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How to File the BOI Report With FinCEN (Step-By-Step) 

Noel Lorenzana, CPA
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29 авг 2024

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Комментарии : 82   
@NoelLorenzanaCPA
@NoelLorenzanaCPA 7 месяцев назад
I hope you received value from the video. If you do, it would really help this channel if you Subscribe. It's FREE. 😉 Here's a link to my (free) Facebook group: facebook.com/groups/951368119040370
@superhandymanservice9413
@superhandymanservice9413 3 месяца назад
Thanks for the video. It was helpful with one omission. On the reporting company #16 there was a note that said do not check if the reporting company was created on or after Jan 01 2024. Check box if the company was created before that date. Those that check the box do not have to report have to report any company applicants and then it says go to page III.
@NoelLorenzanaCPA
@NoelLorenzanaCPA 3 месяца назад
Thanks for the clarification!
@t-mell1171
@t-mell1171 2 месяца назад
WOW!!! Quick & Painless. Some accounting firm just called me & tried to charge me $2,700!!! THANK YOU IMMENSELY!!!
@NoelLorenzanaCPA
@NoelLorenzanaCPA 2 месяца назад
Great to hear!!
@weegee-dramaticbehindthemi5442
@weegee-dramaticbehindthemi5442 Месяц назад
@clintfrancispodcast
@clintfrancispodcast 4 месяца назад
Hi Noel. Thanks for the video. I filed it today. The only problem I ran into was when I attempted upload the photo. I took a photo of my driver's license with my iPhone and it would not upload because my photo exceeded 4MB. Then I changed the photo to JPEG, TIFF and PNG and it still was too big of a file to upload. I finally got the photo to upload by making a copy of my driver's license by scanning it on a photocopier and emailing it to myself. Then I downloaded it on my desktop and uploaded it finally. I just wanted to mention this in case anyone else had this problem Thanks again for your video.
@NoelLorenzanaCPA
@NoelLorenzanaCPA 4 месяца назад
Hi Clint, Thank you for sharing your experience and the workaround you found for uploading your driver's license photo. That's a great tip for anyone else who might run into the same issue with file size limits. I appreciate you taking the time to watch the video and provide feedback-it’s incredibly helpful!
@clintfrancispodcast
@clintfrancispodcast 4 месяца назад
You’re welcome.
@ZenNLee-qd3gl
@ZenNLee-qd3gl 7 месяцев назад
Excellent video, thank you
@NoelLorenzanaCPA
@NoelLorenzanaCPA 7 месяцев назад
Glad you liked it!
@danceflix1
@danceflix1 7 месяцев назад
Thanks for the informative video!
@NoelLorenzanaCPA
@NoelLorenzanaCPA 7 месяцев назад
Glad it was helpful!
@savorycrustfoodtrucktuesdays
@savorycrustfoodtrucktuesdays 6 месяцев назад
Thank you for sharing the knowledge! Sharing!
@NoelLorenzanaCPA
@NoelLorenzanaCPA 6 месяцев назад
Glad it was helpful!
@edgarlemoine147
@edgarlemoine147 6 месяцев назад
Thank you Noel por your video. Very helpful
@NoelLorenzanaCPA
@NoelLorenzanaCPA 6 месяцев назад
My pleasure Edgar! Thanks for checking it out
@rquinsey1
@rquinsey1 4 месяца назад
Thanx Noel for the great video --- worked as you instructed. 👍
@NoelLorenzanaCPA
@NoelLorenzanaCPA 4 месяца назад
I'm so glad it worked for you!
@faraway12345
@faraway12345 День назад
Great information. Thank you
@NoelLorenzanaCPA
@NoelLorenzanaCPA День назад
Glad it was helpful!
@pattybautista9249
@pattybautista9249 3 месяца назад
Excellent information thanks 🙏
@aracellyborgesreis5684
@aracellyborgesreis5684 Месяц назад
Thank you very much for the video, I will follow the step by step. And of course, I can also follow you on You Tube, I see that you provide a lot of beneficial information. Congratulations👏👏👏
@NoelLorenzanaCPA
@NoelLorenzanaCPA Месяц назад
Aracelly, thank you very much for your kind words 😊🙏
@angellicadelosada3666
@angellicadelosada3666 Месяц назад
Thank you so much! this saved me lots of money & It was so easy! Thanks for the step by step!
@NoelLorenzanaCPA
@NoelLorenzanaCPA Месяц назад
My pleasure! I’m glad it helped. I just filmed a FAQ which answers the most common questions including how to update your filing if needed.
@VivianGonzalez-v7n
@VivianGonzalez-v7n Месяц назад
Thanks so much for all your help!
@NoelLorenzanaCPA
@NoelLorenzanaCPA Месяц назад
You are so welcome!
@joyceharris2853
@joyceharris2853 5 дней назад
Nice
@user-pr9wm9it3e
@user-pr9wm9it3e 3 дня назад
I truly appreciated this video, you saved me $350, thank you very much! On the other hand, I put my llc and dba in the same application is that right or, am I supposed to separated them?
@NoelLorenzanaCPA
@NoelLorenzanaCPA 2 дня назад
That sounds correct! Thank you!
@terriwalker2105
@terriwalker2105 14 дней назад
How do you add multiple owners on the form. I click on "add owner" and it doesn't allow me to put more than one owner on the form. Thanks
@weegee-dramaticbehindthemi5442
@weegee-dramaticbehindthemi5442 Месяц назад
Thank you
@NoelLorenzanaCPA
@NoelLorenzanaCPA Месяц назад
You're welcome!
@mgover77
@mgover77 2 месяца назад
Correct me if I'm wrong, but I believe BOI reporting IS required for sole proprietors IF you are conducting business as an LLC. Sole Proprietorship is a tax reporting status, not a business entity type.
@NoelLorenzanaCPA
@NoelLorenzanaCPA 2 месяца назад
To be clear, sole proprietors do not need to file a BOI report. LLCs, including single member LLCs, taxed as a sole proprietor need to file a BOI report.
@unpredictable8766
@unpredictable8766 3 месяца назад
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?
@BLee-zn5kh
@BLee-zn5kh 2 месяца назад
Thank you so much for the video. I have a question. what if your corporation's Beneficial Owner is a family trust. How to report the BOI?
@NoelLorenzanaCPA
@NoelLorenzanaCPA 2 месяца назад
Sorry, but I'm not sure. I am planning a follow up video with frequently asked questions, and I'll try to include this.
@keithc8108
@keithc8108 5 месяцев назад
Good information! Do Uber drivers have to file this BOI report, as independent contractors??
@NoelLorenzanaCPA
@NoelLorenzanaCPA 5 месяцев назад
Thanks! If they are a sole proprietorship, no. If they setup an LLC, yes.
@user-fe4tq9gp5p
@user-fe4tq9gp5p 24 дня назад
Great Video! It was very helpful Question 16 Existing reporting company, I checked the box. Its didn't allow me to fill out the the part underneath Question 19 thru 29. Is that correct? In your video you fill in the information.
@NoelLorenzanaCPA
@NoelLorenzanaCPA 16 дней назад
Yep, that should be right. If you have more questions, I've uploaded a video here where I talked about common questions related to BOI Reporting. Feel free to check. 🙂 Here's the video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-yduU8lvZgBw.html
@fdsadfer2105
@fdsadfer2105 4 месяца назад
Hello there Noel, thank you for the video. May I ask for foreigners, what should we put down for the US company address? Can I put down my virtual office address?
@NoelLorenzanaCPA
@NoelLorenzanaCPA 4 месяца назад
Sorry, I don't know the answer to that.
@user-qm6el4ro1c
@user-qm6el4ro1c 5 месяцев назад
What if im a foreign national formed my company in Wyoming and have not received my EIN yet? Can i just file now without my company EIN and just update it later?
@user-tb2qh7ok7z
@user-tb2qh7ok7z 6 месяцев назад
Great video. Was curious did you ever get an email sent to submitter email address you put in stating it was accepted or anything?
@NoelLorenzanaCPA
@NoelLorenzanaCPA 6 месяцев назад
No, I didn't receive a confirmation email. Just the confirmation screen at the end where you can download a copy of the accepted submission.
@lHurtYourFeeIings
@lHurtYourFeeIings 6 месяцев назад
You get a PDF report once it is done. Download it and keep records of your filing.
@user-zh4hp9qc5n
@user-zh4hp9qc5n 4 месяца назад
Hi there! I have 6 different LLCs I am the sole owner of it no members etc. I completed one report, and I have received the FinCEN Id can I use that Id to fill out the other 5 reports? Or does each LLC need its own FinCEN ID?
@Helloo0oo-k
@Helloo0oo-k Месяц назад
Thank you for the valuable information. I think your information will be of great help. However, in my case, there is an inc. headquartered in Japan and an inc. in California, and of course, 100% of the shares are owned by the head office in Japan. How should I report this case?
@NoelLorenzanaCPA
@NoelLorenzanaCPA Месяц назад
Please check out my BOI FAQ video and then review their website to see if your question is answered: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-yduU8lvZgBw.html
@ezitv
@ezitv 3 месяца назад
What do I do if I'm closing my LLC this year? Is there a "Final" form I also must file? Or is there a way to denote I'm closing the company (or closed the company) in the Initial filing?
@NoelLorenzanaCPA
@NoelLorenzanaCPA 3 месяца назад
I'm not certain, and you might want to verify, but there is no 'final' form or a way to indicate you are closing your company.
@wendysosa1416
@wendysosa1416 5 месяцев назад
Hello Noel, I submitted my business BOI back in February. How do I check the status of the submission? I can't seem to find anything that allows me to check the status. Thanks.
@NoelLorenzanaCPA
@NoelLorenzanaCPA 5 месяцев назад
I don’t believe there is a way to check that.
@user-qm6el4ro1c
@user-qm6el4ro1c 5 месяцев назад
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"!!!!!!
@sarmadaldulaimi7963
@sarmadaldulaimi7963 5 месяцев назад
I haven't received a confirmation email after I submitted the application is that normal? Thank for the video
@NoelLorenzanaCPA
@NoelLorenzanaCPA 5 месяцев назад
It's normal. They do not send a confirmation email. Hopefully you saved the pdf summary report from the end of the process.
@sarmadaldulaimi7963
@sarmadaldulaimi7963 5 месяцев назад
@@NoelLorenzanaCPA Thank you for your reply....Yes I did save the summary.
@sanmac9621
@sanmac9621 2 месяца назад
I am sole owner, shall i check box 37 ? For exempt ? Or i dont need to file at all ?
@NoelLorenzanaCPA
@NoelLorenzanaCPA 16 дней назад
Being a Sole Owner does not make you exempt from filing. For you to be exempted from filing this BOI, you should be one of those 23 entities that are exempt. If you need more info about BOI Filing, I've uploaded a video where I talked about common questions regarding BOI Reporting. Here's the video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-yduU8lvZgBw.html
@LiconaThompsonLLC
@LiconaThompsonLLC Месяц назад
If there are future updates for the original BOIR, is the submitter or company applicant liable to make the changes?
@NoelLorenzanaCPA
@NoelLorenzanaCPA Месяц назад
Yes, an update BOIR must be filed. The company is responsible
@GDOSSARY
@GDOSSARY 5 месяцев назад
Is it better to not have LLC and just use sole proprietor? To avoid this step? Especially if you are a small business.
@NoelLorenzanaCPA
@NoelLorenzanaCPA 5 месяцев назад
That’s kind of a legal question that I can’t answer for your specific situation. Although, I do like the simplicity of sole proprietorships.
@tytt6562
@tytt6562 Месяц назад
Thank you for the video. I do not have a business address. Could I use my residential address as business address? Thanks.
@NoelLorenzanaCPA
@NoelLorenzanaCPA Месяц назад
Yes, I believe that would be appropriate.
@misssml32
@misssml32 4 месяца назад
For a 2 owner LLC, Should both owners information go in the company applicant(s) and the beneficial owner section? Thank you
@wavyremix
@wavyremix Месяц назад
Yeah precisely. This video answers nothing. Shows you how to fill in a form, possibly correct, and maybe not.
@karencampbell3848
@karencampbell3848 2 месяца назад
if it's a LLC that has 2 owners, do you need to add information for both of them?
@NoelLorenzanaCPA
@NoelLorenzanaCPA 2 месяца назад
Yes
@karencampbell3848
@karencampbell3848 Месяц назад
@@NoelLorenzanaCPA 2 separate reports or on the same report??
@NoelLorenzanaCPA
@NoelLorenzanaCPA Месяц назад
Same
@sanmac9621
@sanmac9621 3 месяца назад
only one owner have to file too ?
@NoelLorenzanaCPA
@NoelLorenzanaCPA 3 месяца назад
Each LLC needs it's own BOI filing.
@1el5elemento
@1el5elemento Месяц назад
Once I submit is there any further steps
@NoelLorenzanaCPA
@NoelLorenzanaCPA 16 дней назад
Nope, that's it.
@sanmac9621
@sanmac9621 3 месяца назад
Thats gona be every year .?!!!
@NoelLorenzanaCPA
@NoelLorenzanaCPA 3 месяца назад
No
@gregmartinez8329
@gregmartinez8329 29 дней назад
incredibly tedious, unless you like watching him enter his address on a website. He doesn't even explain the basics, like how many beneficial owners to enter.
@sanmac9621
@sanmac9621 2 месяца назад
I am sole owner, shall i check box 37 ? For exempt ? Or i dont need to file at all ?
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