I did it in January and will have to do it again soon!

In March. It was pretty easy but I had my attorney file it anyway just to be sure that I did it right.

Hmm, I don't even know what that report is, so it's safe to assume that I have not filed it, haha.

One great thing about working with a big firm is that we have people who handle this for us so that we can concentrate on selling real estate.

Thank you for sharing this here, Lynn. Yes, I have filed mine. One word of caution is when you do a 'BOIR filing' search on Google, the sponsored sites CHARGE you to file this. 

BE SURE you are on the Treasury Department website to file your BOI Report.

I'll have to check with my husband. His job is to maintain my books and legal status.

What is a Beneficial Ownership Information Report (BOIR)

As of January 1st, 2024, owners of U.S. businesses are required to comply with new rules set out by "The Corporate Transparency Act (CTA)". The CTA is a federal law that requires business entities to report details about their ownership to the Financial Crimes Enforcement Network (FinCEN). Failure to file your BOIR before the deadline will result in penalties of up to $500 per day.

When is the deadline?

The deadline for filing your BOIR is January 1st, 2025. To avoid penalties, make sure to file your BOIR before this date to avoid penalties.

Am I exempt from filing?

Certain entities are exempt from filing the BOIR. These include:

• Publicly traded companies
• Non-profit organizations
• Entities that employ more than 20 people and have reported more than $5 million in gross receipts and sales to the IRS

Like Michael Jacobs retired and no longer in the business. 

There are advantages of no longer being active in the business.

Under the Corporate Transparency Act, reporting companies must to file beneficial owner information reports unless they qualify for one of the exemptions listed in the act.

Domestic reporting companies are corporations, LLCs, limited partnerships, and other business entities created by filing documents with the state secretary of state or similar office, or with a Native American tribe. Foreign reporting companies are businesses formed in a foreign country that have registered to do business in any state or with a Native American tribe.

Sole proprietorships and general partnerships are not reporting companies and don’t have to file a BOI Report.

Nope. As a sole proprietor, I don't need to file a BOI Report.

Thank you for the reminder, Lynn, I almost forgot and it's a $500/day penalty if you're late!

Thank you Roy Kelley for the definition. And Lynn thanks for the reminder. Soap Box Alert: It would be helpful if posters kept readers in mind by either avoiding unclear terms or defining them clearly. That way, their posts could be more inclusive and accessible to everyone.
Acronym overload is real! 🤓 Even with an S-Corp, which I do own one,  it’s easy to get lost when so much of it is alphabet soup. It can be a bit of a guessing game, especially when you’re busy focusing on the work itself and I rely on experts (like attorneys) to manage the nitty-gritty details.

Mine was filed earlier this year by my accountant. This is a good reminder for everyone, thank you Lynn B. Friedman CRS Atlanta, GA 404-617-6375!

All matters of business are taken care of in a timely manner, Lynn B. Friedman CRS Atlanta, GA 404-617-6375 

Thank you for reminding the AR community of the importance of filing the report and the deadline. 

Lynn B. Friedman CRS Atlanta, GA 404-617-6375 

I took care of it in January.

   Hi Lynn B. Friedman CRS Atlanta, GA 404-617-6375 

     Excellent post, and a much-needed warning.  I am stunned at how many Realtors (and others) have not heard of this, or think that it does not apply to them.

     Under the guise of "transparency", this will be one of the largest money grabs in American history.   But what choice do we have?  Comply, or face the serious consequences that you mention in your blog.

    My real estate business is presently a sole proprietorship, so I don't need to file on that.  I am CEO and COB for an incorporated Christian church, but we are a non-profit, so I don't need to file for that, either.

I am glad that this is one bureaucratic requirement that does not apply to me since I have no involvement in any business entity which is required to file.

Lew Corcoran sums it up well for me.  Not required for how I do business.