Hi there! I'm a financial planner for therapists! I help therapists navigate every element of their financial lives and make financial decisions with ease and confidence – both in your practice and your personal life.
Do this or get a $215k fine (not kidding) 😧
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Hello Reader, Remember all the talk of the Corporate Transparency Act and mandatory Beneficial Ownership Information (BOI) filings from the beginning of this year? No? You’re not alone! Surprisingly few business owners have completed the mandatory FinCEN filing. But this is something you want to take care of. If your BOI filing is late, you accrue a fine: $591 EACH DAY! 😧That adds up to over $215,000 in a year. Oh and there are also potential CRIMINAL penalties: a fine of $10,000 and two years imprisonment. 🙈 Who needs to complete the FinCEN BOI filing?Anyone who has beneficial ownership of an entity that was created by filing paperwork with the Secretary of States office. Translation: anyone with an LLC (or PLLC), Corporation (or Professional Corporation) and some forms of partnerships. If you operate as a Sole Proprietorship, you likely do not need to file. But if you have questions or are uncertain, best to check with a qualified attorney. Of course I’m not an attorney and therefore not an expert in regulatory compliance. But one attorney I know suggested “If in doubt: file.” That approach makes sense to me since filing is really easy and quick – and the penalties are disastrous. Step-by-step Video Guide on Completing Your Mandatory FinCEN BOI FilingThe easiest way to do this is in two (short) steps:
Want a video walking you through each step of completing the online forms? You got it! 👇 👉 Create your personal FinCEN ID Video Guide. 👉 Complete your business entity FinCEN BOI filing Video Guide. Links to the Online FormsIt’s quick and easy. (Really! Not kidding!) Personal FinCEN ID: Click here to complete. BOI Filing for each business entity of which you have beneficial ownership: Click here to complete. Go and get it done! 🏁Hit reply with any questions on the mechanics. Questions on the rules and complying: please, please, please reach out to a qualified attorney before you run out of time! Best, PS: Don’t forget about the FREE BUDGETING WEBINAR next Friday with Julie Herres & me! It’s 60 action-packed minutes you don’t want to miss. (Yes, we are gonna make budgeting fun & approachable – we really try to!!) |
David W. Frank
Hi there! I'm a financial planner for therapists! I help therapists navigate every element of their financial lives and make financial decisions with ease and confidence – both in your practice and your personal life.
Hello Reader, I like to think I pay pretty close attention to things like inflation. But it floored me recently when I found out inflation over the last six years has been 28%. I’ll repeat that for everyone in the back. 28%. Yup, that’s correct. Not a typo. You can check it out for yourself here. That’s kind of nuts. We tend to think of inflation as background noise — a little high one year, a little low the next, mostly irrelevant to the actual decisions we’re making. But 28% over six years...
Hello Reader, Two things I genuinely enjoy in my free time (which may say something about me): reading Buddhist books… and listening to investing podcasts. Recently, those two worlds collided in a way that really stuck with me. I’ve been re-reading The Wisdom of No Escape by Pema Chödrön. One of the core ideas she explores is that we often try to escape discomfort — and that doing so isn’t all that wise. It isn’t that the things we use to distract ourselves are inherently bad. It’s that they...
Hi Reader, If you’re a practice owner (or self-employed in any way), I’m guessing this sounds familiar: “I don’t really have time for a conference.” “The money feels hard to justify.” “I’m not sure the ROI is actually there.” I have that same reaction all the time. Getting on a plane. ✈️ Staying in a hotel. 🏨 Stepping away from work that already feels endless. 😥 It almost never feels like the right time. And yet — some of the most meaningful insights I’ve had about my business never would...