Beneficial Ownership Information Report for U.S. Government

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Beneficial Ownership Information Report for U.S. Government

https://www.fincen.gov/boi/small-business-resources
James R.
Investor · Member since 2015 · 222 posts · 173 votes

I originally set up my RE LLC through ZenBusiness. ZenBusiness adds reporting requirements every year. I received the following email below from them. The rule went into effect January 1, 2024.

Have any of your also received this reporting requirement for your LLCs? It appears the fee is for each LLC, so if you have multiple RE LLCs, you have to report each one and pay the fee. There's also an annual fee of $50. I have attached the hyperlink to the website.


"This is a final reminder to save $50 on filing your Beneficial Ownership Information report for XYZ, LLC. This filing is a legal mandate by the U.S. Treasury's Financial Crimes Enforcement Network.

Until August 31, 2024, you’ll only pay $99 upfront instead of $149. Get it off your to-do list today before our discount ends.

Ensure compliance today to avoid the potential $500 per day penalty for late filing".

https://www.fincen.gov/boi/small-business-resources

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Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
2y

@James R.

BOI takes five minutes to complete on fincen site

Absolutely no need to pay someone to do it

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  • Ricky A.Pro Member
    Rental Property Investor · Chapel Hill, NC · Member since 2014 · 136 posts · 112 votes
    2y

    I'm pretty sure you can do BOI filings for free on the FinCen site.

    However, our CPA recommends possibly using a third-party service because many of them may make changes/updates (e.g., your address changes) easier.  He has a particular recommendation, but I don't know it offhand because I haven't done mine yet.

    Also, my understanding is that BOI isn't an annual filing.  It's one-time plus updating it if/when the info changes.
      

    1Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y

    @James R.

    BOI takes five minutes to complete on fincen site

    Absolutely no need to pay someone to do it

    7e investments53 Reviews
    WebsiteView Page
    2Reply
  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    2y

    You can file this for free in a few minutes. There are you tube videos that walk you step by step. 

    If you have multiple entities you can get an ID number that makes it quicker to fill out for subsequent entities. 

    1Reply
  • Sarah KensingerPro Member
    Real Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votes
    2y

    It's federal law so yes you need to file the info. How you do it and your level of comfort with the options, is entirely up to the LLC owner.

    [email protected]330-557-3021
    0Reply
  • Andrew SteffensBusiness Member
    Tampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
    2y

    My accountant did it for me included in what I pay him monthly, however I have new LLC he has not done/had to do any work so I did myself and it was free and under 5 mins on FinCen site. I think the site you used to start LLC is spamming you for more $$$

    [email protected]813-563-0877
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  • Patricia Andriolo-Bull
    Member since 2022 · 527 posts · 413 votes
    2y

    I set up my own LLC and am also getting spammed from companies wanting to file for me. Like others have said, easy to do yourself or have your CPA do it.

    1Reply
  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
    2y

    @James R. Yes, the Beneficial Ownership Information (BOI) reporting requirement, part of the Corporate Transparency Act, took effect on January 1, 2024. 

    LLCs must report beneficial ownership details to FinCEN, and each LLC must file separately, with fees involved. You can file directly through FinCEN. Failing to comply can result in penalties of up to $500 per day, so it's important to stay updated, especially if you have multiple LLCs.

    [email protected]941-914-7779
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  • Patricia Andriolo-Bull
    Member since 2022 · 527 posts · 413 votes
    2y
    Quote from @Ashish Acharya:

    @James R. Yes, the Beneficial Ownership Information (BOI) reporting requirement, part of the Corporate Transparency Act, took effect on January 1, 2024. 

    LLCs must report beneficial ownership details to FinCEN, and each LLC must file separately, with fees involved. You can file directly through FinCEN. Failing to comply can result in penalties of up to $500 per day, so it's important to stay updated, especially if you have multiple LLCs.


    Fees involved? There are no fees unless you use a service to file for you.  

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