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Finance BROs Network (FBN)
Economic Empowerment & Self Development Strategies For All
Finance BROs Network (FBN)
S3 E7 “Special Holiday PSA” - New BOI Corporate Filing Mandates
Ready to sidestep hefty fines and potential jail time? Tune in as Anton Leftwich and Michel Dupoux equip you with vital insights on the Beneficial Ownership Information (BOI) filing requirements mandated by the Corporate Transparency Act of 2021. We unpack the critical need for compliance if you own an LLC, S-corporation, or other registered entities, particularly those set up prior to January 1, 2024. With the deadline looming on January 1, 2025, ignoring these new rules could cost you dearly. Plus, learn about the 23 company types exempt from this filing, like large operations boasting more than 20 employees and $5 million in reported revenue. This episode aims to demystify the process and highlight its importance in promoting transparency.
Don't let the fear of penalties hold you back. We make the BOI filing process clear and straightforward, ensuring your information remains confidential and only accessible to six authorized entities—not the public. Filing through the FinCEN website is free and takes just minutes, providing you peace of mind and a path to business growth. Our motivational call-to-action encourages you to act now and stay connected with us on platforms like Apple Podcasts, iHeartRadio, Spotify, and at our home, on HHN TV. As Thanksgiving approaches, we express our gratitude for your support and remind you to stay proactive and positive in your business endeavors. Join us in securing your financial success and compliance, all while avoiding unnecessary stress.
Learn more about the FBN initiative and get access to all social media platforms at https://linktr.ee/fbnlinks
First and foremost, we want to be clear that what we are sharing with you are strategies and concepts that can be implemented by individuals who understand the logistics of how to approach such platforms as far as the literal, the mental and spiritual format needed to be successful with your aspirations what's up world?
Speaker 2:you're tuning in to fbn and this is another episode of Finance Bros Network. I am the one half of finance, Anton Lefwich and this is Michael DePoe.
Speaker 1:the other half and we are coming to you live with finance for everyday people. We are honored to be here and to be able to serve diverse communities as usual. Yes, sir.
Speaker 2:I keep wanting to come in. I'd be like the other half in the spirit of hip-hop of course right, right uh, mike you know, I'm, you know, of course I'm gonna let you take the lead on this one brother, because you really came with some valuable information this week for our wealthy.
Speaker 2:As we said, we had a special psi public service announcement to bring to y'all. Uh, before mike gets into that, I just wanted to say you know happy things. Well, we wanted to say happy Thanksgiving to the world, and all our wealthy is out there. This week coming up is going to be Thanksgiving. I know a lot of people are going to be taking a week off with their families and we're going to do the same, so there will not be an episode next Saturday. But following that, we're going to get into the Christmas holidays and we're going to come with some episodes in December and then we're going to probably wrap it up with about 12 episodes for the season before we start coming with our vodcast the TV show for HHN in mid-February, early March, right, right, right. So, mike, you want to kind of give them a little intro what we got going on here.
Speaker 1:So, definitely, this is breaking news everybody and this is why we're doing this public announcement and this is for all our wealthians and everybody else who hears us. This is really important. We felt that we needed to bring this information to you guys. So, people who have, or wealthians who have LLCs or S-corpor corporation, you must file for a BOI. You say, what is a BOI? A BOI is beneficial ownership information. That's with FinCEN, and FinCEN is the financial crime enforcement network of the United States Treasury Division. So this is from the Treasury Department and they have put this in place.
Speaker 1:This was a law that came about from the Corporate Transparency Act in 2021. So this law was put in in 2021 and passed okay by your congressmen and your senators, and everybody above passed this law. So here's how it's broken down, okay. So just FY, llc means Limited Liability Corporation and S-Corporation is Subchapter Corporation. A lot of people don't know what the S is and now you do it's Subchapter Corporation. That's what the S-Corporation means. So, going back to the Corporate Transparency Act in 2021 that was passed and it says if you have an LLC or an S corporation or any other registered entity so let's say, you come from a foreign country and you do business in the States and you have an entity registered in the State, this is applicable to you also. So here we go. If you created an entity before January 1st 2024, you must file for a BOI by January 1st 2025. With its registration.
Speaker 1:Some of us only got a couple weeks hey hey, you know, wow, and just FYI, if you filed an entity from January 1st to well, january 1st, 2024, you have 30 days. So hopefully, because we are well into 2024, hopefully, when you filled out this entity, somebody said, hey, you need to file with FinCEN for the BOI Because with after 30 days, we're going to go over all the penalties that could accrue. We're going to go over all the penalties that could accrue. But, anton, can you just give them the breakdown of the entities that are exempt from this filing? Absolutely.
Speaker 2:So there's 23 types of companies that are exempt from filing the BOI. Okay, it's funny how they're protecting the money Watch. When I read this list, you're going to be like oh okay, I see where they're protecting the money Watch. When I read this list, you're going to be like, oh okay, I see where they're going. So the 23 types of companies that are exempt are as follows Security reporting insurers. Governmental authorities. Three banks. Four credit unions. Five depository institution holding companies. Six money services businesses. Seven brokers or dealers in securities. Eight securities exchanges or clearing agencies. Nine other exchange act registered entities. Ten investment companies or investment advisors. Eleven venture capital fund advisors. Twelve Seven Venture Capital Fund Advisors. Twelve Insurance Companies. Thirteen State Licensed Insurance Producers. Fourteen Commodity Exchange Act Registered Entities. Fifteen Accounting Firms. Sixteen Public Entities. Seventeen Financial Market Utilities. Eighteen Pooled Investment Vehicles. Is that 18 or 19? That was 18. Yeah, 18. Nineteen, is that 18?
Speaker 1:or 19? That was 18.
Speaker 2:Yeah, 18. 19 tax-exempt entities, 20 entities assisting a tax-exempt entity, 21 large operating companies, 22 subsidiaries of certain exempt entities and 23 inactive entities.
Speaker 1:All right yeah.
Speaker 2:And please note that if your company is one of these, then you do not have to file.
Speaker 1:And just FYI, the large operating companies. What does that break down to pretty much. What criteria is that considered?
Speaker 2:Large operating companies. I believe it's more than 20 employees.
Speaker 1:More than 20 employees and more than 5 million, 5 million, yeah, and reported, reported, reported meaning on their tax return Right right so if you don't have more than 20 employees and $5 million reported on your tax return, you are not considered a large operating company.
Speaker 2:I'm sure that's because they know they can find you already Already exactly with that kind of money.
Speaker 1:And so here it is. Ladies and gentlemen, Just in case you think, well, all right, what is the big deal with filing this? Well, here's what the government, the federal government, has put together as penalties if you choose not file, if you have an entity and you filed for the entity before January 2024. Okay, so you have until the 1st of next year. If you don't file this BOI, this Benefit Ownership Information, this benefit ownership information, beneficial ownership information form, you will be fined $591 per day $591 what? $591 per day? Per day? Up to $10,000.
Speaker 1:And if you still didn't file your benefit, beneficial ownership information, as I'm saying the whole thing, so it can really get into your head. And if you don't do it, even after that, you will go to jail for up to two years. They putting people in jail. They're going to put you in jail, man. So you know, if you wondering if, if you should file on that, this should be the reason why you should file this and listen, DM us, ask us any questions you want us about this, because we want to make sure our wealthy and the people that are hearing this do not get caught up with this. This because it sucks to have to pay $591 a day. It sucks to pay up to $10,000. And it really sucks to be in jail for up to two years if you just don't file this.
Speaker 1:It takes five to ten minutes, but go ahead. Yeah, I don't think nobody wants to do that, and there are six entities. So now you may wonder well, okay, I did this for an anonymity, where people can find me, like in Delaware, las Vegas, wyoming Now people are going to be able to find me, but there's only six people that are allowed to pull from this. So what are?
Speaker 2:those six entities. So it's not necessarily like your information is just out there all over the place. All right, if you're worried about your information being out there. There are actually only six entities, like Mike said, who can request your BOI report after you file with FinCEN. Okay, number one is going to be federal agencies engaged in national security, intelligence and law enforcement. All right, pretty serious stuff. State law enforcement. Number two, with a court order by the way.
Speaker 2:Number three is the US Treasury Department. Number four is financial institutions who have your consent. Number five is government regulators of financial institutions. And number six is foreign authorities requesting information through a US agency. Foreign authorities requesting information through a US agency. All right, so these are some pretty serious organizations if it's coming down to something like that. But you know you're filing this. Oh, by the way, mike, I think we should tell them too that one of the places they have some parameters in place so people can make sure they go and get this done. They're not making it hard to do. Right, with the research we did, this can all be done If your company is structured, complex, has some type of complex structure. Maybe it'll take a little bit longer, but typically this type of exercise should be able to be done within five to ten minutes. You can go to FinCENgov and file for free. It's not like it's costing us any money to do this.
Speaker 2:It's one of the places. There's other places you can go and do it too, but directly on the finson website.
Speaker 1:That's a right, obviously. That's a reputable place we can all go to do that. And just a quick review we want to make sure that you remember the 23, uh, um, type of entities. I would urge we're not going to re-mention it again but go look it up, uh, to see if your company is an exception from filing this. And again, there's six entities that can pull it up and one of them remember it says the financial institution who you have given consent. So that could be like a bank or any type of hedge fund or financial entity that you say okay, and I'm pretty sure they'll have forms and you'll know what you're filling out to say, okay, this is the person who's a membership, who's a member of this LLC or S corporation.
Speaker 1:Right. So we just want to make sure that everybody's aware of this and we felt it was important to bring this, but we also want to give them the breakdown on it like we always do in every show, right we?
Speaker 1:know you guys are going to go have a great holiday, but we want to keep this in mind. So here's the literal. The literal is take five to 10 minutes, do it now, or go to jail or pay. That's the literal. That's what's gonna happen. Yeah, like we felt strong enough to come out here and and do this podcast because we don't want people getting hurt, because pretty much what will happen?
Speaker 2:people will get hurt that's the first thing I said to you. Like when you told me about this. I said, bro, a of people going to get hurt by this because they don't know Exactly and nobody's out here educating them and trying to get this information to them so they can not only just hear about it but understand and believe it, because they're not playing around about this, they're not.
Speaker 1:They're not. And the mental part if you don't do the BOI, mentally you're going to worry about your bank account being tapped. Imagine $591 a day. If you didn't file up to 10K, you could lose 10K. Even worse, you can go to jail. God forbid. You go to jail yeah, you know so mentally or they'll put out a warrant for your arrest to go to jail. Do you want that in your head? That's the last thing you want to deal with. That's the last thing you want to think about. So, mentally, you don't want this to be falling on you. So make sure you go file.
Speaker 2:Yeah, yeah and, of course, spiritual Mike. Obviously it's just very simple as well. But getting your BOI done, be worry-free. Don't have to not be worry-free, not having to think about it, and grow your business with a peace of mind.
Speaker 1:There you go.
Speaker 2:Period Point blank.
Speaker 1:That's it. That's what it is.
Speaker 2:And you know, mike, we always want to, we always want to encourage, be on a positive note. You know we study that here at Finance Bros. So again, we're reiterating this information is everywhere. Yes, the filing part is easy to do. A lot of us only have about 45 days to go and take action, but it's so, so simple. There's parameters in place, there's websites that have been developed just to get on there and file the information and just be done with it, be able to put it down and keep looking forward. So let's not think of it as a big deal. Let's just all be informed, let's go do what we got to do and let's keep it pushing.
Speaker 1:Yeah and listen. If you really can't have, if you don't have five, ten minutes, find somebody, Because when you're in jail you have all the time in the world, you ain't got five minutes left. You ain't got five minutes left. You will have it later. So and that brings keeping the spiritual aspect of course we had to have a t-shirt for this.
Speaker 2:Of course I love this t-shirt.
Speaker 1:We went through a spiritual uh uh route on this one.
Speaker 2:We stayed in the spirit we stayed in the spiritual.
Speaker 1:we went to the bible, ladies, and yes, yes, finance went to the bible. Yes, finance has to do with the bible. Yep, it was a luke, chapter 12, verses 2 and 3, and I'll, we'll just paraphrase this for the t-shirt Basically, it says what's done in the dark will come to light. That's short and sweet, short and sweet, very succinct.
Speaker 1:So if we got to make these t-shirts before January 25th, before January 2025, I mean so January 1st 2025, if we have to make those t-shirts for everybody to wear them, so you don't go to jail. We will do that. I'll rock the. Luke 12 shirt Mike so Luke 12, verses 2 and 3, paraphrasing what's done in the dark will come to light, amen brother.
Speaker 2:Hey, we not gonna hold you guys. We already said we gonna keep it short, we gonna keep it sweet, not gonna hold you guys. We already said we gonna keep it short, we gonna keep it sweet. Wanted to bring you guys this valuable information, this public service announcement. Drive it home fast, drive it home hard, put in your guys' hearts. Let you go out and take action with it. Obviously, you know how to find us, check us out On all our social media Podcast platforms DM us, apple Podcasts, iheartradio, spotify. Obviously, you know to check us out at our home on HHN TV. But come look us up, come find us if you got more questions and you already know. As usual, I appreciate, you Don't go to jail.
Speaker 2:Hey, you already know We'll see you at the bank. Peace y'all, take care world.
Speaker 1:Thank you, thank you, thank you for watching.