The only benefit is cutting down on foreign and shady LLCs. Just a smokescreen to get more data, not for the government, but for those in power. And they are not the same.
FinCEN works to establish and strengthen mechanisms for the exchange of information globally, and to engage, encourage, and support international partners in taking necessary steps to construct regimes to combat money laundering, terrorist financing, and other financial crimes. FinCEN responds to requests from financial intelligence units (FIUs) that are members of the Egmont Group, and acts as a conduit for requests from domestic law enforcement to foreign FIUs. FinCEN also issues strategic products for law enforcement agencies and FIUs on topics of international interest. FinCEN works with foreign governments to provide policy recommendations and guidance, analytical training, technological advice, and staff support in order to foster the implementation of anti-money laundering and counter-terrorism financing (AML/CFT) regimes worldwide. FinCEN supports U.S. bilateral and multilateral efforts to join with other nations in a concerted fashion to combat transnational crime.
THANK YOU! The FINCEN site is ridiculous to navigate. So many pages of FAQs and instructions, but finding out how to actually file is deeply buried in the noise. You explained all the elements, and how to file clearly and concisely.👏
i agree with everyone else. As a small business I try to save whenever I can. You are a blessing thank you for this clear, concise and easy to follow video.
Thank you so much. Lessened the anxiety of getting this done. Thoroughly explained & informative! Icing on top, he’s man of of God! Feel God brought us to this video. God is good! God bless!
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?
Thanks so much. So many people trying to charge you 300+ to so this. They all scare you telling you that you will be charged $500 daily. I hate this MFs. Thanks again. You are providing peace of mind and money to small or micro bussiness owners. God Bless you!
Interesting. One LLC company we created has a parent company (holding company) who is the actual owner....no individual owners of the child company other than another LLC. How does that work for BOI?
I got notification about this report several days ago and did not know somebody in the internet already have a video about this. I took a time to read and learn about this report today and here you have a very helpful information for beginners in the business world. Thank you very much to Freedom Group for the clear explanation. We all should recognize the time and motivation you have to teach. Thank you and God bless you.
It would be nice if their servers could handle all the traffic they're demanding on the website. It's been 5 days and I still haven't been able to even get the site to load to file
Big Question: How do we stop this law? Where are our Congresspeople? Why aren't they fighting against this? This isn't just small business owners like me(I'm they only employee). This will be for all doctors, attorneys and other professionals that employ less than 20 people. I doubt the federal government has the staff to deal with this. Also, for this going into effect in 9 months, signed 3 years ago, this is the first I've heard of it. How irresponsible of the Fed government to institute a major law with significant fines and jail time and never notify business owners of this. Seems like a Biden Admin scam to me!
File an injunction! My husband and I got the case report that won but only applies to 2-3 states. We also spoke to the attorney. Many violations. Spread the word that each person needs to stand up and say NO we wont comply. These tax companies make me sick that they think this is ok. What a joke!
What’s ridiculous about this is many people unintentionally did not comply and didnt know and now they are way beyond the deadline- and the secretary state of each state government did NOT send anything out via certified mail for something so serious which is subject to fine. Communication via certified mail should be an absolute requirement- rather than this being communicated via email. I just got an email from my secretary of state- and its like 5 months after the deadline. This is total crap and seems like a money grab and attack against small businesses. My LLC is not really even a business but a music band with a negative income. Alot of us are super worried about the potential fines when they didnt really adequately communicate this.
FinCEN requires US company address and doesn't allow me to use virtual office. I am a non-resident and used Northwest Registered Agent address for incorporating and obtaining EIN. What address do you think I can use?
Very informative and detailed guide on how to navigate the new FinCEN BOI report requirements. Your step-by-step breakdown simplifies a complex process, making it accessible for business owners. Thanks for sharing this valuable information!
Hi Sir, Good afternoon. Thanks so much for your video. Based on your video, my small LLC opened more than four years ago. So, I don't need to fill out the Applicant information field. Is that right? Also, my company has only one member. So do I need to fill in the beneficiary as a Wife or Husband? I'm looking forward to your response. Thank you so much.
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?
NO one is explaining what address to put in a foreign Non-Resident of the USA for the BOI if "Company address cannot be Registered Agent address, PO Box or Virtual Office"!!!!!!
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?
What if the CPA submitted the BOI report and subsequently stopped practicing as a CPA, so we are unable to contact them Will Fin. Cen.verify that the BOI information has been filed if we enter the EIN and beneficial owners for the LLC for a second time?
So, in other words, those rare 1% that this nightmare was supposed to be geared towards our immune to it. Now American I’ll say it here. Immigrants abroad are treated like second-class citizens by both their country and their new place of residence. If it wasn’t for the great financial wall of America, I bet a whole lot more people would leave. I’m fed up enough with this country. I’m willing to put up with a headache.
Hello. I created my LLC this year, I am a non-resident in the USA, my LLC has the address of the registered agent in the incorporation document, but now they tell me that I cannot put that address in the BOI report. What address do I put, what should I do in that case? I have 2 months left to do the BOI report. Thanks for your answer.
How about a step by step guide to NOT do it! All of you are so willing to roll over and let another company take away your privacy, just like most rolled up your sleeve to get the sh*t. Stand up and say NO! File an injunction. It is unconstitutional. Get a back bone!
More bureaucracy and red tape. Do it or else $500 per day the report is late or up to $10000 This is just more headaches and wasted time bloated government bureaucracy causes. Jump through some more hoops you are such a good dog.
If i have to report and it's according to what laws? USC 26 section 6103 protects us from disclosing any information to anyone including federal agencies without court order . Even the IRS would not give this to FiNCEN or they would be breaking the law. So explain to me mr accountant why would you suggest yoor customers to comply with this ? are you protecting the privacy and tax data of your customers?
At first I thought this was going to be something to help nationals show beneficial ownership, yet, after watching it it seems like a trap! They are just collecting more data. Why not big corporations? Why are all exempt? Sounds like a take down of small businesses just like c19. More tracking.
The Registered Agency that formed and filed my LLC said they only let business owners that is not living in the USA use their address to file BOI. Can i use my residential address for both address section?
My girlfriend is a single mom trying to get started in business and only filed an LLC to get started. She hasn’t even started selling anything and is now being pursued for thousands of dollars in fines - she’s heartbroken and is giving up before she started. This is a killer.
I can't wait until I need to file a form with the Federal Department of Pants for allowing them to permit me to wear socks and shoes. Of course, that will also require me to file the pants wearing form and the proper hygiene guidelines. JFC, when is this regulatory nonsense going to stop?
Just a quick question so I'm clear. I hired a business to open my llc but didn't want to pay the 200$ to fill this out. I'm I ok to put that I am the applicant or do I need to pay the 200$ and have the company fill it out?
Can somebody comment or know if an LLC exists but is just dummy, meaning the entity is created but has no business or transactions and doesn't own anything, does this apply?
thank you so much also if anyone is in southern CA we have a tax office to do this at which is COMPTAX INC 6620 e florence ave bell gardens, CA 90201 and tell them JAE GARCIA sent you
Amazing we are told we must file this information adding more information about ourselves and ten million illegals are allowed to come here without a word.
Hi! If you paid a company like you to open and register the company, who is the applicant? Myself for hiring them or you for doing everything? Because it says applicants are individuals, not businesses so I'm lost. Thanks in advance!
Thank you so much...I am the owner and only Beneficial owner, there is no one else. The Beneficial Owner #1 is me correct? I just want to make sure, thank you again!
