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?
... 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.
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.
Does this also require not for profits to file?
Same here, my buddy who’s a lawyer gave me a heads up a month ago and this is my reminder to get it filed.
Even though it’s totally unnecessary and a perfect example of what Vivek described as a runaway bureaucracy “finding things to do”.
Let’s hope this is on Elon’s list of nuts to cut.