Key Takeaway
You don't have to choose between your financial goals. Start by taking advantage of available employer benefits, then balance your remaining savings between short-term priorities and long-term financial growth. Keep money needed in the near term in an appropriate low-risk option, and consider the tax implications before using long-term savings.
The BOI report is filed online in a new federal database called BOSS (an acronym for Beneficial Ownership Secure System). Almost all industrialized nations already require that BOI reports be filed by businesses, and those nations have found them helpful in combating money laundering and other criminal activity. The United States is literally the last major country to require centralized BOI filing.
- You must file a separate BOI report for EACH AND EVERY rental property and active LLC you have.
- The only exception is if the LLC has more than 20 full-time employees and reported more than $5 million in U.S.-sourced income on its prior-year tax return
- Self-employed individuals who have not formed an LLC or a corporation for their business do not come within the definition of a reporting company and they do not have to file a BOI.
- If a person listed on the BOI report is later dismissed from the company, does this trigger an entirely new BOI report? Yes, the company must file an updated BOI report no later than 30 days after the date on which the change occurred.
- Those involved in criminal activity should file a BOI report in order to avoid the civil and criminal penalties for not filing. It’s not difficult for FinCEN to match corporate, LLC, and similar filings with a secretary of state and those in the BOSS database to find non-filers.
Still confused about your filing status regarding the BOI? Free guidance is available. We welcome you to take advantage of a free discovery session by visiting New Client Application or https://calendly.com/d/27b-bgh-x9g.
