Business Finance Coach's video: What is the new requirement for LLC in 2024 - FinCEN Beneficial Ownership BOI Report - Penalties

EDIT: I misspoke about this being an annual filing - it is a one-time filing, unless you need to update the ownership information. This video breaks down the new small business filing requirements with FinCEN. It covers all of the common questions: 0:00 - Introduction 3:45 - What are the new requirement for LLC in 2024? 4:41 - Who needs to file a BOI report? What is a Beneficial Ownership Investment (BOI) report? Do all LLCs need to file BOI? 6:26 - Who is exempt from BOI filing? 8:06 - When do you file the BOI report? 9:07 - What happens if you don't file a BOI report? 9:45 - Who is included in the beneficial owner? 11:08 - What is a FinCEN ID number? BOI small business entity compliance guide (shown in the video): https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf FREE WORKSHOP: 5 Biggest Mistakes Business Owners Make With Their Accounting & Saving Taxes https://www.amandarussell.mba/register5biggestmistakes Other videos to check out: Sole Proprietor vs. LLC vs. S-corp: What are the TAX BENEFITS & DIFFERENCES: https://youtu.be/tCiv1p0__JI HOW DO I PAY MYSELF IN MY BUSINESS [PART 1]: https://youtu.be/0VPfIFGJyl0 4 TAX SAVINGS STRATEGIES FOR OWNER PAYhttps://www.youtube.com/redirect?q=ht... [HOW DO I PAY MYSELF IN MY BUSINESS PART 2] https://youtu.be/vb8O6K9XoeU HOW TO OVERCOME PROCRASTINATION https://youtu.be/lTjT0cx3x6w THE EASIEST AND CHEAPEST WAY TO TRACK YOUR ACCOUNTING RECORDS (SOFTWARE VS. APPS VS. BOOKKEEPERS): https://youtu.be/1pLQuiDVyQI S-CORPORATION CALCULATOR — When & How the S-corp Saves You Taxes! https://youtu.be/UqujNM4IkFA File Your Taxes for FREE online with this DIY Tax Video Series: - Choosing free way to file for federal and state: https://youtu.be/yRq2xl783qw - STEP-BY-STEP TUTORIAL: Filing your taxes for free in any situation https://youtu.be/ntmvzLi1T2k - STEP-BY-STEP TUTORIAL: How To File a 1099 Online For FREE https://youtu.be/AO-f0OVP_6Y - - STEP-BY-STEP TUTORIAL: Home Office Tax Write-off - Worksheet for tracking https://youtu.be/Fo-7_LkBO-k