What is BOIR?

Federal Government Beneficial Ownership Information Reporting.

Is it Required? For most companies, YES!

Is there a deadline? YES. Talk to your CPA or do your homework..

Are there fines for not doing it?. YES. $500 per day.

Does it affect Real Estate Agents? Yes. Not all, but many!

What is it?

The Federal Government is building a searchable genealogy of all business entities which will include all of the people that benefit from the business entities in any way. It will expose anyone that benefits from transactions. For example, it will no longer be easy to hide who benefits from shell companies, which in the past were not transparent. 

We highly recommend that you learn about BOIR filings, if you are required to do a filing, and when your deadline is coming up. DO NOT DELAY. Learn about BOIR or call you CPA so that this does not disrupt your business. We are sending this new item as a heads up with a strong suggestion that you make sure you get your filing take care of right away. Unfortunately, we cannot answer questions about this. Please consult your CPA or the resources below to learn more. But do it now. The deadline for many companies is at the end of December.

Resources:

Department of Treasury Official Site: https://www.fincen.gov/boi-faqs 

Official Government Site: https://boiefiling.fincen.gov/fileboir

Forbes Article on Beneficial Ownership Reporting 

Happy Holidays!!!

We hope you're wrapping up the last few chores you have to get ready for winter, and you can considering helping the Family Crisis Center wrap up a few gifts for families in need this Christmas.

Every year when the holiday season begins, Upper Valley Association of Realtors come together as an organization to help the Family Crisis Center. There are many families in need this year. We would like to help lighten their load and put some smiles on the face of a few children Christmas morning.

We kindly as that you consider doing one of the following.

1. Adopt a family and provide a gift for each family member. You can contact Jordan Cherrington at 208-403-7021 to learn more about becoming a secret Santa for a family.
   
   
2. You can visit our UVAR Family Crisis Center Holiday fundraiser page and donate whatever you can. A UVAR board member will shop for families based on donations received. We have a big goal this year or $5000, so every donation, small or large, will make a difference.

We know it is a tight year for many people, and we understand that you may have just a little to give, or a lot to give. Whatever your circumstances, we hope that UVAR will be able to bless the lives of a few families in need this Holiday season. Thank you!!!

Contribute To A Family In Need

PS, You can share this QR Code with your friends and family and invite them to share in the blessing of giving. It will take them straight to the donation page. 

Open Enrollment for 2024 Health Insurance Begun

Yesterday, Sunday, October 15

Learn More: IRHealthBenefits.com 

Health insurance is more affordable for Idahoans in 2024.

BOISE, Idaho – Open Enrollment for health insurance in Idaho began yesterday, October 15. Idahoans can enroll in 2024 medical and dental coverage through Your Health Idaho, the state’s health insurance marketplace. Enrolling is as easy as ever, with applying for a tax credit and health insurance on the same application. Within minutes, Idahoans will know the amount of tax credit they qualify for to cover someor all of their monthly health insurance premiums.

With rates for health insurance decreasing for 2024, Idahoans are encouraged to make sure they are taking full advantage of all the cost savings available to them, making coverage even more affordable. Over 88 percent of current enrollees receive a tax credit, and one in four pay $0 for their monthly premium. Many Idahoans also qualify for Cost-Sharing Reductions, which are only available on Silver plans. These extra savings help lower the cost of things like co-pays, deductibles, and out-of-pocket maximum; it's worth taking the time to compare the different plan levels and options.

“While prices for almost everything seem to be trending up, Idahoans will see decreases in health insurance in 2024. We hope all Idahoans who need coverage but don’t think they can afford it will take a moment to see what Your Health Idaho has to offer; they’ll be surprised at just how affordable health insurance can be,” said Pat Kelly, Your Health Idaho Executive Director.

All 12 insurance carriers will continue to offer plans through Your Health Idaho but with more choices: 154 medical and 21 dental plans are available. Every county has at least four carriers to choose from; most have six to eight.

“We are excited about the number of plans offered through Your Health Idaho for 2024, giving Idahoans more choices to find the coverage that fits their lifestyle,” said Mr. Kelly.,. “Idahoans new to Your Health Idaho will know within minutes of submitting their application the amount of tax credit they qualify for and can then shop for a plan.”

Open Enrollment only happens once a year, from October 15 to December 15. Idahoans currently enrolled through Your Health Idaho are automatically renewed for 2024. Those who do not enroll by December 15 will have to wait to enroll until next October unless they have a major life event like getting married, having a baby, or moving. Anyone who has not previously qualified for a tax credit can check again to find out if they are eligible.

For Idahoans who are unsure about how to enroll or determine if they qualify for a tax credit, Your Health Idaho recommends working with a certified agent or broker, many of whom are bi-lingual. These are local experts whose help is available at no cost. To find a certified agent or broker near you, visit YourHealthIdaho.org/find-help.

Now is also when Idahoans with unaffordable employer-sponsored coverage can enroll through Your Health Idaho. Certified agents can assist in determining if the cost of current employer-sponsored coverage is considered unaffordable. They can walk Idahoans through the process and answer questions.

Idahoans who want health insurance for the upcoming year must pick their plan by midnight on December 15, 2023. Your Health Idaho is urging Idahoans not to wait until the last minute to apply. Coverage for plans selected during Open Enrollment begins January 1, 2024.

###

Your Health Idaho is an online marketplace allowing Idaho individuals, families, and small businesses to shop, compare, and choose the health insurance coverage that is right for them. Your Health Idaho is the only place where Idahoans can find tax credits to help make health insurance more affordable. Your Health Idaho is governed by a 19-member board of Idahoans, including insurance agents, physicians, business owners, legislators, and non-profit representatives.

For more information, please visit www.YourHealthIdaho.org. You can also check us out on LinkedIn, Facebook, Instagram, and X.

This news brief was provided by UVAR Affiliate Hazel Webb at Churchill Mortgage. For more information about this story please talk to your lender or contact Hazel Webb at 208-313-7189 or visit her website.

Hey, guess what? The USDA, often known as RD, used to let people in Rexburg get special loans to buy homes. But now, they've said Rexburg doesn't qualify anymore. You might be wondering, "Why?" Well, the USDA has rules about what counts as a "rural" area for these loans. One rule is that the place can't have more than 35,000 people. Rexburg has more than that - in the last count in April 2020, there were 39,409 people! Back in 2010, there were only 25,484.

Worried?

You might be worried and thinking, "What does this mean for us now?" Well, the prices of houses and the rates you pay for borrowing money have gone up so much that many people wouldn't qualify for these USDA loans anyway, even if they were still available. It's not because they're overwhelmed with debt or anything. It's just that the USDA has strict rules about how much money you can make compared to how much you owe, and there aren't many houses in Rexburg that fit those rules. It's as simple as that!

There are other options!

But don't fret! There are other options, like FHA and conventional loans, that are easier to get. They even have assistance to help you make a down payment. So even though we can't use USDA loans in Rexburg anymore, it hasn't stopped us before, and it won't stop us now. We'll figure out another way to help you buy a home!

This news brief was provided by UVAR Affiliate Hazel Webb at Churchill Mortgage. For more information about this story please talk to your lender or contact Hazel Webb at 208-313-7189 or visit her website.

Just a reminder that Idaho State required E&O insurance is coming due.

The State of Idaho says: "Active status Idaho real estate licensees who fail to renew E&O insurance by September 30, 2023 at 11:59:59 p.m. MT will be in violation of the license law and will incur civil penalties and fines."

Here is the link: https://www.risceo.com/states/idaho/

If anyone is needing to get CE credits done soon, The CEShop is offering 40% off using this discount code until Aug 30.

Just go to https://UVAR.TheCEShop.com and use the code ROCKET40 at checkout. Using this url benefits you with the discount and the association gets a small affiliate fee.

We're doing home tour most weeks now. We'd love to have your listings on the tour. It's super easy to do.

Logging in the first time

First, make sure you're logged in to the portal. In the upper right had corner of your browser you'll see a link for log in. If it's your first time, click on forgot password and enter your email address. You may be asked to verify who you are via email or SMS. Once that is done, choose forgot password and submit the request. You'll get an email asking you to reset your password. Just follow the instructions and you're in.

Submitting a Home Tour Property

Once you're logged in, go to the main navigation bar and mouse over events. From the dropdown choose Home Tour Submission. Fill out the form and submit it. That's it. You'll be contacted when you property is added.

What's on the upcoming tour?

When you're logged in to the association portal, you will see a navigation item under events called Home Tour Round. On this page you'll see what submitted homes have been added to the upcoming tour. If you log in with your phone, you'll be able to see the tour address and click on them to automatically launch a map and driving directions.

If you have questions about these new services or the portal, you can give contact any of the board members.

Today the Upper Valley Association of Realtors under the direction of current president Valorie Blanchard, launched the new UVAR.org website. The website includes many features that will help the public, Realtor Members, and Affiliates get access to contact directories, event information, and news.

First Time Realtor Login

To log into the portal for the first time, visit UVAR.org and click on Log In at the top of the page. You'll be asked to verify who you are and then click on forgot password. Enter the password you use for your NAR registration and submit it. You'll get an email asking you to reset your password. Click the link and follow the directions. Once you log in you'll have access to the public and private links on the portal. 

New Affiliate Subscriptions

The website will now allow business that association members work with to join the association as an affiliate and be added to the affiliate directory. This will help Realtors and the public connect with the Affiliates we have come to know and trust. Affiliate subscriptions will be available starting August 7th. Affiliates will be able to post a logo, a description of their services, and contact information. Premium Affiliates will also be able to create a backlink to their website, and be given the opportunity to sponsor a Lunch & Learn, or other special event. This will help them get in front of more of our members.

We will be activating more features in the days to come.