For the record and for reference. As we watch the democrats meltdown over DOGE...
They authorized the IRS to do the exact same thing to us.
And if you are business owner, don't forget the crazy little thing we had to do from FINCEN and provide our personal information to FINCEN just this past year.
Yet, they want to get crazy about DOGE?
So what did Jordan find out? This story is almost a year old.
BOI Report Deadline for Small Businesses: Supreme Court Rules But Requirement Still Held Up
https://www.kiplinger.com/business/small-business/boi-report-deadline-for-small-businesses
As of the start of 2024, small companies meeting certain qualifications were required to file beneficial ownership information reports (BOI) with the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). This requirement came as part of the 2021 Corporate Transparency Act.
However, there have been twists and turns to it in the last few weeks. Ultimately, as of January 24, 2025, the BOI report is still not required, despite a Supreme Court ruling.
Originally, the deadline to file the BOI report was January 1, 2025. In late December, that deadline was extended to January 13, following some litigation that may have slowed people down in their filings. Then on December 26, the requirement was put on hold as a result of a court decision. The latest action was a Supreme Court ruling on January 23, but even that wasn’t enough to force the requirement into action.
Some 32.6 million small businesses would qualify to have to submit this form, according to the government. That includes corporations as well as LLCs, and it is for those companies created or registered before January 1, 2024. Those that register after January 1, 2024, would have 90 days to file it, and those that register after January 1, 2025, would have 30 days to file it.
What’s going on with the BOI report deadline?
The National Federation of Independent Business has been fighting the BOI reporting requirement, calling it burdensome and an overreach. With several groups, the lawsuit Texas Top Cop Shop Inc. et al v. Garland et al has been ongoing.
In early December, a preliminary injunction was issued, stopping the requirement to submit a BOI report. But on December 23, the 5th Circuit Court of Appeals overturned that. So for a few days, FinCEN was requiring it, with an extended deadline of January 13 to give companies a little more time. However, on December 26, a different panel of the 5th Circuit vacated the December 23 order. In other words, it put preliminary injunction is back in place and BOI reports were again not required.
The most recent news was January 23, when the Supreme Court issued a ruling allowing enforcement of the Corporate Transparency Act. However, that ruling didn’t address a different national injunction. As such, long story short, BOI reporting is still not required.
FinCEN confirms this on its website (emphasis mine) with a note published Friday: “As a separate nationwide order issued by a different federal judge in Texas (Smith v. U.S. Department of the Treasury) still remains in place, reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s action in Texas Top Cop Shop. Reporting companies also are not subject to liability if they fail to file this information while the Smith order remains in force.”
It’s possible this will change again, whether through the next action in the courts or through a decision by the administration of President Donald Trump or other lawmakers. Just last week, Republicans in Congress reintroduced a bill to repeal the Corporate Transparency Act, calling it “a big government overreach.”
Do you have to file a BOI report?
If you have an LLC or otherwise a small, registered business, chances are, you would have to fill out this form if the injunction is lifted and it’s allowed to be required.
The rule would apply to small businesses — companies with more than 20 full-time employees or that have made over $5 million in gross receipts or sales over the previous year do not have to file this form. There are other exceptions, which you can find listed out from FinCEN here.
FinCEN’s basic flowchart says that if the company is a corporation, limited liability company, or if it was “created by the filing of a document with a secretary of state or any similar office,” there is a chance it qualifies as a “reporting company” and will have to submit a BOI report, unless it has another exemption.
If you’re not totally sure if your company qualifies, you should check with your CPA or another financial professional you work with.
I.R.S. Deploys Artificial Intelligence to Catch Tax Evasion
https://www.nytimes.com/2023/09/08/us/politics/irs-deploys-artificial-intelligence-to-target-rich-partnerships.html
Sept. 8, 2023
The Internal Revenue Service has started using artificial intelligence to investigate tax evasion at multibillion-dollar partnerships as it looks for ways to better police hedge funds, private equity groups, real estate investors and large law firms.
As part of its recruiting strategy, the I.R.S. has been looking to hire data scientists to develop new in-house artificial intelligence tools. Mr. Werfel said that the agency is also collaborating with outside experts and contractors on the project.
Last month, the I.R.S. said it had increased its full-time staff to nearly 90,000, a level not seen in more than a decade.
Mr. Werfel warned that additional cuts to its annual budgets would require him to redirect money meant for upgrading the agency so that it can carry out basic tasks, and that ultimately taxpayers would bear the brunt of it.
“My big responsibility here is to make the case to Congress and to the American people that if you fund our base budget, it will enable us to both keep the lights on and modernize — and modernizing the I.R.S. is good for everybody,” he said
That is a tiny drop in the bucket compared to the waste and fraud discovery by DOGE. This is about power and ideology, not underpaid taxes.
ALL, and I mean ALL the public and personal information of ANYONE in a political office, local, state, federal, must be put on line in a central location for anyone to view, that includes up to the second tracking and video. That should put an end to all this shit!