Posted on 07/04/2024 8:38:54 AM PDT by piytar
FinCEN has prepared the following Frequently Asked Questions (FAQs) in response to inquiries received relating to the Beneficial Ownership Information Reporting Rule and Beneficial Ownership Information Access and Safeguards Rule.
(Excerpt) Read more at fincen.gov ...
Ugh, I goofed the link to “Related.” Trying again: https://www.youtube.com/watch?v=O6FAnawPZwU
Maybe send this out to your peeps? This is important information for small business LLC owners. It basically criminalizes owning an LLC unless you comply with this new federal government regulation. IOW, it’s an easy way to take down most people who run small businesses unless they are aware and comply like good sheep, maybe for example if they don’t have sufficiently woke or leftwing views? More lawfare now directed toward the rest of us. As many here have said, if they can take down Trump, they can take down YOU. Well, here’s the tool they can use if you have a small business LLC and don’t comply.
To add:
K. 2. What penalties do individuals face for violating BOI reporting requirements?
As specified in the Corporate Transparency Act, a person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues. However, this civil penalty amount is adjusted annually for inflation. As of the time of publication of this FAQ, this amount is $591.
A person who willfully violates the BOI reporting requirements may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000. Potential violations include willfully failing to file a beneficial ownership information report, willfully filing false beneficial ownership information, or willfully failing to correct or update previously reported beneficial ownership information.
if the entity was formed before January 1, 2024 then the first report will be due January 1, 2025. If formed after January 1, 2024 then the report is due much sooner.
Don’t you just love Central Planning?
this is gonna create a lot of under the table talent.
most llc’s are hq’d in Delaware.
i’d hate to be the bookkeeper these days!
(all my training was paer and ink).
Just got a new CPA shortly after this was announced. He wasn’t even aware of it. I hope President Trump stomps this into the ground. I don’t suppose Chevron would apply here?
“Just got a new CPA shortly after this was announced. He wasn’t even aware of it”
Many are not aware.
This will drive up the cost of even just forming an LLC, etc. The person filing the LLC with the state, attorney, CPA, secretary may also need to provide the Feds info. The info asked for is very intrusive.
Great question. Have a lawyer friend looking into this out of curiosity. She is not involved in any way. Just interested in discussing the issue.
Her initial review is, “maybe.”
Trying to pin a lawyer - esp a good one - down on a particular legal issue except for a client is like trying to catch a pig covered in grease.
BTW she is firmly on our side. Not all lawyers are leftscum jerks.
PS She is a lurker. Never posts.
Oh to add: it’s complicated. That’s an assessment based on my own research and hers.
Reporting beneficial ownership interests is not new, and don’t you think business owners should be responsible for knowing the legal requirements of the entity they formed, or have adequate legal representation to advise them of same? Also, the link provided states that FinCen has an outreach program to advise LLCs of new requirements.
What you are not aware of is how a foreign-based intelligence operation penetrated our political world, used that toehold to get into the intelligence community and take that over, and is taking over the United States. Intelligence is how it is doing it.
If you have kids in public school, it is watching them, and has actually had its agents deploy their own children to gather intel on them for the files. Every child has a file. And if they are found to be too “good” in nature, and are not corruptible, and are doing too well is school, and might one day rise to a position of prominence where they were not corruptible, that domestic intel op will send those kids in to derail your child. Derailing could be anything up to rape for girls, or hooking on drugs, or molestation.
I have seen this op with my own eyes. You can see the ground surveillance in the link in my tag line. It is full blown east German Stasi crap, and it has recruited a raft of American traitors all throughout society who are willing to burn us all for their thirty pieces of silver from the op.
If you learn how things work, you are going to view the government as an enemy, and want to keep them as in the dark as possible.
Thank you. I’ll have to act on it because it’s going to happen before DJT is sworn in.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.