The Deadline to File BOI Reports Is FAST APPROACHING!

[@karltondennis]

Subscribe to the channel to help us reach 1 million subscribers!!

[@SoWhat-uj8zs]

Already subscribed…..thanks for this information!!

[@user-oi3rp4tt6s]

KD do single member LLC or S-corp owners have to file since we file taxes as sole proprietors?

[@ththim7785]

Thank you! I love your style of delivery. Keep up the great work!

[@ForEverMeTori]

Does delivery gig workers have to report a BOI?

[@daveshostack4950]

ARE PARTNERSHIPS THAT ARE NOT CORPORATIONS REQUIRED TO FILE? IN APRIL 2024 I FILED A FINAL RETURNS ON BOTH PARTNERSHIPS THAT I AM A PARTNER OF AND BOTH PARTNERSHIPS WERE N0T CORPORATIONS AND SHOW ZERO INCOME WAS MADE. DO I STILL NEED TO FILE WITH THE FINANCIAL CRIMES UNIT?

[@mTechPenn]

The ONLY reason I know about BOI is because I pay a CPA...the government is doing nothing to make small business owners aware of this...not to mention all this info is already filed with the state...just get it from their feds. 🙄

[@jackmewhalle6937]

I came across that accidentally on KZbin. When I started to tell all my friends they were Clueless. Dim my CPA sent out a mass letter telling everybody about it. My CPA refuses to touch these. So I am computer illiterate I have to depend on my daughter. What about the people that have been in business for 40 years. And they still don't use computers. Why can't the government get off their ass and send out paperwork like they used to. Same way with my annual report. If I should forget it it's a $400 fine but yet they send you nothing in the mail to remind you

[@Kdiamondgoddess]

​@@jackmewhalle6937they send out emails about the annual report around the end of the year. The deadline normally is in February the following filing year.

[@MiamiPapi]

@@jackmewhalle6937 Because not only is government inefficient, but its also in this case overreaching. Its now threatening us with fines for not snitching on ourselves. Its unamercan from the onset.

[@christynecherry1540]

I learned about it from a BBB newsletter.

[@giannab3174]

@@christynecherry1540 nice!

[@dcs5343]

So basically only small businesses are required to file. Is anyone able to explain how this is not just another form of government overreach??

[@jordynb1024]

I think it’s fear mongering honestly. The entities committing the most financial crimes just so happen to be exempt. Something is fishy about that.

[@MoMoni81]

it’s another way to squeeze out small businesses

[@godividarr]

No, no one can explain how it isn't overreach- because that's what it is. It's a maneuver towards the "stakeholder capitalism" crap we're supposed to just accept without complaint. Registration always ends with confiscation.

[@Segurasbusiness]

6:00

[@Bort11]

@@godividarr100%

[@MeetJosephBlack904]

You would think all those exempt would be the ones needing to file.

[@hutchservesgaming]

This ^

[@natej6671]

Exactly

[@kathleenkirchoff9223]

Yes those are the ones who have the real means to money launder. The rest of us are just trying to stay solvent.

[@edavrom]

1000%

[@dailyrant4068]

Most of them makes sense. The security related ones are under even heavier reporting requirements.

[@moneybagz856]

All the companies exempted are the ones who need to file smh. All scammers

[@angelonevado8109]

Seriously..... my god how dumb the government is

[@KathyGrosskurth]

I believe the reasoning behind this is because all those entities are already being tracked through other federal agencies so they were able to argue that it was redundant for them to file the BOI. I am no means an expert. And just because each of these areas are listed, it is a good idea to go into the regs to find out in more detail what the specific exemptions mean because as an example not all accounting organizations are exempt

[@beautifulblessings3418]

Exactly! Those are the ones all connected to money smh 🤦🏽‍♀️

[@matthewjackson9615]

Seriously , one of the best presentations i've ever seen on youtube. Explained everything pertinent I needed to know inside of 5 minutes.

[@DJMichaelKks]

I have never heard of this! Our state hasn't even mentioned this to anyone!!! WTH.

[@amarilles]

BOI report isn't filed annually though. Just once. However you must keep it updated if any of the information provided changes.

[@helendao6755]

exactly!

[@KathyGrosskurth]

Currently the requirements to file is only one time, but you have to update when there are changes. Otherwise good information! 👏👏👏

[@ThePeachyPathfinder]

Thanks! I just received an "offer" from some service in the mail that wanted $179 to do this but I had to do it in 2 weeks. Glad I watched your video because I can do it for free directly on the website!

[@EpicEdgeAi]

That's what that letter was referring too, I got the same one! I thought it was a scam. My business made a whooping $536 this year so far

[@LookingAway359]

Got mine filed today. Man, it's kind of BS to me that I had to file within 90 days since I started my business in 2024. Like wtf, how is it fair that businesses created last year or earlier have more time?? I'd literally never even heard of this until I came across this video. I'm over the 90 day limit by about 2 or 3 months.. I really hope they don't fine me for this.. seriously like what in the world, how does it make sense to give someone 90 days when they just opened their business and are still figuring things out?

[@daniellazard1144]

I dont have a business yet but i do have my EIN. This doesnt count for me right?

[@dgzm4]

I am in the same boat as you brother, just filed today really hoping we don’t get fined and if we do i will look for someway to get out of it because this is absolutely not fair.

[@dgzm4]

@Lookingaway359

[@TowMan127]

yeah it's BS! I'm just finding out about this and I started my company in June.

[@orealjinalInteriors]

At what point will the government provide us with an actual request…why are we having to find this out on the internet

[@gimmekimmy]

right? seems like there can't be fees for noncompliance until they request compliance

[@giannab3174]

Exactly

[@MitchReeves-r8n]

Beneficial ownership information reporting is not an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information. Jan 1, 2024.

[@TheDSquad]

thank you for the reminder. with all of my reminders, i was pushing it out. i literally did what you said and went directly to the website. enough with putting things off. greatly appreciated your guidance.

[@daisynop995]

Can you clarify on "inactive entity" ? Thanks in advance

[@riad-b]

what if you have an LLC registered, but don't have a business associated with it?

[@cedriceasley5003]

Karlton noted that a sole proprietorship would not be required to file a BOI report. Does this rule apply to a sole proprietorship registered with the Secretary of State and having an EIN #?

[@livingmindchannel133]

I think the focus should be on the legal ways to avoid the BOI requirement, as you would do in tax avoidance. This can be done with certain types of trusts.

[@Gr8ter2016]

Correction @ 1:52 : you don't have to file the BOI report every year, you just need to update or correct it, if needed.

[@soniamansour1470]

Hi karlton...plz do a video of the Texas court injunction of the BOI

[@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.

[@neospazzy1]

The BOI report is a one-time filing. You do need to update it within 30 days if there are any changes in your organization that will affect the report. It isn't filed annually.

[@SignsOf_Merit]

You mentioned sole proprietorship, yet I didn’t hear that repeated in your numbered list. Thank you for the important information.

[@lancelot222]

You don’t need to file at all if you’re operating solely as a sole proprietor. There is no exemption you need to claim or file because sole proprietorships are not considered "reporting companies" under the Corporate Transparency Act (CTA). The Act specifically applies to entities like corporations, LLCs, and other similar entities that are created by filing documents with a state or tribal authority. If your business operates solely under your personal name and without any formal legal entity status (e.g., LLC, corporation), you are automatically outside the scope of the BOI reporting requirements. No additional steps or filings are required to confirm this exemption. However, if your business structure changes-like forming an LLC or corporation-you would then become subject to the BOI reporting requirements.

[@scottshiraki6168]

@@lancelot222 If I am a sole proprietor, but have an EIN will I need to apply?

[@lancelot222]

@@scottshiraki6168 As a sole proprietor, you generally do not need to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN). The BOI reporting requirements apply to "reporting companies," which are defined as corporations, limited liability companies (LLCs), or other similar entities created by filing a document with a secretary of state or similar office. Since sole proprietorships are typically not established through such filings, they are not considered reporting companies and are therefore exempt from BOI reporting. Obtaining an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) does not change this exemption. An EIN is used for tax administration purposes and does not alter the legal structure of your business. Therefore, even with an EIN, your sole proprietorship remains exempt from BOI reporting requirements. And based on what you shared, it doesn't sound like you would need to apply. However, if your business structure changes in the future-such as forming an LLC or corporation-you would then be subject to BOI reporting obligations, as these entities are created through state filings and fall under the definition of reporting companies.

[@lorip1435]

This is currently not required any more per the Texas ruling.

[@josephineebanks]

My CPA informed me otherwise I would not have known.

[@carletonbass4370]

I am a member of a family LLC. There are four members. We have 25% ownership each. We are spread over two states. One member recently passed away. Her son inherited her share. How do we include everyone? Do we create four different files?

[@Dexy555]

So all the entities that are exempt are actual entities that handle large sums of money.

[@joey_0323]

Do you still have to file the BOI form even if you opened an LLC on the year of 2023 but never actually started your business?

[@octaviusbrightwell6215]

do you need to fill out if you have a trading llc and what about a trust? TY

[@ChanceTEK]

On December 3, 2024, a federal court in Texas blocked rules for the Corporate Transparency Act (CTA). Should the FINCEN BOI Report be filed now, or should we wait to hear what the courts say?

[@Jeff-u9j7i]

Thank you for walking through this report. I had a company that has been inactive for years and you confirmed that I wouldn't need to file that one.. The BOI website does not provide a clear yes or no, just a grey "it depends" answer. It makes complete sense and agree with what your saying, but, there are some other Accountants stating on their YT channels that inactive entities need to file as well..

[@jackmewhalle6937]

Does my registered agent have to fill one out as well? Even though she does nothing with the day-to-day business

[@consultinggal1519]

i last saw the requirement was held up due to some court case. I am not giving any legal advise but check the official site for any filing/deadline changes.

[@PhatTony]

RED FLAGS GALORE. First, not one government agency has notified me that I need to do this. All state SOS have our data on file so they could either notify us to file this BS info -OR- they could simply provide a file to the US government agency requiring it and notify us that this has been done. Also, it is NOT SECURE to upload PII (such as a driver license) to ANYONE for ANY REASON. My bank is the ONLY institution that I will ever provide these PII documents to, in order to open a bank account with. This will be challenged in court. The ACLU has been informed and is on this. Everyone needs to contact the ACLU to get them hustling on this. The other laughable part, which will be challenged in court, is that ONLY LLCs are capable of money laundering? None of those other entities are? HAHA. OK. Meanwhile ..... THEY DO and THEY ARE money laundering left and right. Insane. Do not comply. Whats next, vaccine passpo................ oh, wait. :/

[@shannonlightle4931]

Federal district judge ruled this unconstitutional and filing is no longer required. Called it an over reach of congressional power. Can be overturned so people can still file with no problem, but no longer a requirement. People need to check the exemptions first before filing though.

[@JBA038]

What about when you close a business? Do you have to update the BOI too?

[@profoundlypreshh8944]

yes

[@Ladyzaymusic]

Thanks for the reminder just submitted reports for both of my companies!

[@minyairby1246]

I have an atm business, does that fall under Money Services? Also do I need to file for my holding LLC?

[@MarcoRivers-ov4tw]

I'm favoured, $27K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America.

[@SarahHHolland]

As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.

[@PeterFredrick-x5u]

Yes! I'm celebrating £32K stock portfolio today... Started this journey with £3K.... I've invested no time and also with the right terms, now I have time for my family an…

[@EllisWilliams-o5u]

Started with 5,000$ and Withdrew profits 89,000$

[@roybuisson]

Please who is this Mrs Jenna This sounds so good andI would like to be a party to this, is there any wayl can speak with her?

[@Fernandosasx]

Sure, what's Apk her directly but KZbin's got a thing with posting numbers👎

[@aperson1181]

What address (LLC address) would you put if you have an LLC but everything is registered to the address of an attorney, so the Sec of State only has this address with banks I usually provide my residential address? Thank you

[@thesisterhoodspot]

Hello, I know before it you read the list you stated that so proprietors were not required to file, but I did not hear that specified in your list. Is one of those categories equivalent to a prop that you read off cause I’m lost? Thank you so much for this information by the way. Mo

[@anav4782]

Thank you for a great video! Question so is I just sell only and don't make much I don't need to file this report right?

[@Prissy20321]

My business was dissolved before January 1 2024 and I sent an email explaining that my business isn’t required to file a boi report and no response to my email and no response to my voicemail either what can I do

[@Theorytheorythesis]

So as an LLC that's an investment firm (real estate, stocks, etc) we do not need to file the boi report, correct?

[@nef2594]

Hi Karlton, if we need help with BOIR filing, are you providing those services? If so, which link should I select?

[@kimberlypeake1036]

I don’t have an LLC, just a side business in Network marketing. Am I required to complete this form?

[@lori8105]

where in fin cin does it say sole proprietor doesn't file ?

[@zicky5702]

How about if you have registered a company but have not done any business or have not operationalize the business?Do you still need to file?

[@Ricky-Real]

Does this apply to Sole proprietorship with assumed name. Shows active but not in use. in Texas btw

[@IsraelRosario-j2h]

If we filed late for any reason, what steps should we take to avoid the penalties or lessen them?

[@yvettealba7431]

I agree with everyone. I found out about this by accident last night just watching KZbin. I called my CPA this morning to see if this was true. Sure enough. I never received an email or letter that we had to do this. I do have a question. A friend of ours said that if you had your LLC before 2019 that you don't need to file. True or false please ? What's next filing to tell them what colored underwear we're wearing? Ridiculous!!

[@deejake9805]

If you are dissolved under the state do you have to file it?

[@depaulvincent7862]

Thanks a lot Mr. Dennis, you are undefeated.

[@tiffanifoster4926]

What if you have a non operating LLC....does that make the BoI report easy to do?

[@GraceJKim3]

is there a way to check if we've already filed a BOI? i remember being told to by my consultant, but i can't remember if i did it or not... and i don't see any email confirmations.

[@LuisHernandez-b9x]

SO DOES A SOLE PROPRIETOR IS EXEMP FROM FILING? GETTING DIFFERENT ANSWWERS.

[@samsoda2300]

Thanks for the reminder

[@velascoann_310]

what is considered an inactive entity? How do you prove this to fincen?

[@sweetmoonshinee]

You need to formally dissolve the company with a dissolution - to do this your company needs to be in good standing as well.

[@fastfuriousjosh]

If the business is non active do you still have to file?

[@Redoma2012]

I looked it up online, and it states: Ceased to be active before January 1st 2024, but did not dissolve prior to January 1, 2024, you must file a BOI BY January 1, 2025

[@daveanderson177]

Thanks Karlton. Easy to file online.

[@natej6671]

Is this a one time filing and updating it anytime something changes with the business. Or is it an annual filing requirement?

[@sweetmoonshinee]

One time filing unless any changes - then refile

[@Uniquecleanco]

Every year you need to do it ?

[@malcomgreen4747]

Usa going downhill im going to transfer my llc to Ireland 🇮🇪 and rest from all this BS. It's very hard to maintain all this bureaucracy.

[@godividarr]

@@malcomgreen4747 Have you seen what's going on in Ireland lately?

[@malcomgreen4747]

@@godividarr dont believe the media

[@jermon983]

Western countries in general are burnt toast economically But many of the sheeple will say otherwise.

[@RSSatcher]

you stated this is a yearly filing? I thought you only need update/file changes (i.e. address change)

[@timothysanders226]

The ones exempted are the ones laundering money... Wtf

[@themaassengroup7167]

Exactly!

[@carissapolk206]

Exactly

[@SW-fm6up]

I bet your absolutely right!!!

[@Ty-qo3lj]

Do you have to file a BOI Report if your LLC is in a Unincorporated Business Trust?

[@livingmindchannel133]

Good information. Thank you. The best way to legally avoid the BOI requirement is with specific properly structured trusts.

[@teach5o]

Please excuse my ignorance, but I’m just starting to venture out with an educational program via KZbin. If it’s just me and I’m the only instructor in my videos with templates for my program, am I an official small business?

[@soylitobandz]

Incredibly helpful thank you very much for your help I just finished file my filing mines and it only took about 10 minutes

[@JYD-mssgsoffice]

Doesn't this act by FinCen breach the privacy of businesses filing in Delaware, Wyoming, Utah, etc? How privately held is this filed information? What hourly employees are accessing this information?....

[@shamangrimes9377]

Are Family trusts that OWN LLC's under these SAME requirements 🤔

[@timclifford5172]

Isn't this on hold due to the outcome of some lawsuits?

[@ezegroup22]

Thanks for laying all this out, Karlton! This is useful!

[@_Sier]

How can I get this zoom background?

[@TheLightingWithInYou]

OK, there was a nationwide injunction on this CTA/BOI law, and you have not made one video on this?

[@jeffreyalbright3018]

Thank you Karlton I appreciate you and your team 😁

[@veggiekatt_]

Do I need to file if I haven’t made any revenue this year or did not provide any services? I’m still getting my company running

[@sweetmoonshinee]

If you’re an LLC or S corp or corporation then yes you need to file even if you made no revenue this year. If you’re a sole proprietorship or partnership you do not need to file.

[@muthoni632]

Does this include rental house?

[@AberrantArt]

Karlton, for a dual citizen who has LLCs in the US, but lives abroad, is it best to just use the USA home address and USA info?

[@amarilles]

You should use the address of where you currently reside. If that's abroad, then the foreign address.

[@AberrantArt]

@martebooks even if EIN info says I live in USA?

[@amarilles]

@@AberrantArt Even so. They are asking for your actual residence.

[@AberrantArt]

@martebooks I have 2 so I thought it would be best to match what's on file with IRS and the LLC. Thanks for the reply, since I seem to have assumed wrong. Good to know

[@amarilles]

@@AberrantArt No it's not necessarily the information that is on file. Even with the members of a company, a beneficial owner may or may not be on the company's articles of organization. If your spouse isn't legally a part of the business, for example, but they have more than 25% of power/decision making/control, they should be included.

[@tim5916]

So quick question I started my single member LLC in January 2024 I have my boi from when I started the company would I still need to file for 2025?

[@beayates6228]

Excellent content and presentation. Just now found your channel ...watched this video and subscribed.

[@narcisoprateado]

How much did y’all pay for filling your BOI. I opened my LLC with Bizee and it’s requiring me $99.

[@ashleyrose678]

Same here. But I have never used my business

[@narcisoprateado]

@ same . Never generated income, but expenses only .

[@BetterDeimos]

It’s so easy you can do it for free on the actual website. Don’t pay to have it done

[@SurvivingDivorceForMen]

What about nonprofit such as church? Isnt it exempt?

[@mikejessup9304]

My LLC has been dissolved as of October, for my sole proprietorship (DBA) painting business. So I'm guessing I'm good?

[@christinewilson3416]

Does a LLC holding company have to file ?

[@TRuffin]

If my llc is inactive, i won't have to file ?

[@Askingquestions-q6b]

I was thinking about adding a Sch C in my return for 2024 next year. Don't have anything set up yet as I have $50 in income with lot more in expenses. Do I need to get EIN and report BOI?

[@ConstanceMaas]

paid a company to build my LLC. After I paid, he disappeared! So, I am left trying to figure out what I need to do and how to do it!

[@Joda30088]

So apparently the BOI report is on hold. Can you do an update Karlton?

[@FastEddie-808]

Clear value tax on KZbin

[@Joda30088]

@FastEddie-808 I saw it there first

[@HoneyHunter24]

Thank you for the breakdown😊

[@aquapetal6049]

Thanks for the reminder! What is the website for doing this?

[@xoxoxoxoxoxoxoxoist]

Great information!!! thank you... I was wondering ..

[@IrmaJones-t7o]

I have questions regarding LLC, not BOI report. What your e-mail address?

[@NoobX04-ho6yq]

I learned about it from a friend. Our government is so messed up. They can't do anything well.

[@wmnhines]

Carlton, I am a Day Trader. This should count as a Dealer of Securities, correct?

[@MandyAmelia]

This is all LEGAL though. Learn private trusts and common law because everything in commerce is set up to benefit the LEGAL system. And oh wow how funny government is exempt from its own rules…wow big surprise there.

[@eagleeye2427]

Effin government

[@nauticdixons]

So annoying indeed!

[@younggerm]

Very informative! Thank you Karlton! :D

[@TRUEHARVESTPROPERTIES-v8m]

If I've changed my last name do I need to refile my BOI report?

[@Caramelcashews]

Thank you so much for this information. It is appreciated.

[@tomikacox360]

So filing “with the government “ would be who??? The IRS? Where is the link to file DIRECTLY with the government?

[@mturner8158]

If you dissolved your business just recently, do you need to still submit the BOI form? Thank you!!

[@CargovanChickhusler]

Do you file this every yea