All Forum Posts by: Clinton Davis

I need a serious update on my late fees but I'm at a loss on what to charge. Now I am lucky in that I only had one late rent payment last year and haven't had one since (knock on wood) but currently my late fee is only $40. But I hear these big rental companies charging like $100 and a percentage everyday after. I think there is a fine line of keeping your tenant up to date and them never catching up and it can create a never ending cycle and resentment. But what say you? Thanks.

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Memphis, Tennessee

Quote from @Ashish Acharya:

Quote from @Clinton Davis:

Quote from @Ashish Acharya:

@Clinton Davis The Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) have been reinstated after a temporary injunction, with initial reports now due by January 13, 2025, for companies formed before January 1, 2024.

New entities formed after January 1, 2024, must file within 90 days of creation. Most U.S.-based LLCs, corporations, and similar entities are required to file unless exempt. Reports must include details of beneficial owners, such as names, birthdates, addresses, and ID documents. Non-compliance can result in penalties up to $500 per day and potential criminal charges. Visit FinCEN’s website for filing details.

This post does not create a CPA-Client relationship. The information contained in this post is not to be relied upon. Readers should seek professional advice.

Where can I get the form to file? is it on the IRS website? thank you.

You can go through the link below to file a BOI. There is also a 5-minute instruction video.

https://fincen.gov/boi

Thank you sir.

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Quote from @Chris Seveney:

Quote from @Jay Hinrichs:

Quote from @Chris Seveney:

Quote from @Clinton Davis:

I think it was BOI acronym but I heard it got postponed then came back and postponed again? I have an LLC do I need to file this form to the IRS? thanks.

you will spend more time trying to figure out whether or not its required than actually completing the form. it takes five minutes.

Yup we banged all of ours out in an hour or so..

If people took the five minutes to complete it they would not need to be asking and searching the internet for their answers.

Where is the form? All I can find are these companies that wanna charge $100-400 to file it. I didn't find anything on IRS.gov Thanks.

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Quote from @Costin I.:

https://www.cpapracticeadvisor.com/2024/12/27/boi-reporting-...

"A 5th U.S. Circuit Court of Appeals late Thursday reinstated a nationwide injunction that had been issued earlier this month by a federal judge in Texas who had ruled that the Corporate Transparency Act was unconstitutional, Reuters reported on Friday, thus suspending the deadline once again for most reporting companies to file beneficial ownership information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN)."

@Ashish Acharya @Clinton Davis

yeah that's the last I heard too but there seems to be alot of confusion and I find it hard to believe that the Govt would enforce the outrageous penalties with all this confusion. But then again I wouldn't be surprised if they did.

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Quote from @Ashish Acharya:

This post does not create a CPA-Client relationship. The information contained in this post is not to be relied upon. Readers should seek professional advice.

Where can I get the form to file? is it on the IRS website? thank you.

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Quote from @Sean O'Keefe:

Quote from @Clinton Davis:

I think it was BOI acronym but I heard it got postponed then came back and postponed again? I have an LLC do I need to file this form to the IRS? thanks.

Ask and answered already here

https://www.biggerpockets.com/forums/51/topics/1223534-boi-r...

Thank you. I heard that it was back on and then suspended again yesterday the 29th, so it's a little confusing.

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Quote from @Chris Seveney:

Quote from @Clinton Davis:

I think it was BOI acronym but I heard it got postponed then came back and postponed again? I have an LLC do I need to file this form to the IRS? thanks.

you will spend more time trying to figure out whether or not its required than actually completing the form. it takes five minutes.

Ok thank you. I heard it cost $100 filing fee so I didn't want to waste money if I didn't have to.

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I think it was BOI acronym but I heard it got postponed then came back and postponed again? I have an LLC do I need to file this form to the IRS? thanks.

1 Vote

Quote from @Douglas Skipworth:

Quote from @Jordan Ray:

Quote from @Clinton Davis:

What do you guys normally do if a tenant moves in without a pet but then they want to get one later. What kind of pet deposit is fair these days and is it fair to ask for more rent per month and how much? I know every area is different but I was thinking $300 pet deposit and $25 more per month. I'm in the Memphis area. Thanks for your suggestions.

I usually charge a $50 deposit per pet and $50/month per pet.

We used to do pet deposits, but now we collect a one-time "pet fee" upfront that is designated for damage repair and cleaning on the back end. The pet owners understand (and it is one less deposit to account for).

Could you share the fee amount? Thanks.

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All Forum Posts by: Clinton Davis

Clinton Davis has started 23 posts and replied 95 times.

Post: Late fees! What say you?

Post: Late fees! What say you?

Post: What's the latest on this BOI?? Go or no go?

Post: What's the latest on this BOI?? Go or no go?

Post: What's the latest on this BOI?? Go or no go?

Post: What's the latest on this BOI?? Go or no go?

Post: What's the latest on this BOI?? Go or no go?

Post: What's the latest on this BOI?? Go or no go?

Post: What's the latest on this BOI?? Go or no go?

Post: Pet policies lately. ??