How To File The BOI Report With FINCEN Correctly!

Рет қаралды 60,241

4 ай бұрын

If you are required to report your company's beneficial ownership information to FinCEN, you will do so electronically through a secure filing system available via FinCEN's BOI E-Filing website. I'll take you through every step, so you know what to do. It only takes a few minutes and can save you $500 a day in fines, so let's do it!
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Do you want to learn exactly how you can have a Tax Free US Company and bank account without traveling to the US?
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Check out James’ top recommended videos here - these are cornerstone videos that should answer many of your questions.
-----Longer videos that explain it all!
How to Legally Pay NO US Taxes - • IRS Secrets: How to LE...
How to Legally Pay NO US Taxes (part 2) - • Are you a Non Resident...
-----Guides and How tos
Annual reporting for a foreign owned multi member LLC (Masterguide) - • Tax Laws for Foreign-O...
What is Form W-BEN and why do I need it • How to Fill Out W-8BEN...
Which payments from US Companies are subject to withholding? • Which US Payments are ...
How to complete Form W-8BEN - • 🧾🔍 HOW TO complete Fo...
How to complete Form W-8BEN-E - • How to Complete Form W...
How to get an ITIN - • Get an ITIN Number for...
-----And don’t forget to check out all of the “CALLS WITH JIM”
• Calls with Jim
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Do you want to learn how to open and operate a Tax Free Company in the USA even if you live outside the US and don’t have a visa.
Click here - www.jamesbakercpa.com/offers/...
Already have an LLC? Did you already complete form 5472 for your company? Did you know there is a $25,000 penalty for not doing this form? I’ve made a short training that explains exactly what you need to do and why so you can get this done quickly and correctly, the first time around.
Click here - www.jamesbakercpa.com/offers/...
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Looking for help with your SALES TAXES? Check out a couple of our videos on the topic -
What are sales taxes? • Do I pay Sales Taxes o...
What is a resale Certificate and Why do you Need it - • What is a Resale Certi...
How to get a Florida Resale Certificate, Part 1 - • 📝💼How to get FLORIDA R...
How to get a Florida Resale Certificate, Part 2 - • Get Your Florida Resal...
How to file a DR-15 Florida Sales and Use Tax with 0 Sales - • How to File Your Flori...
I get asked what company I recommend to help with sales taxes and every time I mention Tax Jar. Once set up, tax jar can complete all of your monthly sales tax filings automatically. If you are looking to solve this problem forever, click this link to find out more about what they can do for you. taxjar.grsm.io/jamesbaker7628
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Lawyer Disclaimer (Occupational Hazard): This is not legal advice. Everything here is for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney for advice regarding any particular issue or problem.

Пікірлер: 210

@midtownguitars 3 ай бұрын

This video saved me $200. As a new business owner I had no idea I had to do these kinds of things, it's very overwhelming. Thank you for making this video so easily accessible and understanding how things work.

@midtownguitars 3 ай бұрын

So if I have more than one owner of my company would I have to submit all the details of both owners or would one be enough?

@nawidsulaimankhil8399 3 ай бұрын

I am still confuse as I want to file non us resident llc this feb. on my us corporation demand 400$ extra to keep agent and to file this. which i dont even know if i will ever need them or not

@JamesBakerCPA 3 ай бұрын

Hi! Follow the link in bio or find me at www.jamesbakercpa.com/ for a free consultation! 😁

@lauraclark3941 24 күн бұрын

@@midtownguitars All owners with at least 25% ownership must file.

@luisgerardocapri2292 2 күн бұрын

This Lawer James is just Fantastic !!!! Thanks a lot

@Dieselknightrepairs 3 ай бұрын

I freaked out cause i heard about this form and the $500 a day penalty. I had not filed it and I filled it out and submitted today with the help of your video and then i got to the end with it saying I had until the end of the year and the stress went away. Thanks for saving me $100 back to building my business

@cinthiasilva6334 Ай бұрын

Thank you so much for this video. It was explained very well! My CPA was charging me $350 and told me it was very difficult to do! I can't believe how easy it is and how she made me feel like I was too stupid to understand how to do this! I'm glad for people like you here on youtube. Thanks again.

@JamesBakerCPA Ай бұрын

Thanks for watching and commenting I'm happy it helped

@nelzonruiz2674 11 күн бұрын

Time to change your CPA lol

@ruannlarson Ай бұрын

THANK YOU!!!! Our CPA gave us the "letter" about this that was 4 pages long and included a healthy fee. You just saved me a BUNCH of money! Thanks.

@JamesBakerCPA Ай бұрын

Perfect! I don't charge for this I do it for clients or send them this link lol. Thanks for the comment

@ONMYWAYTFYB 3 ай бұрын

Straight to point. Slice and dice. No BS. Thanks James.

@shamarmilton8626 4 ай бұрын

James Thank you for sharing, I was stressing on what to do. Very Helpful!

@jeffhaney2827 4 ай бұрын

James, Thank you very much for the update and the great information on setting up fincen. You made my Year. Thank you.

@DieselDan. Ай бұрын

Thanks, James, and late Happy B-Day!

@matthewdelucca1898 3 ай бұрын

super helpful! was so worried about this process but this video helped me greatly.

@mrsmdub259 4 ай бұрын

Thank you! Sharing it with all my small business friends & family owners! Very helpful!

@JamesBakerCPA 4 ай бұрын

Thank you I appreciate you!

@HiLoTravelers 2 ай бұрын

Thank you for all the great info! I wish taxes wasnt such a stressful thing, but you made a difference for my wife and I today.

@GingerBratzel 3 ай бұрын

Thank you so much for doing this. Glad I can check this off my to do list. Check and easy to understand with a dose of common sense.

@nawazwaheed9395 3 ай бұрын

Mr James, thanks a lot for sharing great and helpful information 👍

@dlee7566 21 күн бұрын

Thanks for doing this video, James. Really helpful.

@carlosmarciales7064 19 күн бұрын

Thank you so much, you were straight to the point and with some important details!

@jeffersonbencosme7687 17 күн бұрын

Thanks so much! I'm very grateful to have found this video, very simple and easy to follow, I appreciate you !

@sharmataxpro2602 3 ай бұрын

Thanks James! I like that just Straight to the point..

@glambyshey 3 ай бұрын

SOOOO Helpful, I still have to find time do this but I will definitely share this video with other business owners, thank you!

@NeemaEnriquez 2 ай бұрын

Great video. Clear and to the point. Thanks so much for doing this!

@JamesBakerCPA 2 ай бұрын

Thanks for watching!

@teddyhcuts 2 ай бұрын

you are an angel! thank you for this video! saved me some stress

@drsufian 3 ай бұрын

Thank you James!

@sheniemoore4603 15 күн бұрын

Just subscribed. This helped me out so much! Thank you.

@EngineThis 2 ай бұрын

Happy Birthday James :)

@LukiSol_ 27 күн бұрын

Thank you, just saved $300!

@merchandisingparadise9440 2 ай бұрын

I appreciate your very excellent work. great man.

@AngelGimenez-ys5ks 28 күн бұрын

This video just saved me $400. Thank you

@janetprchal524 Ай бұрын

Thank you this was very helpful!

@nickcrespo21 Ай бұрын

Well done. You earned a subscriber.

@lunacrystalcandleco Ай бұрын

Thank you for this video! Huge help

@dragonier8133 4 ай бұрын

Thanks for the video.

@IruneBarandiaran 2 ай бұрын

Thanks James. I just have to find sometime to go thru. Very easy. Save some money

@danysantana642 2 ай бұрын

Thanks for the insight !!!

@smalltimeadventures_usa 18 күн бұрын

Thanks for the assistance.

@easyclicks3342 2 ай бұрын

very informative video. Thanks

@dreathegemini 3 ай бұрын

Very helpful I was able to submit mines np!🎉

@b93742 3 ай бұрын

Thank you so much!

@MLHM179 20 күн бұрын

Thank you, very helpful :)

@TucsonArizona 2 ай бұрын

Great video!

@nahomielamartiniere3529 3 ай бұрын

Thank you so very much 🙏🏾

@Jayambitiousamg Ай бұрын

Appreciate your soul !

@vinniej. Ай бұрын

Thanks for the video Mr. James. May I ask; Is it necessary to update the Boi form after closing the company?

@okaynow9030 3 ай бұрын

Thank you!!!

@SamiullahMeerLLC 23 күн бұрын

Hi James thanks for the info! One Question: Do we need to send BOI Report each year? or it's one time report sending?

@SimonKhalil 3 ай бұрын

Great Video man! Just to be clear, this way you avoid the $295 Payment?

@cesarmunoz3129 Ай бұрын

Happy birthday 🎂 new subscriber 😅

@JamesBakerCPA Ай бұрын

Welcome!!

@tunanocrust2642 2 ай бұрын

Just wanted to say thank you for being clear on the US address. The cant use the registered agent address is very confusing since that technically is the business address. But you are the first person in days of research to answer this. Thanks!

@holaslashie9810 2 ай бұрын

So what address can be used to type in if we are non-US residents? I still don't get it.

@user-iy1nd3ii7r 2 ай бұрын

The same question

@lexjuh2010 2 ай бұрын

What is meant by, “the best address you got.” ? The only address I got is the one from my registered agent.

@facundoobenauer6772 2 ай бұрын

Hello I have the same problem and I have contacted Fincen and they have told me that I must put the address that was present in my LLC, but it is the same address as my registered agent, the company that I have contracted has told me that I must fill in the BOI only with my details in the personal fields without giving details of my registered agent, maybe if I do this and then put the address of my company even if it is the same as that of my agent it may work.

@franklin499 Ай бұрын

@@holaslashie9810 hey did you find out how about this? 🙏

@billshort7688 2 ай бұрын

Thanks for a useful video, like all your other videos. I note your comment about the BOI report needing a US address but that doesn't belong to a RA (Registered Agent). What I find strange is that a RA I know says that the Corporate Transparency Act effectively prevents using the RA address for the IRS also. I find this difficult to believe. Comments very welcome.

@irinarulkova7591 2 ай бұрын

thank you

@raffaelesilletti156 28 күн бұрын

Very clear video that partially answered to my question regarding the address of the Llc we just established. Law it's very confusing because we used the registered agent address (Northwest ) but to fill the Boi can't use that. We don't have a phisical address because we don't need it and at same time I don't want to use my personal address as a shareholder. Considered that company is registered in Nevada can we use street address of a friend of us in Vegas who agrees to do that? The registered agent wasn't able to answer to my question. Thank you

@mahenderreddy3721 Ай бұрын

Thanks for the detailed explanation. I have a question, my CPA opened LLC for me this month. While filing BOIR in company applicant's section, can I provide my details instead of CPA or should it be CPA details?

@Luke-ft7tj 4 ай бұрын

Do you file the same for a second business and just add fincen #?

@benjaming8 29 күн бұрын

THANK YOU.. Crazy these companies are charging folks $200 plus to do these simple steps lol.. Appreciate you

@50-STARS 11 күн бұрын

Thank u sir

@mcse38 3 ай бұрын

Thank you for this, last month I filed for my LLC and then after everything was done and all paperwork was done they call me a few weeks later and told me about FinCen. Then they are trying to sell me their services of $149.00 to file it for me. LOL I am like no I think I will do it on my own but did some things a little backwards and created a FinCen ID first :(. I have one question and that is on the part for the reporting company page would I check to Request to receive FinCen ID or just leave that part blank since I have an ID already? Also one more question and that is for the Company Applicants section would I need to fill this out as well or leave it blank? TIA

@BnTouchNetwork 17 күн бұрын

Hi James, nice content! By the way, very nice video resolution, what camera do you use to produce your videos?

@JamesBakerCPA 17 күн бұрын

Sony ev10 and got that sigma lense

@bigrigasil 3 ай бұрын

If i have a second business to file do I take the same steps and put in fincen id number from first report?

@xstacymariex Ай бұрын

Hello. For state of formation, what if you are an e-commerce business who has to register in multiple states where you have tax nexus? Do you just put the state you first formed it?

@janebond3263 Ай бұрын

Hello James, it has to be filled by the owners that has more than 25% ownership? or individual by each owner member of the LLC?

@TK-yq4jj 22 күн бұрын

Hi James. Thanks for your helpful videos. I have question please help. When LLC is dissolved (actually on the state website its status is "Active-Dissolved") does it need to file BOI? Please advise.

@raquelrosenada652 2 ай бұрын

Thank you for the valuable information, I did my report some weeks ago and I did not receive any confirmation email from Fincen , is that correct? I am sure I did the report correctly, could you please tell me if they don’t send email confirmation

@veronicalima8428 23 күн бұрын

Thank you so much James! This was so helpful! I have a question though, which I can’t find an answer anywhere. When reporting an LLC that has a trust as the beneficial owner, do we report the name of the trust anywhere in the BOI Report? Example: Beneficial owner information - 38. Individual’s last name or entity’s legal name: NAME OF THE TRUST; 39. First name: GRANTOR’S NAME ??? Or do we just report the grantor’s information and do not even mention the name of the trust? Thank you so much!!!!!

@raquelrosenada652 2 ай бұрын

Hi James , Fincen usually send any confirmation email after I submit the report , the thing is that O did some week ago without problem but I did not receive any email of confirmation , is that normal ?

@memphistnliving Ай бұрын

In business address should we include registered agent address (or) U.S residential address?

@SS-qr5qk 2 ай бұрын

Does sole proprietorship businesses have to do this as well?

@nicolastschirhart 2 ай бұрын

I have a single member llc. But I have not yet filed for an EIN. Can I just use my SSN for this? I just mailed my SS4 EIN application because I had error 101 when trying to get it online.

@attak794 2 ай бұрын

Is there any communication to the organization to file? Or all of a sudden, you get a letter with a penalty of not submitting it. I opened LLC in 2023 as a Canadian for e-commerce and will operate business from Canada in its entirety. Do I need to submit this report as first timer? The business registered address is in Canada.

@chrisl359 22 күн бұрын

So everything seems straight forward but I have Georgia license. On the identification number is that the DD number on license??

@DeZimber1 2 ай бұрын

Could you use a duplicate driver's license? I won't have my new license for maybe a month and I'm running out of time.

@daytradingvzla6802 Ай бұрын

Hi James! thanks for the video! I have a question, I just talked to my CPA and he said he hasn't received anything from the state to complete this BOI report. I am scared and wanted to do on my own before getting a penalty, but it seems if my LLC was created on 2024 I must input his information. What can I do know? he says he doesn't know anything about this.. thanks in advance

@maliadam Ай бұрын

I have a question. If I opened my LLC, then I can be the company applicant while filing BOI and I am the only person in the company so in the beneficiary information I will put my information?

@rosec5550 2 ай бұрын

what if I use icflie or legal zoom to register my llc ? they file this for me or I still have to do it?

@Mental-Maniac Ай бұрын

do you have to file this if the LLC is not making any money?

@kamillesuarez7178 2 ай бұрын

What about for a business owner who’s business owns a portfolio company? How would a company go as Beneficial owner or would an officer of the company go as a beneficial owner.

@ruthalpire948 8 күн бұрын

I read that an accountant firm is exempt to file this Fincen Report but what would be your suggestion if the Business is doing Accounting and tax Preparation services under a S Corp? this company is required or no to prepare the report?

@jonbouchard6664 11 күн бұрын

If im doing my own do I fill out my info for applicant and owner

@aquacat3552 3 ай бұрын

Question. If you paid a company like Bizee to set up your llc for you, who would be the company applicant? Myself for sending the order to them to register my business or would it be them since they were the ones who actually filed it?

@sha8046 Ай бұрын

I have the same question. I initially left the Company Applicant information blank but it will not allow me to submit without filling in that information.

@taichinhgiaminh Ай бұрын

hi James. how can I track my filing process?, I was provided with a tracking number. Don’t know how to use it.

@luisalmaraz2549 3 күн бұрын

If i have to update my business name; under Filing Information section "1e Legal Name" is that my legal name or the previous legal name of my LLC that is getting updated? Thank you

@yourhostatexprealty 4 ай бұрын

Hi I just regd my LLC in Wyoming by Buffalo . Your Info on Filing BOIR is a Life Saver. Really appreciate that. My EIN is under process. Can you help me in getting an WY Reseller Certificate?

@fdsadfer2105 Ай бұрын

What about non us resident owned US LLC for E-commerce? How do you fill in the US address?

@lvwilliams7669 Ай бұрын

If I don’t have my EIN yet. Can I still properly file the BOI form

@jacky4640 Ай бұрын

4:17 what is the best address meaning, could I use a random address that find from google map?

@Sam-lw9kc 4 ай бұрын

Thank you. If I have three or more LLCs, do I have to file separately?

@eppsislike 3 ай бұрын

Duh, every entity is separate mate

@agentbomz1222 Ай бұрын

Is it okay if i just put the front of the license for the picture?

@keithc8108 Ай бұрын

Do Uber driver's or Door dash drivers need to file this report??

@stevejjc Ай бұрын

What do you do when the LLC was formed in one state with EIN and the same LLC is registered as a foreign entity in another state? BOI form does not specify

@spencerlewis212 Ай бұрын

I registered a Wyoming llc but when filling boi initial report I get Company address cannot be virtual office , P. O Box or registered agent address, but am not based in the USA and have no usa address apart from company mailing address, company principal and registered agent address I got during registration but they are saying I can't use a third party address

@ashleyhoward9531 3 ай бұрын

Hello, what is the identifying document number or where can I find it?

@yawarhayat4483 2 ай бұрын

What is FinCEN ID? and within how many month BOI Report should be submitted after formation of LLC?

@abbyroman8176 22 күн бұрын

I submitted the form last month but I never got a confirming email. How will I double check if the form was done correctly?

@24AVR Ай бұрын

How often do we have to do this?

@wajidafzal2480 3 ай бұрын

Hi, Thanks Very Much For Helping Guide. Please question: In section 11. , "Current US Address" I don't have Current US Address because i have Non-US Residents LLC in Wyoming, which have all addresses outside the united states . so which address we can put?

@JamesBakerCPA 3 ай бұрын

Hi, Thank you for reaching out! We usually reply to all your questions during our calls, if it wouldn’t be an issue for you, you could set up a meeting following this link: jamesbakercpa.com/schedule It’s a free consultation!

@Ropuch7 2 ай бұрын

Hi, I have the same problem. Did you find a solution?

@bradmalone2021 2 ай бұрын

For some reason it fails to go through when we file it? Any help would be appreciated

@user-gh7vn6pg2h 4 күн бұрын

How I can track Boir submission Tracking ID

@unbereafigendlic8414 28 күн бұрын

Mine says you have to fill out the Company Applicant and Beneficial Owner's information. But the submission is not taking the Driver's License attachment, even though all requirements are satisfied. I suspect it's because I uploaded the DL for both Applicant and Owner pages. I don't know how to proceed.

@lovenatania Ай бұрын

thank you sir, I have a question. I am a greencardholder permanent resident here in the US not citizen yet, should I consider my business a foreign one?

@JamesBakerCPA Ай бұрын

Green cards mean you are a US tax resident

@KTporsche 21 күн бұрын

Is this method valid in California? The lady told me I had 53 pages to go through and takes over 3 hours to file!!!

@StfOnline Ай бұрын

Thanks 👍&Subs

@frankabrams9203 3 ай бұрын

Hi James, can you tell me that this BOI report needs to be submitted by US Nationals only? For instance if i own a corp 100% but I work with a non US person, who works like a business development partner with me, I just need to file my own info and not the information of my non US partners, who technically have no ownership of stake in the company except they provide me business opportunities/leads and i pay them commission. Please let me know.

@JamesBakerCPA 3 ай бұрын

Hi Frank! Follow the link in bio or find me at www.jamesbakercpa.com/ for a free consultation! 😁