Filing your BOI Report with FINCEN - a New Requirement for LLCs/PLLCs starting in 2024

March 4, 2024

Hi there,

This is a new federal requirement - in 2024 - for anyone who has an LLC / PLLC.

Good news! It’s actually simple and quick and free.
It just looks kinda scary. (And some people in social media try to make it look scarier than it is to get your attention, and try to get money out of you.)

Short Story

You just have to log in, and provide the government with information about your LLC/PLLC and the people who own it. That’s it!

Some Details

The requirement includes filing a BOI Report. This stands for Beneficial Ownership Information. You might also see the acronym BOIR, where the R stands for Report.
If you registered your LLC/PLLC before January 1, 2024 … then you have all year to get it done! For you, it’s due by January 1, 2025
If you registered your LLC/PLLC this year, in 2024 … then you need to complete the BOIR within 90 days of registering your LLC/PLLC.

More of the Story

…Some people use LLCs to cover up criminal activity. So a branch called the Financial Crimes Enforcement Network (FINCEN) is tasked with getting info on all the LLCs/PLLCs and their owners, to verify legal activity. And look for the criminal activity.

Filing your BOIR

Get prepped:
It’s easy … you’ll just need:

The EIN for your business (or social security number if you don’t use an EIN)
A photo of your Driver’s License or Passport

The process takes 10-20 minutes. (More if you like to read, and re-read instructions!)

Links:

To File Online - Click here
For helpful walkthroughs and screenshots - Click here

ProTips

Question 16 looks a little confusing at first. They’re basically asking if your LLC/PLLC existed before January 1, 2024. If yes, they refer to it as an “Existing reporting company”. If you click Yes to this, you can skip a whole section.
There are little “Need help?” prompts throughout, with more information.
At the end, they’ll offer you a PDF of the report to download. BE SURE TO DOWNLOAD YOUR TRANSCRIPT! Currently, this is the only way to get confirmation that you filed. You’re not able to do it later….
And/or record somewhere that you finished your BOIR. Later this year, there will probably be lots of scary looking ads out there … and your system might get activated. Then, when you remember that you did this, you can feel calm and victorious.

Wishing you a quick and successful filing.
Considering getting a little reward for yourself for dealing with this pesky chore!

♡ Jenny

How to Close a Business in Seattle

May 6, 2021

DRAFT FORM

Time to close up shop?
I’ve got you covered.
Checklist for download - coming soon!

There are two major things to do:
Alert all agencies - to close the business
+
Do the final tax reporting.

Part One - Alert all Agencies / Closing the Business

1 - IF Relevant to you - Close your LLC/PLLC

With the Secretary of State
Referred to as filing a “Certificate of Dissolution”

Paper form - click this link for the form (if this doesn’t work, search on the SOS.wa.gov site for “close LLC”)
Online - sign into the Corps and Charities Filing System. Look on the left nav for “Dissolution/Withdrawal” link. Search for your LLC/PLLC. Select yours, then follow the instructions.

2 - Close WA State Business License

With Washington DOR (Dept. of Revenue)
Referred to as “Close my Account”

Paper Form - Business Information Change Form. Mailing info on the form.
Online - sign into MYDOR. Click “Get Started” or navigate to your “Excise Tax Account” page. Scroll down, at the bottom, you’ll find a link for “Close License Account.”

3 - Close City of Seattle Business License

With City of Seattle
Referred to as “Cancel a License”

Paper - Write a letter, include this info (Name and phone number, Customer number, Legal name of business, Date business closed). Mail to: Finance and Administrative Services, PO Box 94689, Seattle, WA, 98124-4689
Email - Send an email with the info listed above, to: tax@seattle.gov
Online - Fill out an online form. Click here. If it doesn’t work, please call: 206.684.8484

4 - IF Relevant to you - Close your Account with King County

With King County Department of Assessments
Referred to as “Close Account”

Paper Form - Fill out the Advance Tax Request Form. Click here to download. Address on the top of the form. Need more help? Call 206.296.5126 or email: personal.property@kingcounty.gov

NOTES

• Have any special permits? Or licenses? Please contact the issuers of those to find out how to cancel.

• There is NO need to notify the IRS

Part Two - Final Tax Reporting

1 - Make final report to WA State

Due within 10 days after closing your license.

Note - Some of you file ANNUALLY, some of you file QUARTERLY. You will need to make sure that all reports are complete.

Options:
• Go onto MYDOR, log into your account. Navigate to: “Manage Payments and Returns”. Find all reports that are still due - and complete these. If you need help, call 360.705.6705.
• Call the DOR and ask them to help you. 360.705.6705.
• If you use paper forms, these will likely be mailed to you. You can call the above number for assistance.

2 - Make final report to City of Seattle

DUE - Seattle will let you know. Standard due date is by April 30th of the next calendar year.

Options:
Online - Sign into FileLocal to complete your annual report
Paper - You can request paper forms by emailing tax@seattle.gov or, make the request as part of the Online Form for canceling your license.

3 - IF Relevant - Make final report to IRS

If your business had any activity - whether you had a profit or loss, you will need to report it as part of that year’s taxes. If you are a Sole Prop or Single-Member LLC, then it is reported along with your individual taxes … on the Schedule C form. See this page for info on IRS taxes.

For example, let’s say Meghan closes her music business in June of 2021. She made a small profit of $800. Meghan will need to report her business info next year, before April 2022 along with her personal taxes.

If your business had NO activity in its final calendar year, then there is NO need to report anything with the IRS next April.

NOTE

• Final report to King County was covered earlier, with the Advance Tax Request Form
• NO need to do any financial reporting to the LLC / PLLC. (That is done through your WA state business license.)

Phew! Well done. Be sure to give yourself a nice reward for finishing this chapter - whether it was a short experiment, or on-going side gig, or a major career! It’s worth marking the change, and it’s important to treat yo’self for following through all the way to the end. Need some ideas? Click here for a Reward Menu.

• How to Renew your LLC / PLLC (aka make annual report)

February 26, 2019

If you have an LLC or PLLC, you must ‘renew’ it each year to keep it going. Officially, it’s referred to as making your Annual Report. It’s quick and costs about $60. It’s due on the anniversary month of when you opened it.

Some reminders

This is different than your business license. Your LLC / PLLC is a legal entity that you created. It has its own limits, responsibilities and protections. It’s separate from you (like an 18 year old child). It can only practice business if you keep it alive and it is properly licensed. To keep it alive is a legal issue (vs. financial), that’s why we’re dealing with the Secretary of State.

Basic Info to Renew / Make Annual Report

TIME: 2 - 10 minutes
COST: $60
DUE: On the anniversary month when it was formed
Frustration Factor: 4 out of 10
WEBSITE: ccfs.sos.wa.gov/#/
GOVT: Secretary of State
HELP: 360.725.0377

Summary

Set up a profile if needed. Log in. Double check that your name and address is filled in for every role (governor, registered agent, executor, etc.). Get to the end, pay $60. Mark off your Important Dates List (Annual, Quarterly). Reward yourself!

Why?

LLCs / PLLCs were originally created for groups of people coming together to do business. Each owner is actually called a Member. The annual report is saying, Yes, it’s still going. Here’s who is doing which role. With bigger groups, this matters! For a single-member LLC / PLLC, it feels a little silly because generally we serve all the roles! By making this report, we confirming that all this info is the same.

Steps - Screen shots below

1 Go to SOS.wa.gov
2 Click on CORPORATIONS in the Top Nav to open the menu
3 Find CORPS & CHARITIES FILING SYSTEM
4 Sign in ….or create a profile, then sign in when directed
5 Find ANNUAL REPORT on the Left Nav
6 Search for your Business using your UBI or Name
7 Select your name from the List
8 Confirm all your information, make changes or additions if needed
9 Review
10 Add to Cart and Pay
11 Optional - print or save the pdf for your records
12 Mark as done on your Important Dates List
13 Reward yourself!

Screenshots

Voila! All done for another year. Great job on getting another business chore finished. Having said that, I hope it was kind of fun and rewarding! Your work is still alive and kicking!

: ) Jenny Girl Friday

♥ ♥ ♥ ♥ ♥

P.S. Was this helpful? I sure hope so! If YES, please consider leaving a Tip in the Tip Jar. (Unless you’ve already given an Annual Donation.)

Have any friends with an LLC / PLLC? Forward freely!

Why tips and donations? I’m currently doing all of this work during evenings/weekends. It’s slow going to build this Apothecary on the side. With more funds, I can ‘buy’ more time each month to grow the collection faster. I’m hoping to some day earn enough so it can be a one-day-a-week job.

If NO, then send me your questions, or let me know where things are confusing. I’d love to clear it up for you and other folks! jennygirlfriday@gmail.com