Step-by-step LLC BOI Reporting example of how to avoid the $500 per day penalty

[@FreewayFlippers]

THANK YOU for this video. I was able to get all of ours done by the end of the year. I think our CPA will appreciate it ;) Another reason we are so happy we use you!

[@notyourdadscpa]

Always a pleasure!

[@eileenedwards9725]

Mark, thank you so much for the step by step guide on filling out this form. I would have been totally lost. You are the best!!!!!!!!!!!!!!!!!

[@SolutionKYM]

You are a life saver brother ! Thank you for a simple straight to the point video ‼️💯📈 I hope you have a great day man

[@thesistahcrystalshow7326]

Hi there. You are a lifesaver! Thank you soooo much for walking us through the process. It was greatly appreciated.

[@notyourdadscpa]

Glad it was helpful!

[@tini1031cp]

I'm so glad I stumbled upon this video! Thanks for helping out.

[@Stuart-Video]

You are a life saver brother !

[@theovabz]

Thank you Mark! Done. :)

[@reneepaz8077]

When is the last day to file the BOI?

[@dereks4228]

Voluntary for now after the injunction.

[@notyourdadscpa]

Yes, on hold for now

[@flarodriguez8859]

Do Sole proprietors by default or very small resellers need to file this Boi? Thank you!

[@candyman190]

Wasn't this ruled illegal though?

[@notyourdadscpa]

There were some challenges to the law, but I believe it is still set to take effect.

[@candyman190]

@@notyourdadscpa Ahhh got it. Thank you

[@Haymanotsavedbygrace]

You didn't show the last part wher ppl should download the transcript

[@TrangTran-uk6yk]

What happens if I accidently submitted a duplicate and it gets rejected?

[@notyourdadscpa]

I'm sure they'll have millions of duplicates, probably not a big deal at all

[@lauriefallert8885]

Do sole proprietor need to file?

[@notyourdadscpa]

Nope!

[@CatherineJouve]

At the end you mentioned that only LLC or Corporation needs to complete the BOIR Fincen Report, does this include LP, LLP or LLLP too?

[@notyourdadscpa]

Yes they would all file as well (unless they fall under one of the specific exemptions)

[@CatherineJouve]

Thank you.

[@FamiliarRelics]

This is an incredibly dumb question, what would the Identifying Document number be? If I were to use "driver's license" type, would I just type in the driver's license number?

[@fernandoramos8936]

Hi Mark, I filed this at the beginning of this year. If I moved to a new address do I need to file a new report or just change the address?

[@notyourdadscpa]

Yes, I believe you're supposed to file a new or updated BOI report within 30 days of moving.

[@fernandoramos8936]

@ thank you Mark. You are the best. Have an amazing day.

[@daniYoutube44]

Can an Applicant be the same who is the Beneficial of the company?? if that is so we need to provide same data in Applicant tab and Beneficiary tab also??

[@IlliniPicker]

Thanks Mark, it appears this does not apply for sole-proprietorships but only LLC and S/C corp is that correct? I only have a sole proprietor for eBay/Amazon. Do I have to still register on this site? Thank you.

[@MasivosPromo]

Am I responsible for the 2024 BOI Report after leaving an LLC in 2023? Am I liable if current members fail to file?

[@notyourdadscpa]

If you officially left the LLC in 2023, you would not likely be held liable for the failure of current members to file the 2024 BOI report. However, it’s important to ensure that your exit was properly documented and that all appropriate steps were taken to officially remove you from any roles of ownership or control in 2023.

[@justanotherreader]

I'm a small seller on eBay, do I need to have an LLC?

[@notyourdadscpa]

No, you are a sole proprietor by default which is just fine for smaller sellers!

[@flarodriguez8859]

Do Sole proprietors by default or very small resellers need to file this Boi? Thank you!

[@SujanShakya06]

I have business started from 2019 as sole proprietor and i changed to llc this year. Do i file as a existing business?

[@notyourdadscpa]

You'll file the same way as you did as a sole proprietor 👍🏼

[@SujanShakya06]

@@notyourdadscpa Thank you for the reply. I am little confused. I havenot filed boi as sole proprietor before. Do you mean i file boi putting my llc business ein and choose as existing business?

[@notyourdadscpa]

Ah no sorry I was thinking about income tax. For BOI you would file as a new business since it's the first BOI filing you'd be doing.

[@wmint77]

Hi, big thanks for your video!! Maybe you could help, answer me.. i moved from the address where the company was registered.. should I write down the address wich is in documents (annual report) or my current residential address? And i did a little mistake i upload my u.s driver license but choosed option 'state issued id' is it a big deal...? One more big thanks!

[@predatorsniper]

Yeah, BS. They have to notify us. This administration is a joke.