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Summary of Video
LLCs, Corporations and Trusts: Comply to Corporate Transparency Act by 31 Dec 2024 to Avoid Steep Penalties
(HOW TO FILE BOI REPORT) The Beneficial Ownership Information (BOI) report, although found unconstitutional (see my video Corporate Transparency Act found unconstitutional), still must be complied with per the Financial Crimes Enforcement Network. As covered in my earlier video, I was hoping the government would be sensible and not require filing a form for a law found unconstitutional. Alas, this is not the case. Due to threatened heavy penalties, this report should be filed for LLCs, Corporations, and some trusts before 1 January 2025. If you have any questions about your filing requirements, you are welcome to contact us at 702 463 1818 or email info@torchlighttax.com. If you need help filing it, we will do so for a nominal fee. Or you can simply follow the instructions below. This is Dave Horwedel, CEO of Torchlight Tax. Below are instructions on filing a BOI Report. To file a BENEFICIAL OWNERSHIP INFORMATION (BOI) report, you need to access the FINANCIAL CRIMES ENFORCEMENT NETWORK (FinCEN) BOI E-Filing website at “boiefiling.fincen.gov” and select “File BOIR” to submit your report electronically; this is where you can complete and submit the necessary forms to report your company’s beneficial owners’ information to the government. Key points about filing a BOI report:
● Access the platform: Go to “boiefiling.fincen.gov” to access the filing portal.
● Select “File BOIR”: Once on the website, choose the option to “File BOIR” to begin the reporting process.
● Electronic submission: The BOI report must be submitted electronically through the online platform. ● Required information: You will need to provide details about your company; Legal name, any trade names (DBA), EIN, address and its beneficial owners, including names, addresses, and dates of birth. You will also need to upload an image of Passport or driver’s license for all beneficial owners.
● No mailing option: You cannot mail or fax a BOI report; it must be submitted online.
If you have questions or would like a free consultation, contact Torchlight Tax at 877 758 7797 or email info@torchlighttax.com.