FINCEN and company address problem

[Alexmorgan]

I asked alot of CPAs and Legal advisors regarding the fincen report that should be completed

As i expected there is a problem that gonna happen from this

In the report you need to put a real physical address in the report and this will lead to be taxed as a US based company thats means it wont be a disregarded entity anymore from tax wise

Is there anyone here who filled out the form and put a virtual address?

 

[JohnLocke]

A virtual address can work as long as it is accepted by the bank. Often,‌ they do not check it unless it is an address known to the bank or‍ in general. You may risk that if you do not ask them first, you will⁠ have problems afterwards should they find out.

 

[Alexmorgan]

Im meaning the⁤ new fincen UBO form

This is a serious more than banks and you will get⁣ fine 500$ per day if any wrong

 

[Sols]

I'm not⁠ sure this is correct.

FinCEN doesn't really care about taxes. They care about things like⁤ money laundering. If they go after someone for money laundering, they might throw in tax⁣ evasion charges as well. But they aren't the federal tax authority; that's the IRS' job.⁢

BOI information doesn't accept the tax status of an LLC under US law.

Most US︀ LLCs don't pay tax, even when the owners live in the US and even if︁ the LLC does business inside the US. It's when profit from the LLC becomes personal︂ income that tax is due. But that tax isn't paid by the LLC, it's paid︃ by the members of the LLC.

 

[Alexmorgan]

Seems like BOI will be suspended

Its good knews until now

 

[EliasIT]

The Board of Investment or Bureau of Investment is some Thailand &‍ Pakistan specific right? it does not apply for the rest of us? Or what does⁠ BOI refer to?

 

[Clank]

Beneficial Ownership Information.

 

[Alexmorgan]

Yes its︁ disregarded entity but you will be taxed if you have an official office in US︂

Which BOI report require us to have

So in order to fill the BOI you︃ need to have the physical address and if you got physical address the IRS will︄ tax you

 

[Cloudbanck]

No, the BOI report only requires⁤ one to fill in a US address for the LLC, there is no requirement that⁣ it has to be an office or a "physical" address (whatever that is). It can't⁢ be the address of the registered agent though, but it can be a virtual address︀ or any US address provided by a mail forwarding service.
When registering a US LLC︁ one also has to provide a US address - it is the address used on︂ the EIN, in the Articles of Organizantion etc. The same address should typically be used︃ for BOI reporting (if BOI reporting turns out to be required at the end of︄ current legal procedures).
Having such a US address does not lead to ETBUS or that︅ the IRS will tax a US LLC. No law or rule with regards to taxation︆ of US LLC has changed. And Fincen which manages BOI reporting doesn't handle tax anyway.︇

The address for the LLC in the BOI report is covered at the 4 min︈ mark here:

 

[penguin]

Aren't Fincen‍ and IRS part of the literal exact same government department/agency? I can't see how this⁠ information won't be interchanged internally.

 

[EliasIT]

Is this a tax report? or about tax and‍ legal stuff? why it's posted here?

 

[JohnLocke]

right thread moved.

 

[Alexmorgan]

You can provide your registered agent now as your company address

Congratulations problem solved

 

[atlantic]

Where do you have this information from? Is there any official‍ announcement?

 

[Alexmorgan]

My registered agent just informed me today about this

 

[anda valacco]

Who is your registered agent?