If you haven't heard by now there is a new federal reporting requirement for all LLC or Corporation owners.
All owners must submit a Beneficial Ownership Information Report with FinCEN, which is a government agency that regulates criminal activity within business entities.
This report connects business entities with their owners and is a required filing. You could be subject to heavy fines (up to $500/day) or imprisonment if you do not file this report.
Here's what you need to know regarding timing for the filing:
If you have filed your LLC prior to January 1, 2024: You have until January 1, 2025 to submit this report.
If you file your LLC between January 1, 2024 and January 1, 2025: You have 90 days after the LLC is registered to file the form.
If you file your LLC after January 1, 2025: you have 30 days after the LLC is registered to fill out the form.
How do I file this report?
You do NOT have to have an attorney or CPA file this for you. This is a simple form that you can file on your own.
I've created a step-by-step video training to show you exactly how to file this report on your own.
The best part? It's only $15!
Learn exactly how to file your legally required BOI with this step-by-step instructional video.
This video is for you if:
- You have either an active LLC or a Corporation
- You want to avoid up to $500/day in fines
- You want to file this on your own but don't want to pay an attorney to do it for you
