Recent Federal legislation requires all businesses that are organized as corporations or LLCs to file a Beneficial Ownership Information Report, or BOIR, with the Treasury Dept.'s Financial Crimes Enforcement Network, or FinCEN.
This video goes into the rationale for the BOIR, who has to file one, the information required, how to file the report online, and the deadlines for filing the report.
Also included is how to look out for potential scams involving the BOIR and how you can avoid being a victim.
0:00 Introduction/What is a BOIR?
1:09 Who needs to file
2:15 What information needs to be reported
3:20 How to e-file your BOIR
3:55 When does your BOIR need to be filed
4:33 Avoid potential BOIR scams
4:58 Conclusion and Bonus Material
Additional Information and resources:
The FinCEN BOIR e-filing link: boiefiling.fincen.gov
FinCEN: "Beneficial Ownership Information Reporting: Frequently Asked Questions": www.fincen.gov/boi-faqs#6_6
The Tax Geek on the Site Formerly Known as Twitter: @taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image and footage credits:
Storyblocks.com
Federal Government logos and websites are assumed to be in the public domain
No artificial intelligence was used to research, write, animate, voice, or edit this video
Intro Music: "Bluesy Vibes" - Doug Maxwell - KZfaq Creator Music
Outro Music: "Modern Attempt" - Track Tribe under license from KZfaq Creator Music
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.