’s people like you that are the heart of this country to help people for free.

[@christinaariola-slaughter8351]

i am just a nursing home singer and i have to fill out the nursing home I-9 paperwork for their taxes and i put sole proprietor but i dont sing that much like maybe 1-2k a year

[@notyourdadscpa]

Sole proprietors don't have to worry about filing the BOI report 👍🏼

[@donniecastleman5701]

Which congressional genius came up with this? I'm a tax pro and having to file a few hundred of these for my clients, feeling a little nutty explaining this to my clients and thankful that you do it perfectly in this video.

[@roekinn]

Better to simply become SPC (Secured Party Creditor), move to operating in the private instead of public and be DONE with this.

[@ckp2094]

Any recommendations where to get started with this?

[@matthewredder9427]

Always great info from Mark! Thanks for breaking it down for us.

[@DbirddeeSBooks]

Do sole proprietors need to file the BOI? I didn’t see it listed on the exemption list..

[@DessaTuck]

My question is concerning llc companies that haven’t been used in ten years or more. Does this apply to these as well? Do each of these llc companies have to be filed, even if they are not in use?

[@ceciliarueda4610]

does it include a Sole Propietorship?

[@DawnCadwell-i4p]

What about a sole proprietorship required to file with my state (Oregon) for my DBA? I received notice of this thru the Corporation Division of Oregon. TIA.

[@notyourdadscpa]

I'd be curious what that is, it sounds like it's specific to oregon, I wonder if it has to do with a business license or just your DBA in general.

[@susanc.houghtondogandfolka3163]

So I just heard about this the other day. I am way past 90 days since I filed. I ended up filing last night. So now I can expect jail time and being fined to 10 grand or more? Wtaf

[@notyourdadscpa]

Highly doubtful. My guess is they'll have a very low compliance rate. Right now they're just trying to get the word out (but not doing a very good job). You have nothing to worry about.

[@socommaster]

Very helpful with the deadline days!

[@joannaward7708]

Hi. Thanks for all your information! I went to the website but can’t find the form to fill out. Could I get a link to the actual form? Thanks

[@DbirddeeSBooks]

When are you doing the sale for your tax academy?

[@ceequizo]

This is kinda hideous, the individual states should have sent a notice to all their registered llcs, or even through their registered agents. It's not cool that we have to dig for, or run into this info randomly. All that said, I appreciate you letting us know. Thanks.

[@annatullison1482]

Yep and they already have info!!!

[@ceequizo]

@@annatullison1482 Thanks for your response. I've completed mine.

[@countryboy-bk7ke]

i dissolved my llc in 2021 so i shouldnt have to file right?

[@samasman3480]

This question has to do with one of your older videos. Am I able to switch from accrual accounting method to the cash method after using the accrual method for a few years.

[@notyourdadscpa]

Yes 👍🏼

[@BriannaWeldon]

Is this required if I canceled my LLC during the year?

[@mt.5008]

If we filed late, how would we know if we were assess a fee? Would they just send a letter? Should we contact them to follow up?

[@notyourdadscpa]

It's brand new but most likely they would send a letter. It's possible they're lenient during the first few years because there will be so many cases of non-compliance, but we'll see.

[@Alog2019]

How about Non-USA residence's LLC?

[@notyourdadscpa]

If it's an LLC formed in the US I'm pretty sure you have the same filing requirement

[@familytube9468]

Thabk you for posting this! We're closing down our LLC before the end of December... Any reason why we should submit this or are we safe as long as we close down before the Jan 1 deadline? Ty!

[@notyourdadscpa]

No, if it's closed this year then nothing you need to do!

[@diesel2504]

How simple is it to close?

[@PhillyTechCheck]

I tried closing two LLC’s and still havent figured it out. It deff a hard process. Please update us on how u close yours, thanks!

[@ckp2094]

Can you advise how you closed it?

[@btackett2]

Thanks for the heads up. I have a question, when I first started a couple years ago I paid to start as an LLC but I have never filed taxes as an LLC or done anything with it. Do I need to dissolve the LLC or does it not matter? I just act as a sole prop and have since the start.

[@notyourdadscpa]

If it qualifies as inactive, it may be exempt, but it has to fit their definition of inactive which has a few requirements to it, so you may want to be safe and dissolve it if you're not going to utilize it.

[@btackett2]

@@notyourdadscpa thank you

[@natassjabynoe8899]

Does this apply to Not for Profits?

[@natassjabynoe8899]

You answered my question. Thank you

[@nursultanrustamov1072]

I opened inc on 02/20/24. I forget to fill out the application, I'm late 16 days, will I pay the fine? Thank you

[@notyourdadscpa]

My guess is they don't have their enforcement policies in place yet. It's still kind of in limbo.

[@freddyrivas]

what if an LLC owns another LLC? who files BOIR?

[@notyourdadscpa]

I believe both still need to file

[@scooteracers]

Do S. Corps need to file this as well?

[@notyourdadscpa]

Yes 👍🏻

[@mybeautifullife9333]

By what date does this have to be done?

[@notyourdadscpa]

It depends on when the LLC was formed. If it was in existence before 2024 then you have all year to do it.

[@motherearth144]

My LLC may fall under inactive entity. I have not conducted any business since opening it. Should I still file the form?

[@notyourdadscpa]

I probably would just to be safe, it will only take a few minutes.

[@annatullison1482]

What if you are not doing any business?

[@notyourdadscpa]

I believe there is an exception for inactive llcs in certain situations, but it would be safer either to file or to dissolve the LLC.

[@GeorgiaSmies]

What is the name of the form and where can I download it?

[@chrissheffield5468]

Just checked the website; no form exists yet to register.

[@notyourdadscpa]

Please check the sign up page again, it should work now.

[@yarahireynaldo2110]

Is the name of the form BOIR?

[@notyourdadscpa]

Yes, you can access it here: boiefiling.fincen.gov/fileboir

[@sharaudramey9336]

People really dont care much about their privacy. This is crap and the exemptions are revealing.

[@furfaces]

If LLC is sole proprietorship, do they need to register?

[@notyourdadscpa]

Yes, single member LLCs will also need to file the report.

[@iztheterrible]

so why didnt he name the exact form? he went thru all the trouble of making a video and no identification of the form.

[@notyourdadscpa]

boiefiling.fincen.gov/boir/html

[@primeprofits247]

Do I have to file it if I'm in admin dissolved I HAVE NOT PAID MY ANNUAL REGISTRATION?

[@notyourdadscpa]

Inactive entities are exempt if they were in existence before 1/1/20. I would probably dissolve it to be safe.

[@primeprofits247]

thank you @@notyourdadscpa

[@CSparzo]

This is one of the most egregious forms of extortion I've ever seen.

[@bubbie23jw]

Hey you don’t sell anymore?

[@notyourdadscpa]

I'm currently focusing on my CPA business but my selling career is not over yet!

[@shebrew4896]

I went to the website but didn’t actually see where to submit the information, if anyone found it please help . Thanks in advance

[@notyourdadscpa]

It's live now, I'll be posting a video soon of me going through the form for my own LLC 👍🏻

[@ciausa]

I have question if I apply new to LLC? How about tax forms do i need to receive them through IRS or i have to do it on my own? Also if my business didn’t do well do i still file taxes or no?

[@kaylablakley1727]

I dont see thr link

[@notyourdadscpa]

The link is in the description, it should work now!

[@mllarson]

So tax-exempt entities are not required? I wonder how may "Our Lady of Tax Fraud" churches will suddenly pop up? 🤣🤣🤣

[@asadmatsumoto8911]

we can just vote to dissolve this but nobodies voting.

[@thatlamechannel4375]

How do we vote?

[@jtown2040]

#200 like. Thanks!

[@notyourdadscpa]

🔥

[@jtown2040]

@@notyourdadscpa U bring it FTW. I subscribed and tossed the NOTHING BURGER haha totally lol ✌️