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If you own your boat in an entity: New(ish) FINCEN BOI Reporting

Discussion in 'General Yachting Discussion' started by LuvBigBoats, Dec 25, 2024.

  1. LuvBigBoats, Dec 25, 2024
    #1
    LuvBigBoats

    LuvBigBoats Member

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    Just a PSA with the usual caveats about not giving legal advice, etc., if you own your boat in an entity you should figure out pronto whether you need to file the BOI statement with the Financial Crimes Enforcement Network. For most companies the deadline was recently extended to 1/13/25. https://fincen.gov/boi

    I just filed mine even though the whole thing irks the hell out of me.
  2. gr8trn, Dec 25, 2024
    #2
    gr8trn

    gr8trn Senior Member

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    Maybe this stuff can go away with DOGE, that would lessen the irks:)

    I filed for my professional corporation, my boats are not in an LLC, but this is a good reminder for those who are.
  3. rtrafford, Dec 26, 2024
    #3
    rtrafford

    rtrafford Senior Member

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    You form an entity and obtain EIN with your ID as responsible party. You file tax returns as responsible entity. Your entity provides K1 reporting your role and responsibility. Department of Redundancy Department.
    gr8trn likes this.
  4. Norseman, Dec 26, 2024
    #4
    Norseman

    Norseman Senior Member

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    Yup, my boat is owned by my LLC and I filed with the EIN.
    No problem but I keep getting the threatening junk mails suggesting I do BOI with them or go to jail.
    gr8trn likes this.
  5. rtrafford, Dec 27, 2024
    #5
    rtrafford

    rtrafford Senior Member

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    Correct. We all have to file BOI reports for all entities. It's redundant and absurd. It's also a PIA if you have several entities. They'll fine you if you miss one, and their proof of filing provided doesn't even show the entity name on it as evidence of compliance.
  6. Norseman, Dec 29, 2024
    #6
    Norseman

    Norseman Senior Member

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    Hmm, I better double check my filing to make sure it is clean and can pass muster, didn’t pay much attention..
    Had more than one LLC in the past, but downsizing now, only kept this LLC for my recreational boat, not only for Limited Liability but also it may be easier to sell the boat later without the buyer having to pay Florida Sales Tax.
    (Sold the previous boat out of the LLC as the buyer was nervous and afraid of taking over old LLC problems or debt and he was willing to pay $6k to sleep better)