BOIR Hiccups
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BOIR Hiccups (by Deanna [TX]) May 16, 2024 9:33 PM
       BOIR Hiccups (by 6x6 [TN]) May 16, 2024 9:52 PM
       BOIR Hiccups (by 6x6 [TN]) May 16, 2024 9:54 PM
       BOIR Hiccups (by 6x6 [TN]) May 16, 2024 9:56 PM
       BOIR Hiccups (by Deanna [TX]) May 16, 2024 10:09 PM
       BOIR Hiccups (by Deanna [TX]) May 16, 2024 10:15 PM
       BOIR Hiccups (by Deanna [TX]) May 16, 2024 10:18 PM
       BOIR Hiccups (by Bonanza [NC]) May 17, 2024 7:22 AM
       BOIR Hiccups (by Ray-N-Pa [PA]) May 17, 2024 7:57 AM
       BOIR Hiccups (by John... [MI]) May 17, 2024 8:31 AM
       BOIR Hiccups (by John... [MI]) May 17, 2024 8:35 AM
       BOIR Hiccups (by Deanna [TX]) May 17, 2024 1:02 PM
       BOIR Hiccups (by 6x6 [TN]) May 17, 2024 5:38 PM

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BOIR Hiccups (by Deanna [TX]) Posted on: May 16, 2024 9:33 PM
Message:

I just started a new LLC in April, so I behaved myself and went to file my BOIR filing. It was the first time I got an EIN for banking purposes before I actually had a bank account to connect it to.

I have a terrible time with efilings on government websites in general. This one was pretty obnoxious also. Not only is the information not front-and-center-and-obvious unless you know what you're looking for and you try and track it down, but even though it accepted all my steps, it still wouldn't accept my submission. I currently have a query out on the contact form to see what the problem is.

Hint #1: make sure Adobe Acrobat is the latest version (10).

Hint #2: boiefiling.fincen.gov/fileboir is a helpful place to bookmark.

--137.118.xx.xxx




BOIR Hiccups (by 6x6 [TN]) Posted on: May 16, 2024 9:52 PM
Message:

From Copilot:

"Using

the web

It seems that the text “BOIR” doesn’t correspond to any common acronym or widely recognized term. Without additional context, it’s challenging to determine its meaning. Could you provide more information or context about where you encountered this term? That way, I can try to assist you more effectively." --76.129.xxx.xx




BOIR Hiccups (by 6x6 [TN]) Posted on: May 16, 2024 9:54 PM
Message:

It appears the Copilot and AI aren't so great. Go figure.

Beneficial Ownership Information Report (BOIR) --76.129.xxx.xx




BOIR Hiccups (by 6x6 [TN]) Posted on: May 16, 2024 9:56 PM
Message:

www.findlaw.com/smallbusiness/starting-a-business/what-is-the-new-beneficial-ownership-information-report-requirem.html --76.129.xxx.xx




BOIR Hiccups (by Deanna [TX]) Posted on: May 16, 2024 10:09 PM
Message:

Ah! Figured it out.

So, Hint #3: If you're a single-member LLC, and it asks for your ID in two different capacities, it won't let you attach the same identification image in the two different places. Instead, you need to copy your identification image file, give it a new name, and then submit this second identification image file in the second place.

Random trivia #1: Single-member LLCs make up 71.5% of the active entities in Texas. As of a year ago, there were over 1.7M active single-member LLCs just in the state of Texas. --137.118.xx.xxx




BOIR Hiccups (by Deanna [TX]) Posted on: May 16, 2024 10:15 PM
Message:

"Beneficial Ownership Information Report" = "BOIR."

FinCen = Financial Crimes Enforcement Network

"FinCEN will assign the following penalties to businesses that willfully fail to report truthful and accurate beneficial ownership information: Civil penalties: Up to $500 per day that a violation continues. Criminal penalties: Up to $10,000 fine and/or up to two years of imprisonment."

The businesses who don't have to file a report:

www.pitneybowes.com/us/support/article/000064462/beneficial-ownership-exemptions.html

I need to double-check my timeline, but if I recall, for entities created after January 1, 2024, you have 30 days from formation before you have to file your first report. For entities created prior to January 1, 2024, you have until December 31, 2024. After that, you need to re-file annually.

--137.118.xx.xxx




BOIR Hiccups (by Deanna [TX]) Posted on: May 16, 2024 10:18 PM
Message:

Of course, I couldn't leave it at that. I had to go double check.

From FinCen itself--

Existing companies: Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025.

Newly created or registered companies: Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective. --137.118.xx.xxx




BOIR Hiccups (by Bonanza [NC]) Posted on: May 17, 2024 7:22 AM
Message:

So how long did it take to register and how much of a PITA is it?

What did you need before hand?

I see you had an identification image. What's that? Your drivers license or something? --65.188.xxx.xxx




BOIR Hiccups (by Ray-N-Pa [PA]) Posted on: May 17, 2024 7:57 AM
Message:

Appreciate the update. I don't like the requirement. Around here though, annually settlement companies need to check to see if your company is in good standing

BOIR uses the same logic that believes if you make guns illegal, only criminals will have them. Register 86 Million small businesses to make them legal because a bad actor would never do that --24.101.xxx.xxx




BOIR Hiccups (by John... [MI]) Posted on: May 17, 2024 8:31 AM
Message:

6x6: Not sure why you had trouble. Just for fun, I just opened copilot and asked "What is BOIR?" It replied with:

"In the context of business and finance, “BOIR” stands for Beneficial Ownership Information Report. As of January 1, 2024, most small U.S. businesses are required to file Beneficial Ownership Information reports (BOIR) with the Financial Crimes Enforcement Network (FinCEN)."

--107.181.xxx.x




BOIR Hiccups (by John... [MI]) Posted on: May 17, 2024 8:35 AM
Message:

Thought I'd ask ChatGPT too just for grins and it did a pretty good job also:

"

BOIR stands for Beneficial Ownership Information Reporting. This is a requirement established under the Corporate Transparency Act (CTA), which was enacted by Congress to enhance transparency in business ownership and combat illicit financial activities like money laundering and tax fraud. The Financial Crimes Enforcement Network (FinCEN) began accepting these reports on January 1, 2024.

Businesses required to file a BOIR include corporations, limited liability companies (LLCs), and other entities created by filing documents with a state or similar office in the United States. The report must include detailed information about the beneficial owners of the company, who are defined as individuals who own or control at least 25% of the company or exercise substantial control over it.

The information required in a BOIR includes:

* The full legal name of the company

* The company’s business address

* The state or Tribal jurisdiction of formation

* Taxpayer identification number

* Details about beneficial owners, such as their full legal name, date of birth, home address, and a photocopy of their U.S. driver's license or passport

Certain entities are exempt from this requirement, including publicly traded companies, certain large operating companies, inactive entities, and specific non-profits.

Companies must file their BOIR electronically via FinCEN’s online portal. The deadline for filing depends on when the company was created, with specific timelines provided for different scenarios.

For more detailed information, you can visit FinCEN’s official website and resources like FindLaw and the U.S. Chamber of Commerce.

" --107.181.xxx.x




BOIR Hiccups (by Deanna [TX]) Posted on: May 17, 2024 1:02 PM
Message:

It took a few different sessions before I finally was operational. Someone who avoids the obstacles I encountered (hunting down the form, already upgraded to Adobe Acrobat 10, not using the same filename for two different pieces of information that are actually the same piece of information for millions of legitimate circumstances) will be able to do it relatively straightforwardly.

My biggest annoyance is that I already confirm my information with the State of Texas in order to remain an entity in good standing. (Who I am, how can you reach me if you need to serve me with a lawsuit, how long I'll be in place.) Texas is the entity that controls whether I'm allowed to conduct business or not within their borders.

I already pay my federal taxes on the income that I generate. If the federal government wants to know who the humans behind the entities are, it's already public record. They can pull it like anyone else can, or ask the states for their database information, or whatever. For them to suddenly create this new obligation to stay in good standing--- and throw some hefty penalties for noncompliance onto it--- is definitely a burden, especially for something that they've given zero notice about and just magically expect people to know. We know, because we talk to each other and keep each other in the loop---- but a lot of small business owners don't have that luxury. I know that the penalties are disproportionate to my income. Some of the businesses I use don't even have any income at all. I can't imagine what it's like for other small business owners who make way less than I do. --137.118.xx.xxx




BOIR Hiccups (by 6x6 [TN]) Posted on: May 17, 2024 5:38 PM
Message:

John, that's interesting. I'm not sure why the difference. Maybe because I Googled and the Copilot answered to the side. Not sure why that would matter. --76.129.xxx.xx



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