The Basics of Beneficial Ownership Information Reporting

[@TheTaxGeek]

ALERT! A Federal Judge in Texas has issued an injunction prohibiting enforcement by FinCEN of the Corporate Transparency Act requiring businesses to submit Beneficial Ownership Interest Reports by January 1, 2025, believing the Act to be unconstitutional. This injunction is subject to further judicial review, but for now, LLCs and small corporations do not have to comply. They should, however, be prepared to file if the injunction is lifted.

[@6789uiop]

Great topic and timely for me. Thanks.

[@EstrellaNegron]

THANK YOU THANK YOU Just what I had asked you for!!! Awesome

[@TheTaxGeek]

Thanks for the suggestion!

[@EstrellaNegron]

@@TheTaxGeek I have a few more for you 😆

[@samrebecca2245]

I find it an invasion of privacy to have to provide an image of my supporting identity documents, i.e. drivers license, passport etc. This leads to facial recognition which is a rabbit hole that we should avoid. Hackers will have a field day.

[@tudabruner.tk421]

LOL, this oversimplified version is exactly what I needed, THANK YOU!

[@TheTaxGeek]

You're very welcome!

[@miguelcubero3440]

If you watched the video...leave a comment for the algorithm. Putting good content out there for those that need it!

[@DorisRivera-bb8hu]

so if i have an EIN # do I still need to file for a BOIR #?

[@TheTaxGeek]

No. Merely having an EIN does not require you to file a BOIR. Only if you have an LLC granted by your state do you have to file.

[@DorisRivera-bb8hu]

thank you @@TheTaxGeek

[@JanineAmei]

No

[@rae08]

As a sole proprietorship with just an EIN would you need to file for a BOIR? Also, if you register for a DBA with the state do you have to file for a BOIR???

[@TheTaxGeek]

Only if you have created an entity, such as an LLC or Corporation, is there a BOIR requirement. There is no requirement for simply having a DBA registered with the state or local government.

[@TirraOmilade]

@@TheTaxGeekThank you!

[@JennyLu2003]

Hi there, thank you for the informative video!

[@TheTaxGeek]

You're welcome! I'm glad you found it helpful!

[@abbyg481]

What if dissolve my LLC before January 2025, will I still need to fill this out?

[@TheTaxGeek]

No.

[@WildJack8]

I just registered an LLC with my state. I do not have confirmation from the state, nor do I have an EIN yet. When will my 90 days to file a BOIR begin? What is considered the "date of formation?" Thank you

[@TheTaxGeek]

When you receive your confirmation from the state, that is considered your date of formation. You will have 90 days from that date to comply with BOIR.

[@WildJack8]

@@TheTaxGeek sub :)

[@thejessicadiaries]

Do you have to file this if your LLC is inactive?

[@TheTaxGeek]

Yes.

[@thejessicadiaries]

@@TheTaxGeek thank you for responding!

[@rupalakshminarayan4943]

If one of the owners is a Trust then what happens ??

[@TheTaxGeek]

The trust is not included in the BOI reporting for the corporation/LLC. However, if the trust owns more than 25% of the entity, the trust itself has a BOIR.

[@miguelcubero3440]

❤

[@fergusonlandmanagementweld1039]

Now we know what the 87k new IRS agents are for.

[@TheTaxGeek]

The BOI requirement comes from the Financial Crimes Enforcement Network (FinCen), which is an entirely different agency within the Treasury Department and has nothing to do with the IRS.

[@fergusonlandmanagementweld1039]

@TheTaxGeek Yes, I know, I was not serious, just making a joke about more government over reach. Thank you for the video.

[@Maybe1966]

At 1:36 in the video, it says "Merely possessing an EIN from the IRS or Locally issued Business License, does not require you to file." But then later in the video, it says we will have to provide our EIN when filing. I have an EIN letter from the IRS for both my C-Corp and Disregarded LLC. Does that mean I do NOT have to file? Also, can you show me on the fincen.gov website where it says this because I can't find it. I'd really LOVE not to have to deal with this.

[@TheTaxGeek]

Yes, you have to file for both entities. What I meant was, if you have an EIN but no corporation or LLC (which is certainly possible) you don't have to file BOI.

[@Maybe1966]

@@TheTaxGeek Thank you for the clarification.