Uploaded July 2024 | Updated September 2026, 1 week ago
Are you aware that non-compliance with the new Beneficial Ownership Information (BOI) reporting requirements can cost your business $10,000 in fines and up to two years in prison? This mandatory reporting is now in effect, and failing to comply can have severe consequences.
In this video, we dive into the essential FAQs you need to know to stay compliant with BOI reporting. Learn who needs to report, the deadlines you must meet, common mistakes to avoid, and what to do if your business information changes. Don't miss out on this crucial information that could save you from significant penalties.
š„ Watch my Step-by-Step Guide on How to File a BOI Report in 5 Minutes!
youtu.be/jRjraHXrgbU
ā Buy Me a Coffee: Help support the channel!
buymeacoffee.com/NoelLorenzana
Hi, I'm Noel Lorenzana, a Registered CPA based in Illinois. I created this channel to help everyday people better understand money, protect their wealth, and prepare for whatever comes next through thoughtful discussions about gold and silver, wealth management, and tax strategy.
On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media.
ā CONNECT WITH ME ON SOCIAL MEDIA ā
Website: noellorenzanacpa.com
Facebook: web.facebook.com/noelblorenzana
LinkedIn: linkedin.com/in/noellorenzanacpa
š„ RECOMMENDED VIDEOS š„
youtu.be/_9MFngn4VCs
youtu.be/jRjraHXrgbU
youtu.be/RgzQ8Ay7xNQ
Thanks for watching my video on, BOI Report Deadline Approaching! Essential Q&A
Disclaimer: The information presented in this video is for informational and educational purposes only and should not be considered accounting, tax, legal, financial, or investment advice. Watching this video does not create a client relationship. While I strive for accuracy, I cannot guarantee that all information is complete, current, or applicable to your specific situation. Always consult with a qualified professional before making financial, tax, or investment decisions.
Affiliate Disclosure: Some links in the description may be affiliate links, which means I may earn a commission if you purchase through them at no additional cost to you. I only recommend products and services that I have personally researched, use, or believe provide genuine value to my audience.
ā±ļøVIDEO CHAPTERSā±ļø
00:00 - Beneficial Ownership Information (BOI) Reporting
00:38 - How to File FinCEN BOI Report Step-By-Step
02:26 - What is Beneficial Owner Information Reporting?
03:27 - What Companies Will Be Required to Report the BOI to FinCEN?
04:09 - Is a Sole Proprietorship a Reporting Company for BOI?
04:50 - Who is a Beneficial Owner of a Reporting Company?
05:23 - What Are Common Mistakes When Filing BOI?
05:57 - When Do I need to update my BOI Information?
06:35 - What Should I do if Previously Reported Information Changes?
06:58 - What Triggers for Needing to Update a BOIR
07:36 - Does a Company Have to Fill Out an Entire New BOI Report?
08:32 - Who is a Company Applicant of a Reporting Company?
09:19 - What Information will a Company Report about its Beneficial Owners?
09:45 - Is there a Requirement to Report BOI Annually?
10:06 - Can a Reporting Company Report a P.O. Box as its Current Address?
10:20 - When to File an Initial BOI Report to FinCEN?
11:35 - Can a Filer Submit a Late Updated BOI Report?
12:09 - What to do if I Learn of an Inaccuracy in a Report?
12:47 - What Happens if a Reporting Company Does Not Report BOI to FinCEN
13:34 - What Are The Penalties for Violating BOI Reporting Requirements?
14:27 - Who Can be Held Liable for Violating BOI Reporting Requirements?
15:11 - Who Can Access Privately Submitted BOI?
15:52 - Which State Agencies Can Request BOI from FinCEN?
16:17 - Can Foreign Governments Access BOI?
Replay Video Link: youtu.be/yduU8lvZgBw
#BOI #beneficialownership #BOIReport
Are you aware that non-compliance with the new Beneficial Ownership Information (BOI) reporting requirements can cost your business $10,000 in fines and up to two years in prison? This mandatory reporting is now in effect, and failing to comply can have severe consequences.
In this video, we dive into the essential FAQs you need to know to stay compliant with BOI reporting. Learn who needs to report, the deadlines you must meet, common mistakes to avoid, and what to do if your business information changes. Don't miss out on this crucial information that could save you from significant penalties.
š„ Watch my Step-by-Step Guide on How to File a BOI Report in 5 Minutes!
youtu.be/jRjraHXrgbU
ā Buy Me a Coffee: Help support the channel!
buymeacoffee.com/NoelLorenzana
Hi, I'm Noel Lorenzana, a Registered CPA based in Illinois. I created this channel to help everyday people better understand money, protect their wealth, and prepare for whatever comes next through thoughtful discussions about gold and silver, wealth management, and tax strategy.
On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media.
ā CONNECT WITH ME ON SOCIAL MEDIA ā
Website: noellorenzanacpa.com
Facebook: web.facebook.com/noelblorenzana
LinkedIn: linkedin.com/in/noellorenzanacpa
š„ RECOMMENDED VIDEOS š„
youtu.be/_9MFngn4VCs
youtu.be/jRjraHXrgbU
youtu.be/RgzQ8Ay7xNQ
Thanks for watching my video on, BOI Report Deadline Approaching! Essential Q&A
Disclaimer: The information presented in this video is for informational and educational purposes only and should not be considered accounting, tax, legal, financial, or investment advice. Watching this video does not create a client relationship. While I strive for accuracy, I cannot guarantee that all information is complete, current, or applicable to your specific situation. Always consult with a qualified professional before making financial, tax, or investment decisions.
Affiliate Disclosure: Some links in the description may be affiliate links, which means I may earn a commission if you purchase through them at no additional cost to you. I only recommend products and services that I have personally researched, use, or believe provide genuine value to my audience.
ā±ļøVIDEO CHAPTERSā±ļø
00:00 - Beneficial Ownership Information (BOI) Reporting
00:38 - How to File FinCEN BOI Report Step-By-Step
02:26 - What is Beneficial Owner Information Reporting?
03:27 - What Companies Will Be Required to Report the BOI to FinCEN?
04:09 - Is a Sole Proprietorship a Reporting Company for BOI?
04:50 - Who is a Beneficial Owner of a Reporting Company?
05:23 - What Are Common Mistakes When Filing BOI?
05:57 - When Do I need to update my BOI Information?
06:35 - What Should I do if Previously Reported Information Changes?
06:58 - What Triggers for Needing to Update a BOIR
07:36 - Does a Company Have to Fill Out an Entire New BOI Report?
08:32 - Who is a Company Applicant of a Reporting Company?
09:19 - What Information will a Company Report about its Beneficial Owners?
09:45 - Is there a Requirement to Report BOI Annually?
10:06 - Can a Reporting Company Report a P.O. Box as its Current Address?
10:20 - When to File an Initial BOI Report to FinCEN?
11:35 - Can a Filer Submit a Late Updated BOI Report?
12:09 - What to do if I Learn of an Inaccuracy in a Report?
12:47 - What Happens if a Reporting Company Does Not Report BOI to FinCEN
13:34 - What Are The Penalties for Violating BOI Reporting Requirements?
14:27 - Who Can be Held Liable for Violating BOI Reporting Requirements?
15:11 - Who Can Access Privately Submitted BOI?
15:52 - Which State Agencies Can Request BOI from FinCEN?
16:17 - Can Foreign Governments Access BOI?
Replay Video Link: youtu.be/yduU8lvZgBw
#BOI #beneficialownership #BOIReport
