Are You Exempt from Filing a BOI Report? (BOI Report Tutorial!)

Reminder: BOI Report Deadline Approaching for LLCs Formed Before 2024

As I explained in my earlier post, the Corporate Transparency Act (CTA) requires nearly all entities, including LLCs, to file a Beneficial Ownership Information (BOI) Report. It's important to remember that if your LLC was formed before January 1, 2024, your BOI Report is due by December 31, 2024.

If you formed an entity this year, remember that your BOI Report was due within 90 days of your entity's formation. And after this year, all newly-formed entities must file their BOI Reports within 30 days of formation.

With the last few months of the year approaching, you might be wondering whether you're required to file a BOI Report for your existing entity. In most cases, the answer is yes, and here's why.

The CTA requires all entities (such as LLC's) to file their BOI Reports, unless the entity is an "exempt entity". FinCEN has listed the types of exempt entities here, which include:

• Securities Issuers

• Banks

• Credit Unions

• Insurance Companies

• Governmental Entities

• Inactive Entities (need to comply with all criteria)

• Large Operating Companies (Entities with over 20 employees, more than $5 million in gross receipts or sales, and a physical office in the U.S.)

These exemptions generally apply to entities already under significant federal and state regulation.

If your entity doesn't fit any of these exemptions, for example if you're a small business owner operating through an LLC, it's safe to assume that you'll need to file a BOI Report.

To help you, I've published a step-by-step tutorial on how to fill out and file your BOI Report online. This will be most helpful for single-member LLC's. Check it out below!

(There are many tutorials out there on YouTube, this one has my unique "yoga teacher voice" so you can follow along peacefully :). I wanted to make it possible for you to follow along and fill it out as you watched so I did not rush through it. If you want to pick up the pace you can change the playback speed to 1.25 so you can get through it faster.)

Oh, and make sure you download the completed form once you've submitted it!

As always, feel free to reach out if you have any questions!

Happy filing!