Don't let your spiritual business fall out of compliance!
There is a new law in the United States, that will apply to most spiritual businesses. If your business is a corporation, LLC, limited liability partnership, plus others, will need to complete a Beneficial Ownership Information (BOI) report to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
Deadlines for filing Beneficial Ownership Information (BOI)
If you formed your company before January 1, 2024, then you will have until January 1, 2025 to file. Businesses formed in 2024 will have 90 days from the date you receive your paperwork from the Secretary of State to file your BOI. If you form in 2025 or later, you will have 30 days to file the paperwork.
Don't stress! Filing the Beneficial Ownership Information (BOI) is easy.
You may be getting a lot of solicitations from people to pay for their services to file your report. Unless you have a really complex business, there shouldn’t be a need for that. Completing the form online takes about five minutes and is very simple.
What you will need to complete your BOI
Before you head to the website to complete the application, there are a couple of pieces of information that you will need to gather.
- The company’s:
- Legal Business name (and DBA if applicable)
- EIN, SSN/ITIN, or Foreign Tax Identification Number
- Company’s address
- For each individual that owns more than 25%:
- A photo and identifying document number of one of the following: State issued driver’s license, State/local/tribe-issued ID, U.S. passport, or Foreign passport
- Legal Name
- Birthdate
- Residential Address
Steps to complete your BOI
To complete your BOI online, you will go to https://boiefiling.fincen.gov/boir/html.
Page One: Filing Information. You will start by selecting the Type of filing. For most of you that will be “Initial report” because it will be your first time filing.
Page Two: Reporting Company. On this page, you select 3. Request to receive FinCEN ID, and then continue with completing the information about your Company. This is where you will need your EIN, SSN/ITIN, or Foreign Tax Identification Number based on your company.
Page Three: Company Applicant(s). If you were an existing company as of January 1, 2024, you will check the top box and it will gray out the fields in the page and you can move on.
Page Four: Beneficial Owner(s). You will complete this page for each individual that owns more than 25% of your business. At the top of the page there is a button to add additional beneficial owners.
On this page, you will be putting the owners personal information. This is the page you will need the photo and identifying document number of one of the following: State issued driver’s license, State/local/tribe-issued ID, U.S. passport, or Foreign passport.
If you have more than one owner, don’t forget to go back up to the top of the page to add additional owners.
(Note: If you use an iPhone to take a photo of the document, screenshot the photo after you take it to ensure it is an accepted format type.)
Page Five: Submit. On the submit page, you will add an email address and the name of the person completing the form. It will ask you to certify that you are accurately reporting the information on behalf of the company.
If you submit and then realize there was something wrong with the form. You can go back and start from the beginning, but this time instead of selecting “Initial report”, you will select “Correct prior report”.
Conclusion
I hope this tutorial has made completing your BOI Report simple and stress-free!
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