Hello, i read that BOI is not needed to file for certain LLCs, but it sounded more like a clickbait and no substance.Any information on this? i understand that its necessary for every llc owner. Anything else to consider or obstacles when filing the report? thank you
US LLC BOI for everyone?
- Thread starter bigbite100
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There are some exceptions. Your LLC probably doesn't qualify.
https://www.fincen.gov/boi-faqs#C_2
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This is the probably the answer to your question.
https://www.fincen.gov/boi-faqs#C_2
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This is the probably the answer to your question.
Yes, there really are.
Well, just of of curiosity, I went through the Small Entity Compliance Guide referenced here https://www.fincen.gov/boi-faqs#C_2 . It's pretty instructive, respect to the authors. Honestly, I see no chances for a “standard”/“expectable” LLC to qualify / being exempt. From all the 23 exemptions only #19 (tax-exempt entity) looked a little bit promisingly but reading Internal Revenue Code said that it was not so...
Small Entity Compliance Guide: https://www.fincen.gov/boi/small-entity-compliance-guide
See above...
Do not lie. BOI report is an information delivered to the US federal institution; be advised that under the US law, it is a felony to lie in front of a federal official. It is a different legal framework than e.g. in Europe (EU especially), where presenting a false information is often just a misdemeanor resulting maybe in a moderate fine; you can face really serious troubles if you lie and it is revealed.
You are welcome.
Last edited: Nov 10, 2024
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
Thank you for the information @Sols - i checked this and i also checked @Forester ´s Links provided. As of my understanding, exemption 19 might apply but still it somehow sounds to good to be true. they name certain codes for it to be applied, it sounds quite complicated.
do you mean foreign owned disregarded entities dont qualify generally?
🙂 That's contemporary life. Do not expect any tax exemption to be reached easily 😉
Exactly. @Sols is perfectly right. Read § 501(a) of the Internal Revenue Code as I did 🙂
A side-note: Now I see that in my previous post I made one typo which could have made the message unclear (one “not“ should not have been there, sorry) ”“ corrected.
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
so both of you say that these kind of LLCs dont qualify. good to know, thank you very much!
????
We have not said this; but on the contrary. Please, re-read the answers 😉.
You do not qualify for any exemption, you have to file!
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
The BOI registrar in the US is on a federal - not states' - level and isn't public by federal statute.
Beware that BOIR shall be submitted within 90 days from formation if the entity is formed in 2024 and by the end of 2024 if formed before 01/01/2024 and within 30 days if formation is after 01/01/2025.
There are discussions that BOI reporting will be abolished after new administration is inaugurated inline with deregulation policy, but I wouldn't count on those.
Last edited: Nov 27, 2024
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