Has anyone done their BOIR filling for 2024? apparently it’s something that the IRS needs for 2024 for LLCs and corps ? Any help will be appreciated
Yup, did it a few months ago.
Yes. Within a few days of starting my LLC I went ahead and did it. I don’t care at this point. they have all of my information anyway. The problem is that we all know there is a FEE coming. Might be a few years, but it’s coming.
Do you remember the wedding you used to submit it ?
I’ll wait until the appeal is ruled on…
Edit:
Fixed link
Every single appeal I’ve seen has already been squashed (I can’t read the full article you linked, but looks like it’s only for Alabama?)… I don’t see this getting overturned, let alone anytime soon… but knock on wood or whatever the saying is.
You might be right.
But I’ll wait until November / December to see what happens.
I’m not a fan of the government seeming to target small businesses. And the penalties are crazy for noncompliance.
And they need to do a better job of getting the word out. I only know about it because of this forum. But there are a lot of washers (let alone thousands of other industries) that aren’t in forums and have no clue about this.
Here’s another article on it:
I agree the word has spread slowly, but it is spreading. My accountant told me about it very early on in the year but we talked about both the DOJ and AICPA trying to appeal it… my bank just notified me of the need to file this past week… so word is getting out. If they are running a legitimate business (aka have a business bank account) they should be notified from them before the deadline… if they aren’t running a legit business they most likely aren’t worrying about this.
of course a week after we do it…
My CPA just put out a PSA to remind all small businesses they need to file, regardless of court order
I’m waiting.
Whats the hesitation?
I don’t blame him one bit, the less the government has information on normal people the better
^^^This.
Government overreach.
Government red tape.
Silly requirements like this.
If they really need us to fill out the form in order to enforce what they say it helps them enforce, we’ve got bigger probs.
I’m gonna send them a form to fill out for failing their umpteenth audit for budget and see how that goes
Uhm… all the info they are collecting is info that you should have already given out when either getting a drivers license, registering to vote, and forming a business… It’s not like any of that info isn’t already accessible if someone or the government wanted to find it. Filing out the form just enters it into their system so they don’t have to connect the dots.
This is the biggest complaint I’ve heard, but I just don’t see it… all the info they are requesting you’ve already given out when forming your business. The process takes all of 5 minutes and doesn’t cost you anything to file… not much red tape. Maybe it’s a cash grab with penalties, but again enforcement, like much in government, isn’t going to be efficient. Regardless, the appeal is more then likely going to get overturned like every other appeal prior, and if it doesn’t it sounds like it will only apply to the state of Texas.