☝️The most important thing to do after filing taxes
I hope you’re breathing a little easier now that tax day is behind you.👏
But before you break out the mocktail🍹and put your feet up…there’s one more thing.
Remember that you need to file a BOI Report if you own an:
- LLC
- LLP
- PLLC
- S-Corp
- C-Corp
- PC
- PA
- Or you’re a sole proprietor who filed a business license with your state.
While it’s not impossible to fill out the BOI Report on your own, people seem to be making 2 big mistakes.
Mistake #1 – Thinking “It’s super-easy!”
One of my clients told me “it was super-easy” to fill out the BOI Report “in 5 minutes”… which was great to hear.
Until I talked with her.
I realized quickly that she made a big error by not filling out the Company Applicant section – a section required for her (but not everyone!) to complete because of the date her LLC had been formed.
From talking with clients the past few months, I’ve discovered that the BOI Report is kind of like filing your own taxes… or doing your own Trademark Application.
It SEEMS super-easy to do on your own, but that’s because you don’t actually realize the mistakes you’re making. 😳
When my client missed an entire section of the BOI Report, she freaked out because she didn’t know how to correct it.
She asked, “Can I go back and edit my BOI Report after I submit it?”
I told her, “Yes. In fact, if you discover an error or if any of your personal or business information changes, you are REQUIRED to correct or update your BOI Report within 30 days.”
Then I showed her exactly how to correct it. 😀
Lesson learned: 👀 Things that look easy… aren’t always as easy as they seem.
Mistake #2 – Having a bunch of questions and just guessing about the answers.
When I held a live BOI Legal Master Class in February, during the 90-minute class, we got over 50 questions from participants.
Yes, 50!
How do I know? Because we captured all of the questions in the Zoom chat and wrote down every question someone asked during Class.
I shared some FAQs in Monday’s blog so be sure to check those out.
Here are some more BOI FAQs to be aware of:
1. Can I start filling in a BOI Report and come back to it later if I can’t finish it in one sitting?
Yes. You would select the option at the start to file it as a “PDF”. You will need Adobe Reader installed on your computer to do so.
2. Do I have to file a BOI Report annually like an LLC Annual Report?
No. Only if your information changes, then you have to file an “updated” BOI Report.
3. How am I going to remember to update my BOI Report if my info changes?
The same way you remember to renew your driver’s license and file your taxes. You have to learn to do so and start remembering that this is a new requirement by the federal government.
4. What if I have multiple owners of my LLC? Do we each have to file our own BOI Report – or can we file one BOI Report for all of us?
You would file one BOI Report on behalf of your company and list all of the owners as beneficial owners on that same Report. One person can fill out the Report on behalf of all owners.
5. What if I have 2 LLCs? Do I need to file 2 different BOI Reports?
Yes, one for each LLC.
Can you see how it may get a little confusing or complicated? (Just like taxes or trademarks – LOL!)
Don’t worry… I’ve got you covered.❤️
I created a 50-Minute do-on-your-own-time DIY Legal Master Class to walk you through filing your BOI Report, step-by-step.
So that at the end of the Class, you can hit “submit” and be done!
Just “add to cart” for $97 here.
Lesson learned: Don’t guess. Get answers to your BOI questions BEFORE you file your BOI Report.
But what if you DO have questions?
💪 Easy. I’ve created a way for you to get answers.
If you purchase the Legal Master Class, you’ll be invited to a monthly Group Q&A Call starting this month (April through December!) to ask any question about the BOI Report.
You can come to any call you want – and as many calls as you want to ask your BOI Report questions.
I’ve tried to head off as many questions as possible in the Class, but you still may need some extra BOI support.
So if you run into any snafus, just save your work, join the live group Q&A Call, and get the clarity you need to complete your filing.
That’s it! 🎉
Click here for step-by-step support in filing your BOI Report – and also join me for the Q&A Calls.
And then grab that mocktail! (My fave is Sodastream seltzer water with lime and a splash of organic cranberry juice – and yours?)
Here’s what other people had to say about my Legal Master Class:
📣 “Grateful to you for walking us through the BOI Report! You made this make more sense.” – Kim H.
📣 “Thank you. I feel very relieved to have this done.” – Julie T.
📣 “I am so glad I got your email, as I would have never known about this BOI Report requirement.” – Kayla C.
