How to File a BOI Report with FinCEN (Step-By-Step)

[@NoelLorenzanaCPA]

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

[@ZenNLee-qd3gl]

Excellent video, thank you

[@NoelLorenzanaCPA]

Glad you liked it!

[@danceflix1]

Thanks for the informative video!

[@NoelLorenzanaCPA]

Glad it was helpful!

[@superhandymanservice9413]

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.

[@NoelLorenzanaCPA]

Thanks for the clarification!

[@t-mell1171]

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

[@NoelLorenzanaCPA]

Great to hear!!

[@weegee-dramaticbehindthemi5442]

❤

[@savorycrustfoodtrucktuesdays]

Thank you for sharing the knowledge! Sharing!

[@NoelLorenzanaCPA]

Glad it was helpful!

[@edgarlemoine147]

Thank you Noel por your video. Very helpful

[@NoelLorenzanaCPA]

My pleasure Edgar! Thanks for checking it out

[@clintfrancispodcast]

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]

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]

You’re welcome.

[@diannebrekke7297]

Thank you for the tip. I figured I would probably have to do it that way. You confirmed it.

[@petegrande9304]

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

[@NoelLorenzanaCPA]

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

[@SplashPainting]

Easy to follow, Simple and Straight Forward. Thank You!

[@ZiadAhmed-cz1tr]

Thank you so much for your clear explanation. I just want to know why box 16 "Existing reporting company" was checked? Can you please explain what this line indicate? Again, thank you so much for your helpful videos.

[@NoelLorenzanaCPA]

Box 16 on a Beneficial Ownership Information (BOI) report is for indicating if a business was an existing reporting company as of January 1, 2024. If the business was not an existing reporting company, then the numbers 19-32 should be filled in.

[@QuiNguyen-pg5mm]

Hi ! Thanks so much for your help with the very clear instructions on the video . By the way if you can help with another video how to apply ( state license of salons) or it call another name ( business shop license)that would be wonderful . I been looking for how to apply . I’m so appreciate …

[@SudeepShah-d4t]

Hi Noel - Great video and was easy to follow with your example!! However, I have a question. I have an S-Corp that was incorporated in 1997. I used a lawyer to incorporate then. My question to you is when I fill out the "Company Applicant" section of the online form, do I use the lawyer's information? If so, will I have to ask the lawyer to send his ID to upload to this web site?

[@user-tb2qh7ok7z]

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]

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]

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

[@DAYURISPENAFUERTE]

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?

[@NoelLorenzanaCPA]

That sounds correct! Thank you!

[@keithc8108]

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

[@NoelLorenzanaCPA]

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

[@terriwalker2105]

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

[@BLee-zn5kh]

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]

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

[@CraigKellyHeckel]

Thank you so much. Your direction was clear and concise. Now I will put my new knowledge to work.

[@aracellyborgesreis5684]

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]

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

[@regiojim8298]

Hi my question is: I have a llc company but I’m a solo owner with non other partners, I still need to report this? Thanks

[@rquinsey1]

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

[@NoelLorenzanaCPA]

I'm so glad it worked for you!

[@unpredictable8766]

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?

[@Helloo0oo-k]

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]

Please check out my BOI FAQ video and then review their website to see if your question is answered: kzbin.info/www/bejne/r5XYhmuiq7-aeNk

[@StephaniePariona]

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]

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: kzbin.info/www/bejne/r5XYhmuiq7-aeNk

[@fdsadfer2105]

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?

[@NoelLorenzanaCPA]

Sorry, I don't know the answer to that.

[@ekuaaidoo]

Thanks so much! Saved me money and time. Appreciate you!

[@NoelLorenzanaCPA]

Glad it helped!

[@jamesdeininger3759]

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.

[@angellicadelosada3666]

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

[@NoelLorenzanaCPA]

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.

[@KimberlyBooth-v5d]

Do you have to fill out an additional application if your spouse is partial ownership in the company

[@InfinityGroup-n2s]

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?

[@pattybautista9249]

Excellent information thanks 🙏

[@robynj4839]

There are 3 beneficial owners with our LLC. After I enter my info it doesn't allow me (or ask me to enter the other owners). Am I missing something?

[@ArielVincent-Doe]

Has anyone had a problem downloading the transcript? If so, did you file again?

[@CaliGirl2]

Very helpful! Thank you!

[@miguelborges4498]

Hello and thanks for the video...ask...if I have one scorp and one llc but it's was running before 2023 what is the last day I have to fill the report and tha KS again

[@NoelLorenzanaCPA]

12/31/2024

[@GDOSSARY]

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

[@NoelLorenzanaCPA]

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.

[@LiconaThompsonLLC]

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

[@NoelLorenzanaCPA]

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

[@del_s_corner]

Thank you for sharing, it was very helpful.

[@MontanaMaven]

What is a DBA?

[@NoelLorenzanaCPA]

Doing Business As

[@MTANVEERSADIQ]

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?

[@wendysosa1416]

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]

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

[@ezitv]

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]

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.

[@righteous6963]

Can you enter multiple owners in one form... it doesn't seem to have room for input for multiple owners ???

[@NoelLorenzanaCPA]

You should be able to.

[@sarmadaldulaimi7963]

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

[@NoelLorenzanaCPA]

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

[@sarmadaldulaimi7963]

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

[@ArielVincent-Doe]

​@@NoelLorenzanaCPA i was not able to download the transcript but I did screenshot the confirmation page.

[@amitnrai]

What does business address vs residential mean

[@NoelLorenzanaCPA]

Residential refers to one’s home.

[@MontanaMaven]

@@NoelLorenzanaCPA What if your home is your company's location also?

[@KL-qu3br]

Thank you for providing the info👍

[@Smfarrell25]

Does my LLC need to file a report for each owner? So file 4 times if there are 4 owners? I don’t see where it lets you input info for more than one person on a single report.

[@NoelLorenzanaCPA]

They are all reported on the LLC filing.

[@sanmac9621]

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

[@davionlittlejohn4816]

Hey have a question when get to Company Applicant and put a check mark in box 16 it want let me type my name in box 19 ,20,23 etc

[@tytt6562]

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

[@NoelLorenzanaCPA]

Yes, I believe that would be appropriate.

[@VivianGonzalez-v7n]

Thanks so much for all your help!

[@NoelLorenzanaCPA]

You are so welcome!

[@misssml32]

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

[@wavyremix]

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

[@faraway12345]

Great information. Thank you

[@NoelLorenzanaCPA]

Glad it was helpful!

[@karencampbell3848]

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

[@NoelLorenzanaCPA]

Yes

[@karencampbell3848]

@@NoelLorenzanaCPA 2 separate reports or on the same report??

[@NoelLorenzanaCPA]

Same

[@1el5elemento]

Once I submit is there any further steps

[@NoelLorenzanaCPA]

Nope, that's it.

[@RafaelLopez-os3wd]

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

[@NoelLorenzanaCPA]

You have a BOI filing requirement

[@RafaelLopez-os3wd]

@@NoelLorenzanaCPA Thank you 🙏

[@feliciadace7825]

Omg, Thank-you so much.

[@MTANVEERSADIQ]

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"!!!!!!

[@cstevens2121]

Thank you! I subscribed and liked:-).

[@NoelLorenzanaCPA]

Thanks for the sub!

[@calandraantonelli8939]

Thank you ❤❤❤

[@NoelLorenzanaCPA]

You're welcome 😊

[@sanmac9621]

only one owner have to file too ?

[@NoelLorenzanaCPA]

Each LLC needs it's own BOI filing.

[@weegee-dramaticbehindthemi5442]

Thank you

[@NoelLorenzanaCPA]

You're welcome!

[@jackieliu-jc7wz]

之前注册的时候是在德州用德州驾照注册的，现在搬到另一个州驾照也换了当地的，该上传当前的ID吗？😂

[@NoelLorenzanaCPA]

I believe so.

[@jackieliu-jc7wz]

@ Thanks!

[@joyceharris2853]

Nice

[@sanmac9621]

Thats gona be every year .?!!!

[@NoelLorenzanaCPA]

No

[@marvin7098]

Tyyyy

[@carlosluna2615]

Hello Noel. I'm confused with #16; my company formation date is May 2023 but I never file it with FinCEN yet, this will be the first time.Should or shouldn't I check #16.Thanks in advance.Carlos

[@gregmartinez8329]

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.

[@sanmac9621]

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

[@NoelLorenzanaCPA]

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: kzbin.info/www/bejne/r5XYhmuiq7-aeNk