Posted on 11/11/2024 7:22:30 AM PST by IC Ken
I was never informed of this till I received an email from my accountant. A new Federal filing requirement for all incorporated and limited liability companies must be filed on or before December 31, 2024. Called the Business Ownership Information (BOI) report with the U.S. Department of the Treasury Crimes Enforcement Network (FinCEN). Disregarded entities are also required to file.
Penalties for failure to file are $591 per day! You can also face an additional $10,000 criminal penalty and up to two years in prison.
Please see the attached pdf. The link below is the site to register.
https://www.fincen.gov/boi-faqs
This is one of those things I was hoping Trump ight stop. It is totally unconstitutional.
You are not alone:
With less than two months left for most small businesses to file beneficial ownership information (BOI) reports, the Financial Crimes Enforcement Network (FinCEN) has received a fraction of the expected 32 million reports, a FinCEN representative said Thursday during the AICPA’s Town Hall.
....
“This past week, we’ve crossed over 6.5 million filings,” Lam said. “Now this is tracking more closely towards new businesses that have been created this year.
Does it cover S-Corps or single proprietorships?
Were you aware of this? If so how did they let you know of it?
I know it is required for S corps. I am not sure of the rules.
... been in the news this year.
looks like I will change my plans to change my business to an LLC.
No, unless a sole proprietorship was created (or, if a foreign sole proprietorship, registered to do business) in the United States by filing a document with a secretary of state or similar office. An entity is a reporting company only if it was created (or, if a foreign company, registered to do business) in the United States by filing such a document. Filing a document with a government agency to obtain (1) an IRS employer identification number, (2) a fictitious business name, or (3) a professional or occupational license does not create a new entity, and therefore does not make a sole proprietorship filing such a document a reporting company.
This makes no sense to me.
If you form a corporation or even an LLC, you have to file with the IRS for a taxID and you are required by law to keep statutory representative on file with the state where the entity was formed. So it’s already illegal and basically impossible to form a business without ownership being known
TRUMP NEEDS TO HALT THIS———YESTERDAY
The Dims’ new 87K IRS workers are at war with small businesses.
https://www.wolterskluwer.com/en/expert-insights/corporate-transparency-act-ruled-unconstitutional-what-it-means-for-beneficial-ownership-reporting Limited in scope but writing is on the wall. It’s dead, Jim.
Note: My previous post is NOT legal advice, just my personal opinion.
I wonder how many of them actually got hired?
It wouldn’t surprise me if most of the money allocate to their hiring disappeared down to Rat consultants.
Does this also require not for profits to file?
I got an email from one of those “Give us $2,500 and we will file this for you” companies. Of course, it is free online and takes 10 minutes.
FinCEN says they will have less than 10% compliance on 1/1/2025 as there is no outreach program to let people know.
Yes. Few companies are exempt.
I filed the required BOIR but opted out of the FinCEN which was shown as optional.
Not really. The FinCEN BOI requires ALL owners of 25% or more or anyone who can make decisions to be registered.
States’ Secretary of State corporation filings only require a single point of contact. (registered agent)
Still, I see this as unconstitutional as it says the States no longer make corporations since the federal government has oversight, not to mention it is a 4th amendment issue.
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