Corporate Transparency Act: How to File Beneficial Ownership Information Report (BOIR)

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5 ай бұрын

The original audio on this file wasn't as good as we liked, so we've upgraded the audio and published it here: • Corporate Transparency...
On January 1, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports as part of the Corporate Transparency Act.
FinCEN's reporting portal worked as planned, and I'll walk you through how to report using both the online system and the PDF upload system. There is also an API for third party providers with their own systems, but I don't have one of those right now.
#corporatetransparencyact
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Strohmeyer Law is a law firm based in Houston, Texas, specializing in tax law, estate planning, and probate law.
Nothing in this video is specific legal advice for you. Watching or commenting on this video doesn't create an attorney-client relationship.
For more information, visit: www.strohmeyerlaw.com
Instagram: strohmeyerlawpllc

Пікірлер: 139

@strohmeyerlawpllc 4 ай бұрын

The original audio on this file wasn't as good as we liked, so we've upgraded the audio and published it here: kzfaq.info/get/bejne/rpaAi5egptfLgmQ.html

@freedombearreviews2548 4 ай бұрын

I almost went in and filled out the updating an existing opotion because I could not remember if I did this two days ago. When you got to the part where we upload the identification I understood and remembered that I did not do this yet. Thank you for going through that. Thanks again.

@strohmeyerlawpllc 4 ай бұрын

You are welcome!

@user-wr3dc3kh4x 4 ай бұрын

Super easy to follow. Thanks, John, you're a great guy

@strohmeyerlawpllc 4 ай бұрын

I appreciate that! Glad it was useful.

@georgeccaballerohouston1417 4 ай бұрын

You are awesome! Thank you for your quick response.

@strohmeyerlawpllc 4 ай бұрын

You are so welcome!

@mikebrownsteadbrownsteadre8037 4 ай бұрын

This was very, very helpful; thank you!

@strohmeyerlawpllc 4 ай бұрын

Glad it was helpful!

@mahmoudabbas7627 4 ай бұрын

Great job.. Very helpful 🎉🎉🎉

@strohmeyerlawpllc 4 ай бұрын

Glad it was helpful!

@nicksisoian8431 4 ай бұрын

You're awesome for doing this, thank you! 2 questions. 1) If an agent (like an Attorney/CPA/Registered Agent service) is hired by a company to handle these BOI filings: did you see anywhere on these forms where the person/agent physically entering the company's info into the website needs to identify themselves as NOT the actual owner themselves? I think the IRS EIN application online has that requirement. 2) if the company's info does not change, does the BOI info need to be reentered year after year? I can't find that info anywhere. 3) Just a comment, you are so smart to bring up the spouse as BO/community property question - that literally doubles the amount of info that so many companies will need to enter. THANKS again, hopefully more bright and helpful people like you continue to shed more light on this. When the fed government issues a 50-page "informational" packet as step one to getting this info out there, you know it's heading towards a big cluster... as you alluded to... when millions of people try jumping on this website at the end of 2024.

@strohmeyerlawpllc 4 ай бұрын

You are welcome! 1. I have not seen that anywhere. I've filed a few now, but that isn't an option. 2. Unless the information changes, there's no obligation to file again until it changes. So, no annual filing requirement. 3. Thanks!

@Deux-ex-machina 5 ай бұрын

Thank you for the information...!

@strohmeyerlawpllc 5 ай бұрын

You bet!

@waynecmontgomery 5 ай бұрын

You told me that FINCEN would require exempt companies to make an initial filing, that information was FALSE as I thought. It pays to read the law and NOT adlib to it. Also, the nonprofit's for-profit entities are exempt from filing. Great video!!!

@strohmeyerlawpllc 5 ай бұрын

Thanks! FinCEN did confirm your position, and I am happy to have been the risk-averse pessimist on this position. Since then, FinCEN released FAQ L.5, stating that a company does not need to report to FinCEN that it is exempt from the BOI reporting requirements if it has “always” been exempt. I do take offense that I was "ad libbing it"--I was making a recommendation based on my experience and the lack of specific guidance available at the time. The guidance was not as clear as you make it seem when I was saying that.

@waynecmontgomery 5 ай бұрын

@@strohmeyerlawpllc It was a joke I forgot to put the "LOL". I was just having a told-you-so moment, as a former lobbyist. Again great video !!! There are some major loopholes in the CTA that can be exploited if you read the language.

@strohmeyerlawpllc 5 ай бұрын

@@waynecmontgomery Ahh--all good then! Happy to help!

@bc7173 2 ай бұрын

Thank You ! John

@strohmeyerlawpllc 2 ай бұрын

You’re welcome!

@JamieMavrakis 23 күн бұрын

What if you don't click the existing button. LLC formed afer 1/2024. It then asks for Individuals first and last name? Whose name are they asking for? If more than 1 owner there is no button to add more.

@strohmeyerlawpllc 22 күн бұрын

If the entity was not formed before 1/1/2024, then you’ll need to report the Company Applicants on that page. If you go to 8:55 in the video, you’ll see a blue button in the top right of the screen to add additional Beneficial Owners.

@Atlanticbeachcustoms 2 ай бұрын

Thank you!!!

@strohmeyerlawpllc 2 ай бұрын

You're welcome!

@user-tz4yl8eh7o 4 ай бұрын

Hey john really appreciate everything i filed my non resident llc on 12/14/2023. And i recived my ein yesterday. Do i have to file it aswell i live in canada and my addreas in llc is my residential addreas. Would really appreciate your help

@Anthony-uh4cd 3 ай бұрын

Thanks for the video. If the reporting entity has beneficial owners that are all LLCs/Corps, do we put the legal entity names of those companies down? Or the individual name of the main owner/officer instead?

@strohmeyerlawpllc 3 ай бұрын

Beneficial owners are only individuals, and not entities. You will need to list all individuals who qualify as beneficial owners of the Reporting Company under either the Substantial Control test or the Ownership Interest test (25%+). You will need to work with your own advisors to determine who those people are.

@janhumble Ай бұрын

I submitted the BOI a couple of weeks ago, but other than the transcript that I saved as pdf upon submission, I haven't received an email confirmation or any other status on the application. Seems strange that there wouldn't be such a tracking facility for folks to see whether any issues with the form and attachments.

@strohmeyerlawpllc Ай бұрын

I agree. I’ve submitted several reports and haven’t seen a confirmation email. I am saving the pdf transcript for future records.

@georgeccaballerohouston1417 4 ай бұрын

Hello, I appreciate your informative video; it's easy to follow. I have a question about adding my partner, who owns 50% of the business. You mentioned that you added your wife as your partner but needed to know where to add her to the form. I'm looking forward to your upcoming video addressing this topic. Thank you!

@strohmeyerlawpllc 4 ай бұрын

If you go to 8:55 in the video. you'll see a blue button marked "Add Beneficial Owner" on the right side of the screen. . You'll use that to add Beneficial Owners to the report. Hope that helps!

@lydialopez1144 8 күн бұрын

Hi. I have filled the form for my 2 LLC, I can tell you I have tried for the last 4 weeks to remit the forms from different computers thinking that mine does not have the capability, but I have not been successful. I checked google to see if other people have the same problems and there are tons of complaints with the same problems as mine. What am I doing wrong?

@strohmeyerlawpllc 8 күн бұрын

Unfortunately, I can't tell from your comment what could be wrong. One of the things that I've seen is that if the file name for the scans of the photo ids is too long or has spaces, it can cause issues.

@jenisairizarry1973 3 ай бұрын

Hi! Thank you for putting this together! Curious as far as the turnaround time. Have you received a filed copy? If so, how long did it take?

@strohmeyerlawpllc 3 ай бұрын

You'll get a transaction report immediately upon filing. This is an electronic filing, so you're not waiting for the USPS to get it to FinCEN.

@jenisairizarry1973 3 ай бұрын

Got it. Thanks! So as of now, there is no clear response as far as the ID not being legible? I'm just trying to figure it out if there is a timeline to know for sure it was accepted. @@strohmeyerlawpllc

@strohmeyerlawpllc 3 ай бұрын

@@jenisairizarry1973 You should have immediately received a transaction confirmation that it was accepted.

@alenatheexplorer 4 ай бұрын

Thank you so much for the video! So helpful and with you it was so easy. The audio could be little bit louder though, it was hard to hear :)

@strohmeyerlawpllc 4 ай бұрын

Thanks! We've upgraded the audio and will have that video uploaded shortly--The content will be the same though.

@1958Rand 4 ай бұрын

This is great! Thank you for doing this. My wife and I have two rental properties in one LLC. We both own the LLC. Do we 'each' need to file a BOI? Or can just one of us file? I can't seem to find an answer anywhere. Thank you..

@strohmeyerlawpllc 4 ай бұрын

The reports are filed by the Reporting Company, which reports all of its Beneficial Owners. The Beneficial Owners don't report individually.

@redtsjd 2 ай бұрын

Thank you for the video. Very helpful. What is the best way to add multiple beneficial owners?

@strohmeyerlawpllc 2 ай бұрын

If you go to 8:55 in the video, you'll see a blue button marked "Add Beneficial Owner" on the right side of the screen. You'll use that to add Beneficial Owners to the report. Hope that helps!

@rebeccamcnamara7472 Ай бұрын

Thank you for this video!! Do you know if I have two beneficial owners, 50% ownership each, and I choose to use the pdf...do I create a pdf for each owner? I didn't see a choice on the pdf for multiple beneficial owners.

@strohmeyerlawpllc Ай бұрын

@@rebeccamcnamara7472 On the same line of the PDF that says "Part III. Beneficial Owner Information" there is a blue plus sign to add more Beneficial Owners.

@patricialorenzo8135 3 ай бұрын

Hi, thank you so much for the information. I have one question, though. What if the company (PA) is owned by another company (Inc)? How do we upload any information on the beneficial ownership? I understand there are two reports being filed (the Inc Corporation has a person as the beneficiary, so I can complete that following the video), but how do I file for the PA being that the ownership is not a person, but an entity and I don't have an ID for it? Thanks for your help.

@strohmeyerlawpllc 3 ай бұрын

The PA will need to report the individuals who own 25% or more of the Inc or have Substantial Control over the Inc. This means looking through the PA to determine who the beneficial owners are.

@SaeedKhan-vh2gy 5 ай бұрын

thanks so much for such amazing information

@strohmeyerlawpllc 5 ай бұрын

You are welcome!

@mykoostudio 4 ай бұрын

Hi, thank you so much for the video. I do have a question. Since I'm doing my business as a DBA, do I put my legal name as the "reporting company legal name" and put my DBA business name on 6. Alternate name?

@strohmeyerlawpllc 4 ай бұрын

The reporting requirement only applies if there is an entity that was formed. If you only have a DBA, and not an entity, there isn’t a requirement. Please confirm your situation with your own advisor.

@mykoostudio 4 ай бұрын

@@strohmeyerlawpllc Thank you so much!

@strohmeyerlawpllc 4 ай бұрын

@@mykoostudio You are welcome!

@omer5481 5 ай бұрын

Thank you ❤

@strohmeyerlawpllc 5 ай бұрын

You're welcome 😊

@user-tz4yl8eh7o 4 ай бұрын

Hey thanks a bunch. Do non resident llc owners also have to file it and same steps. I am in canada i dont have a us addreas my business addreas in my llc is my residential addreas

@strohmeyerlawpllc 4 ай бұрын

The process is the same for all reporting companies. You don’t have different reporting obligations for different types of owners. Unless an exemption applies you, you will need to report the beneficial owners. Please consult with your own advisor to make sure you’re reporting accurately for your specific situation.

@academicnetworkofdance 4 ай бұрын

Thank you for putting this together...If I file and select the option to receive a FINCEN ID - I understand I receive that at the end once I hit submit. But while I'm completing the form, do I leave the beneficial owner ID empty for both myself and the 2nd business owner?

@strohmeyerlawpllc 4 ай бұрын

No, you must fully report all beneficial owners on that report. There is not an option for you to not completely report Beneficial Owners if the entity is not exempt from reporting. The FinCEN ID generated by filing the report is for the entity and not the beneficial owners. The process for generating a FinCEN ID for individuals is a separate process addressed in this video: kzfaq.info/get/bejne/sJN8oaeFy8-2aac.html

@academicnetworkofdance 4 ай бұрын

So then just to be ultra clear, BOTH beneficial owners must each step 1) create individual fincen IDS by following the instructions kzfaq.info/get/bejne/sJN8oaeFy8-2aac.html and then step 2) follow the process for submitting the report as laid out in this video where at the end of this process will also return a report submission confirmation aong with an ENTITY Fincen ID is that correct? @@strohmeyerlawpllc

@strohmeyerlawpllc 4 ай бұрын

There is no requirement that any person or entity get a FinCEN ID--it just makes the process easier. The entity must report all beneficial owners in its BOI report.

@giocondacoloma9472 26 күн бұрын

I have a question please. I have 3 different LLC. One for each property should I use the same BOI Id I get for the first report OR I have to apply for each one of the companies

@strohmeyerlawpllc 25 күн бұрын

You’ll need to talk to your own advisor about your particular situation. Generally, each entity will need to report its BOI separately. An entity’s FinCEN Id wouldn’t necessarily be used for another entity’s report.

@user-fe4sh1fh3l 4 ай бұрын

is this form required for LLC as well? or ONLY C-corps? thank you

@strohmeyerlawpllc 4 ай бұрын

Any entity formed by filing a form with the Secretary of State or similar office, so LLCs are included.

@aclumpofatoms 4 ай бұрын

Is this the only reporting form we need to do or is there more like reporting cash and stuff like that

@strohmeyerlawpllc 4 ай бұрын

This is the only reporting related to this law, but depending on what work you complete, there could be other compliance obligations. You'll need to talk to your own advisor to determine if there are any other requirements specific to your business.

@briancohen4269 5 ай бұрын

Thanks for going through this in great detail. Do we have to report direct owners that are other companies? If so, how do we complete Part III? Some mandatory fields are not applicable to companies. What do we select on line 48 and upload? On lines 11 thru 15, what do we do if the company has no U.S. address?

@strohmeyerlawpllc 5 ай бұрын

Beneficial Owners are only individual humans, so if there is an entity that owns the Reporting Company, then you report the owners of that entity if the owning entity is not exempt from reporting. On the US address, it should have a US address, and it may be that the best options is to use the address of the registered agent. I can't speak to states other than Texas, but Texas requires someone be physically located in Texas to have an entity. This is the registered agent who can accept service of process if there is ever a need to contact that entity.

@briancohen4269 5 ай бұрын

@@strohmeyerlawpllc thanks so much for the reply! I've seen sources that indicate that all owners up the chain need to be reported. Do you have any idea why on line 38 it indicates an entity's legal name could be entered?

@strohmeyerlawpllc 5 ай бұрын

@@briancohen4269 Yes! If the owner is an entity that is an exempt entity, the the entity is listed. But if the owning entity is not exempt, you keep going up the chain to the individuals.

@briancohen4269 4 ай бұрын

@@strohmeyerlawpllc perfect, thanks! Also, any word if tax softwares will support this filing (like they do with the FinCen-administered FBAR)?

@strohmeyerlawpllc 4 ай бұрын

@@briancohen4269 There are some apps that are supporting it, and my guess is that eventually the tax-prep software will catch up to it.

@beelor3111 4 ай бұрын

Hi! My parents have a small mom and pop shop at a flea market and they're an LLC. The only people working that business is my parents and I'm not sure if they have to file a BOI ? I'm leaning towards more that I need to report this ? Do you have any insight my situation ? Thank you in advance!

@strohmeyerlawpllc 4 ай бұрын

Unless they qualify for an exemption, they’ll need to file. From what you’ve described, it sounds like they’ll need to file.

@ryan.the.nomadic 5 ай бұрын

Thank you for posting this, it was very informative and easy to follow! In the case of an LLC partnership who has an owner in the process of disassociating from the LLC, would it be best to; • File an Initial Report that includes the information for both owners, then later file a Correct(ed) Prior Report where the disassociated owner is no longer included OR •Wait until the LLC disassociation process with the SOS is complete and file an Initial Report then? Also, When it asked for the physical address of the business, you mentioned not to use a PO Box or your CPA's address; how would one proceed if they're a remote business who uses a Personal Agent for the sake of keeping their physical address off of the public record?

@strohmeyerlawpllc 4 ай бұрын

You're welcome! I can't tell you what's *best*--I'm just a talking head on the internet and not your personal advisor. What I would consider is that initial reports for entities that exist on or before December 31, 2023, don't need to file their initial report until January 1, 2025. So, many are using this year to get the ownership where it needs to be before filing that initial report. On the address, here's the guidance from FAQ F. 8. Can a reporting company report a P.O. box as its current address? _No. The reporting company address must be a U.S. street address and cannot be a P.O. box._

@TJ-spirit 3 ай бұрын

What exactly is the difference between business name and trade name? Also I heard needs to be done in 30 days is it 30 days from When the LLC is finalized and proccessed or is it 30 days from when you fill out LLC?

@strohmeyerlawpllc 3 ай бұрын

The business name would be the entity’s legal name. A trade name would be a “DBA” doing business as alternative name. The initial report is due within 90 days of when you receive formal or public notice that the entity has been formed if formed in 2024.

@TJ-spirit 3 ай бұрын

@@strohmeyerlawpllc Say if I'm a youtuber who decided to write a comic if I wanted to use my KZfaq or other social medias to promote the comic would they be trade names? Also would a pen name be a trade name? I have a Seperate name I want to name the comic universe.

@strohmeyerlawpllc 3 ай бұрын

@@TJ-spiritI'm sorry, but we can't give specific advice like this. You're going to need to talk to your own advisors about your specific situation.

@TJ-spirit 3 ай бұрын

@@strohmeyerlawpllc it's ok. Thanks :)

@knighttalks 2 ай бұрын

As a consultant who assists my clients with business formation, they are requesting for me to complete their BOIRs as well. I believe I need to create a FinCEN ID for each client. Am I correct?

@strohmeyerlawpllc 2 ай бұрын

No, it’s not required that anyone obtain a FinCEN ID.

@cocosalvador7463 4 ай бұрын

Thank u xplain good

@strohmeyerlawpllc 4 ай бұрын

You are welcome!

@tomg87 3 ай бұрын

Thank you for this. I started reporting and got to the end and hadn't seen where I could add another beneficial owner. I summitted the report and went back and tried the correct prior report and update prior report to add the second owner. I get to the last page and it tells me pretty much all the info is missing. I went back and it looks good to me. Any ideas?

@strohmeyerlawpllc 3 ай бұрын

Go to 9:11. On the top left of the Beneficial Owner page, there’s a blue button marked “Add Beneficial Owner” that will let you add reporting space for additional Beneficial Owners.

@strohmeyerlawpllc 3 ай бұрын

Beyond that, I can’t tell you what happened with the report and why it didn’t recognize the information. 🤷‍♂️

@michaelomalley9992 2 ай бұрын

I'm still not sure why I need this. I'm a sole proprietor working with a DBA for retail with the only "beneficiary" is me.........

@strohmeyerlawpllc 2 ай бұрын

CTA only applies to entities, and if you just have a DBA, this shouldn’t apply. Make sure you talk with your own advisor about your particular situation.

@wb6csh 2 ай бұрын

Yes, the audio really SUCKS! Thanks for posting the solutionon the alternate website.

@strohmeyerlawpllc 2 ай бұрын

You’re welcome! I wanted to be sure that the information got out there.

@kyungbishop3281 4 ай бұрын

I have 10 LLCs to file this BOI- so I have to do 10 files, right? Is that easy for me to create FincenID first?

@strohmeyerlawpllc 4 ай бұрын

If none of the entities qualifies for an exemption, then yes you’ll need to file 10 BOI reports. To simplify your reporting, getting a FinCEN ID is probably a good option. Remember to check with your own advisors about your specific circumstances.

@kyungbishop3281 4 ай бұрын

@@strohmeyerlawpllc Thank you so much for fast response. You are the best!

@Jack_watson 3 ай бұрын

Sir I want to close my llc permanently and I want to know (BOI) is mandatory for me before dissolving my llc. Sir please clear my doubt. My LLC is non resident llc in NH State and i am from India

@strohmeyerlawpllc 3 ай бұрын

You’ll need to talk to your own advisors about your specific situation. I can’t provide specific advice here.

@Brayden-uw8vr 4 күн бұрын

I filled this out but forgot to download the confirmation page. Is there a way to get back to that point? I’m driving myself nuts since I don’t have the document. Can I just redo the form?

@strohmeyerlawpllc 4 күн бұрын

Unfortunately, I don’t know of any way to regenerate the transaction report if you didn’t save it when they provided it to you.

@carolhassan9673 4 ай бұрын

How to report an LLC real estate holding companies with 3 equal owners?

@strohmeyerlawpllc 4 ай бұрын

You’ll need to get with your own advisor to determine who needs to be reported for your particular entity. I can’t provide specifics because I am not your lawyer.

@Iheartpurses 4 ай бұрын

What steps do you take if you are filing these as a third party or a client?

@nicksisoian8431 4 ай бұрын

I'm so curious about this, can't find a simple answer.

@strohmeyerlawpllc 4 ай бұрын

At this point, there aren't any other steps. So, if you're asking, "what do I have to do if I'm helping someone else with their BOIR?" I don't have an answer for you. What should you do? I'm still figuring that part out. I know that I'm likely not going to allow people to email me copies of their id cards--there's too big of an opportunity for me to be part of a larger fraud.

@strohmeyerlawpllc 4 ай бұрын

I can't even find *AN* answer, much less a simple one.

@MyAquarius2010 4 ай бұрын

Hi.. I just registered florida LLC and still i didn't receive an EIN.. so tell me please it's necessary do i apply for this or not

@strohmeyerlawpllc 4 ай бұрын

Yes, Reporting Companies will need to include their EINs as part of the Beneficial Ownership Information Report.

@akbarpasha9753 3 ай бұрын

if i disclose my llc before january 1 2025 .Is it mandatory for me to submit BOI before disclose my llc.

@strohmeyerlawpllc 3 ай бұрын

I’m sorry-I don’t understand your question. If your entity was formed or was registered to do business in the United States before 2024, then the initial BOI report is due by 1/1/25.

@akbarpasha9753 3 ай бұрын

@@strohmeyerlawpllc I opened a non-USA residential LLC in the state of NH. My LLC is approximately 9 months old, and I have not opened any business bank account or conducted any business on Amazon through my LLC. I have not made any transactions through my LLC. Now, I want to close my LLC permanently, but I am confused about the BOI. Is it compulsory for me to submit the BOI before disclosing my LLC, or not?

@strohmeyerlawpllc 3 ай бұрын

@@akbarpasha9753 Because the LLC existed in 2024 and was formed in 2023, I would file the BOI report with FinCEN, even if you are planning on closing the LLC. Please consult with your own advisor about your specific circumstances.

@christianstill.6654 4 ай бұрын

*So how do they determine who's deemed a criminal? What do they look/not look for? What if you're deemed a "criminal" politically (or even legally as a misdemeanor/felon)? Isn't this a slippery slope?*

@strohmeyerlawpllc 4 ай бұрын

The operative word in the penalty provisions is “willfully.” Because this just went into effect last week, real enforcement hasn’t started yet. My guess is that the folks who knew about the obligation to file and then actively decided not to comply with this duty. It will likely be similar to how the IRS criminally prosecutes taxpayers.

@christianstill.6654 4 ай бұрын

@@strohmeyerlawpllc but what if someone has a criminal record?

@strohmeyerlawpllc 4 ай бұрын

@@christianstill.6654 I don’t understand what you’re asking.

@christianstill.6654 4 ай бұрын

@@strohmeyerlawpllc Would a person with a record be allowed to continue running their llc under this law, since the purpose of it is to identify criminals

@strohmeyerlawpllc 4 ай бұрын

@@christianstill.6654 The law does nothing to prevent any person with a criminal history from owning or running a company. This only requires disclosure of the ownership and control of entities, and is similar to the requirement that people show identification when opening a bank account.

@rcguy2175 4 ай бұрын

I just started a llc.i dont have my ein yet.when do i fill this out

@strohmeyerlawpllc 4 ай бұрын

You need to get your EIN and get it filled. The deadline is 90 days from when you received notice of your formation.

@rcguy2175 4 ай бұрын

@strohmeyerlawpllc since my business sells digital goods do I need to use a a florida annual sale of certificate on e commerce site

@rcguy2175 4 ай бұрын

I started my LLC business on 1/19/24 when do I need to file the boi form.the llc was formed with northwest registered agent.any advice

@strohmeyerlawpllc 4 ай бұрын

@@rcguy2175 If you formed or registered your business in 2024, then the deadline is 90 days from when you received notice of your formation or registration. I am not familiar with any Florida filing requirements, so you will need to talk with your own advisor who is familiar with Florida's requirements to address your specific circumstances.

@YADANIO 4 ай бұрын

I just have llc and Ein do I need to this my business is not operating

@strohmeyerlawpllc 4 ай бұрын

Remember to consult with your own advisor. You should see if the Inactive Entity exemption applies to your situation, but the six requirements are very specific. If you don't meet them all, then you'll either need to qualify using a different exemption or report beneficial owners as required.

@77Tadams 2 ай бұрын

Wow. My CPA hid the actual page and sent a letter full of information but withheld the actual page to go to to file. He was offering to do it for 200 per entity. Maybe it’s time to find a new cpa. I would have been out 600 dollars.

@strohmeyerlawpllc 2 ай бұрын

I can’t comment on why that happened. Anyone can do this reporting, and the reason to have your CPA do it would be to let them deal with it for you. Good luck!

@77Tadams 2 ай бұрын

@@strohmeyerlawpllc I can comment on it. It is called informing with information overload without providing the actual address to the page to file, but burry it so it is overwelming and you end up frustrated and have them do it for 200 a pop. On their end it is unethical to your client. I called him on it. The whole idea is to have your CPA save you money. It was price gouging and taking advantage of your client.

@strohmeyerlawpllc 2 ай бұрын

@@77Tadams Without having been involved in the situation between you and your client, I can't add anything else to this.

@satchle 5 ай бұрын

Trying to submit and getting an error code SF01.

@strohmeyerlawpllc 5 ай бұрын

I wish I knew how to address that, but I have not seen that (or any) error message.

@YADANIO 4 ай бұрын

How about the business is not in service

@strohmeyerlawpllc 4 ай бұрын

You'll need to talk to your own advisor about your situation. There isn't specific guidance on administratively dissolved entities, and my assumption is that it would follow other entities that are no longer in existence: if its existence terminated before January 1, 2024, it should not be an existing entity that is subject to reporting. Again, consult with your own advisor about your specific circumstances.