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, Well, it’s been an interesting start to the year here in Los Angeles – to say the least. The wildfires that have decimated several neighborhoods here have impacted pretty much every Angeleno (yes, that’s what we’re called) in some way. We ended up evacuating last week – and while our neighborhood ended up being relatively unscathed, save the lingering air quality issues – it was nonetheless jarring. Of course the events are tragic and my heart goes out to those who have lost so...
Hello Reader, I hope you’re enjoying your holiday season! I realize it’s painfully cliche – but how is it possible that this year is almost over?! For me, the year has really flown by. Time flying isn’t necessarily a bad thing… but it has prompted me to reflect on how I’m using that time. What’s truly important to me? What activities do I want to spend more time doing? What things do I want to spend less of my limited time and energy on? I’m not huge on new year’s resolutions, but I do want...
Hi Reader, It’s a time of year many of us will be getting together with loved ones we don’t see that often. Which makes it a great time to consider whether your beneficiary designations are up-to-date! What is a beneficiary designation? 🤔 A beneficiary designation designates who should get your account assets if you pass away. That person is the beneficiary of your account. Usually you can just fill out a form online through your financial institution. By doing so, you are creating a...