BOI Reporting - What you NEED to know as a Small Business Owner

[@ClaraCFO]

Make sure to watch this video made after recent legal action on the Corporate Transparency Act: kzbin.info/www/bejne/j4eooXZ9iKpkeqM

[@erichpagel2659]

This was a clear, straigtforward, hugely helpful video. Very nicely done!

[@RobertWoroniak]

Thank you for this. I was contacted by our attorney back in February, and since I haven't heard anything about it from anywhere else, I've just ignored it. So, I think you just saved me $10k (or $9,700 if I have the attorney do it). I appreciate that you have videos on important topics that aren't exactly the easiest to gain information on.

[@ClaraCFO]

I am sure your attorney will notify you again before year end, but it's so easy to miss an email or a phone call! Glad I could help raise some awareness!

[@jamsid33]

BOI has nothing to do with "bad actors" it has everything to do with the government getting as much information on you as possible

[@ClaraCFO]

You always have the option to not comply! Just be aware of the penalties.

[@johnwatson9518]

@@ClaraCFO that is the dumbest response I have ever read. 🙄

@@johnwatson9518 Indeed. Shocking.

[@MATHSTRING]

So idiotic scrutiny is that special presumptive logic for the rainbow parade order.

[@TheJazzyRedTalkShow]

@@ClaraCFO I own 3 businesses and you are right!

[@IBSTreatmentCenter]

Thanks! The new reporting sucks, but I really appreciate you telling me about it. It's not your fault, and now I know what I need to do. You're the best!

[@ClaraCFO]

Haha - thanks! Better to know about it than to get hit with these penalties and fees! Thanks for watching!

[@sallysauerbeck]

I have followed several suits brought against CTA as a basis for blocking BOI, but I think it seems unlikely (Oregon just upheld the CTA). Anyway, I went ahead and did my filing today. We have a 4 family member LLC so I was not expecting problems. If you are planning to do your BOI 'live', I would recommend against. When I realized the online approach did not offer any stop & save option, I opted to fill out their pdf which I CAN save and come back to. My intent was to submit the pdf, but their validation button would not approve?? However, using that pdf for all the info input made the online process very easy. Good luck with yours.

[@ClaraCFO]

Thanks for the info! I was able to record it without needing to save and come back to it. Glad the PDF version worked well for you!

[@leoras10]

Thank you, straight to the point, as a business owner should be!

[@muhammadzubairkhan3136]

Useful information..You look gorgeous Clara...I love your style of conveying information.

[@ClaraCFO]

Thank you so much!

[@muhammadzubairkhan3136]

​@@ClaraCFOMy please dear Clara

[@ThaisCaproni-d8c]

Thank you soooo much! Your Video was soo helpful =)

[@gellerpricebookvideos4159]

Thanks Clara, looking forward to next weeks video. I emailed my CPA firm and they aren't going to help file and will send out a notice on it soon, I gave them your link to watch. Thanks for all you do

[@ClaraCFO]

Thanks for sharing the video link! Hope it helps!

I will vote for whoever repeals this annoyance.

[@ClaraCFO]

The Corporate Transparency Act was passed by Congress and had bipartisan support. This is not a presidential campaign issue.

@@ClaraCFO What does it having bipartisan support have to do with me wanting to vote for whoever repeals this annoyance? Lots of bad laws pass with bipartisan support... Also, the Yays/Nays was split along pretty partisan lines, most Democrats supported and most Republicans did not: clerk.house.gov/Votes/2019577 So maybe if Republicans were to take control of Congress and the Presidency, this could get repealed. I will vote accordingly.

@@ClaraCFO What does it having bipartisan support have to do with me wanting to vote for whoever repeals this annoyance? Lots of bad laws pass with bipartisan support... Also, the Yays/Nays was split along pretty partisan lines, most Democrats supported and most Republicans did not: clerk.house.gov/Votes/2019577 So maybe if Republicans were to take control of Congress and the Presidency, this could get repealed. I will vote accordingly.

[@rlrollinsllc520]

We can thank the biden crime family for this new requirement.

[@Exploromatic317]

Lobbyists had staved off attempts to implement the CTA, and its predecessor bills, for decades. However, in December 2020, the U.S. Congress, majority-controlled by Republican lawmakers in both the House and the Senate, passed the CTA as part of the 2021 National Defense Authorization Act-which then-President Donald Trump vetoed (his sole veto during his term of office). On January 1, 2021, Congress, by a two-thirds vote in both the House and Senate, overrode Trump’s veto and passed the CTA into law.

[@anav4782]

Omg thank you so much for the clarification, I was wondering 🤔 if I needed to file this report since I just have a small only hand made business.

[@ClaraCFO]

Are you operating as a sole proprietorship? Or did you register an LLC or some other type of company?

[@creativevisiongaming]

Your example of a Sole-Proprietor who just uses SSN doesn't have to files. But what about Sole-Proprietor with and EIN from IRS to not give out SSN, is that still excluded from reporting? I think it is excluded also, just conforming. I'm aware of the current ruling.

[@Bobbie-Loves-To-Thrift]

This is what I am dealing with trying to find out? On the boi site there is a FAQ. with double talk about this. Calling the state tax people today to try and find out?

[@ChrisSilverman]

I saw a friend on Facebook post about the boi and the $500 plus fee if not done. It’s literally the only way I would have heard of it. It’s incredulous that the government makes a law and then never tells you but are willing to fine you ridiculous amounts.

[@SilkHandz74]

Same. I first heard about it as I was scrolling on Facebook. I went and checked my P.O. Box and it had been sitting in there for a couple of weeks.

[@levelup843]

BOI is currently under an injunction, and the Decrement 31st reporting requirement is no longer required. This injunction occurred on December 3rd (?) In Texas, and affects the entire nation. Please confirm the info, prior to BOI registration

[@louisreid4588]

I'm a sole proprietor that uses my ss#, but I also have a EIN. My business is a DBA so it sounds like I need to file.

[@kaciediepnguyen7902]

Thank you! Subscribed!

[@ireneramos6010]

Hello, what if my LLC domestic business is inactive per the state since 2018, do I still have to file BOI?-Thank you

[@SG-xw3ks]

How do I get a BOI report I already submitted? (to confirm data is still correct) Unable to find a BOI login page!

[@lynneuribeross2695]

Does this go for those of us that are part of an MLM self employed???

[@MyntOrchid]

Once you file, will they issue a number, ID or document to confirm that you’ve registered? Are you required to do anything else after submitting your report?

[@AnthonyAmadeo-f6b]

I operate as a sole proprietorship with a fictitious name (registered). Would I be exempt from it?

[@ClaraCFO]

This is confusing - what do you mean fictitious name that is registered?

[@ElaineKyle]

​@@ClaraCFO, that means a DBA (doing business as)

[@laprimanerda7333]

This is me as well. I’m a sole proprietor but my business name is La Prima Nerda. My actual human name is very very common and kinda useless as a brand. I registered the fictitious name with the state I live in and got an EIN.

[@ascensionranch3213]

This doesn't apply to nonprofits correct?

[@manuelecheverria3191]

so is this applies to a independent truck driver im a independent contractor

[@MareenDuca]

just found you!! ty

[@jerrywilkjr.6698]

My lawyer filled out the paperwork to establish the business and obtained the EIN for my company. Would the lawyer be a Company Applicant? If so, do I need to get the lawyer’s drivers license and date of birth in order to fill out Section 2, the Company Applicant? Or, could I just obtain her Fin-cin number, to avoid getting her drivers license and date of birth? I doubt she is going to want to give me this information. Also, if I list her as a Company Applicant, do I have to update my BOI report when her drivers license expires in order to avoid the steep penalties!?

[@ClaraCFO]

Did you start the business in 2024? If so, then yes, you need to list her as a company applicant. If it was before 2024, you can skip that section. Watch this new video: kzbin.info/www/bejne/raPVk4Gpf9ulp9E

[@jerrywilkjr.6698]

@ Yes, I started the business after 2024. Thanks for the information and for responding to my question.

[@dpowell4647]

I was just told you no longer have to file

[@ClaraCFO]

I just did a video on this update: kzbin.info/www/bejne/j4eooXZ9iKpkeqM

[@bradleysonnentag3032]

I would like to know about groups to challenge this I know the SBA has already won an injunction because this is supper unconstitutional.

[@norcalpacific]

What if 2023 was your last year of business, and final tax return year, but you did not bother dissolving the LLC until 2024? according to the FinCen website you still have to file a BOI even if you seized all of your business in 2023, if your entity still existed in any shape or form in 2024 and was not fully dissolved yet. What do you think? Just ignore the BOI?

[@ClaraCFO]

I would file it because it is free to file and it's also a one-time thing. If the entity was still in existence in 2024, I would file to avoid any potential penalties.

[@notashamed7563]

Thank you for this information. Come Lord Jesus!

[@ronniefike8848]

I just sold my farm business to a corporate business and they will deal with the legacy and no church can own it and we are moving away !!!!

[@johnwatson9518]

Why has the government not notified my business of this? Maybe waiting until AFTER the election? Duh. 🤔

[@ClaraCFO]

The Corporate Transparency Act was passed by Congress in 2021 and had bipartisan support. Getting the word out on this subject has been grassroots - they should have tasked KZbinrs :D

[@johnwatson9518]

@@ClaraCFO you're obviously a kamala loving liberal.

[@ChrisSilverman]

@@ClaraCFOIncredulous

[@beatriceowusuachaw6210]

GOD

[@Bombastic-ahhh]

🤔

[@rickyggggggggggg]

You are beautiful thanks for info

[@ClaraCFO]

You are so welcome!

[@beatriceowusuachaw6210]

GOD IS FAITHFUL

[@MorganRamaili]

I love your content. However it's countries restrictive. Especially the BO

[@ClaraCFO]

I am a CPA based in the US and work with companies in the US, so my content will always be focused on US-based businesses.

[@MorganRamaili]

Wish I was in US 😢. Provided I also had an option to stay away from the US content. Just this damn GAAP applying in our countries. We shouldn't been here. ​@@ClaraCFO

[@dong2739]

How are you not married? I'm single!