In this video, Ryan Vaughn of Incite Tax explains the new Beneficial Ownership Information (BOI) reporting requirement introduced by FinCEN. BOI reporting is a government‑mandated filing that discloses a business’s identifying information and the personal details of owners who hold more than 25% of the entity. The purpose is to combat money laundering, fraud, tax evasion, and other illicit activities by preventing bad actors from hiding behind corporate structures. Vaughn outlines who must file (LLCs, corporations, and other entities), the filing deadlines (end of 2024 for pre‑2024 entities, 90 days for entities created in 2024, and 30 days for entities created in 2025 or later), and the categories of entities that are exempt (large corporations, publicly traded companies, nonprofits, heavily regulated firms such as banks and insurers, and a small group of small‑business owners who won a recent lawsuit). He details the information required for the filing – EIN, business address, personal information, and driver’s‑license‑type ID for owners with >25% interest – and walks through the user‑friendly FinCEN website where the report can be submitted. The video also warns of the penalties for non‑compliance: daily fines up to $591, a maximum of $10,000, and potential imprisonment of up to two years for willful violations. Vaughn directs viewers to a blog post (insighttax.com/BOI) for step‑by‑step guidance and optional paid assistance, emphasizing that the filing is straightforward and should be completed promptly to avoid costly penalties.
Chapters
$10,000. That's what the government can charge you if you don't do your BOI filing. So let's avoid that. And honestly, they can actually put you in jail for up to 2 years. So let's make sure you understand what this is and how to do it. BOI stands for Beneficial Ownership Information, and it's basically a report that you're sending off that says, here's my business information and here's my personal information. The government decided to put this into play because there's a lot of bad people out there who can hide behind corporations, and we don't know which of these bad people own which companies. So it's supposed to help them minimize money laundering, fraud, tax evasion, and some other really other really bad things. So who needs to report? If you are a business owner that has an entity, LLCs. Corporations, you need to file this. Now, if your business existed before 2024, you have until the end of 2024 to file this BOI report. If your business was created in 2024, you have 90 days to file this report. And then as of 2025, if you create a new entity in 2025 or later, you have 30 days to file this BOI report. Some businesses are exempt from this. Really large corporations are exempt, nonprofits and publicly traded companies, and then other companies who are already in a really heavily regulated area like banks and insurance companies, those types of things. They are exempt. There's also 2 other really specific scenarios that they're exempt from this. 2 groups filed a lawsuit in Alabama saying this is unconstitutional, and so they let those 2 people win. So there's a very specific small business owner who doesn't have to do this, and this group of 65,000 nonprofits that were part of that don't have to file these. But unfortunately for the rest of us, we still are pretty much on the hook. Who knows what's going to happen in the future? But as of right now, we we better do this because it's actually not that hard. It's pretty painless, and you know, just in case we can avoid the possibility they fine us for ten grand, let's let's avoid it. A group called FinCEN, which I don't know what the acronym stands for. I think it still it stands for something like the IRS still sucks. They're the ones collecting this information. You are going to need your business info, like the EIN for your business, your address, your personal information. If you have partners that own more than 25%, their personal information and driver license information. You'll go to the government website. It's actually pretty user-friendly. Did it myself. It was, it was really fast. You click the link, you put in the business info, you put in your personal information. It prompts you along the way. Pretty, pretty straightforward, self-explanatory. So again, you have, if you created the business this year, you have 90 days from the date that you created it to get the filing in. If it existed before 2024, you have until the end of 2024 to get your filing in. If you don't file, the IRS can charge you. How they come up with these numbers, I don't know. $591 a day up to, at least right now it reads up to a $10,000 max. They did say their intention is not to penalize people. Their first approach is going to be, hey, it looks like we should have gotten this report from you, but we haven't seen it yet. And only those who are willfully not doing it are going to get hit with the penalties. But that penalty can include up to 2 years in prison. So it really doesn't take that long, just get this done. If you click the link below, we've created a blog post that has a lot more details on the BOI filing, including the link, the one link that's, if you're going to do this, that you would go to. There are a lot of scams out there trying to push you to other links, so avoid those. This is definitely something that if you really want to do it, you can totally do it on your own, and so the blog post is designed to kind of Give you some guidance on how you can do it yourself. And then we do have a resource in the blog post if you want someone else to do this for you because you're really nervous about it. We give you that link as well. So click the link below. It is insighttax.com/BOI, or you can just click the link below. And let's just make sure that you get this done because $10,000, I'd rather you keep it instead of giving it to the government.
