Business Owners Don't Forget

[Mandelon]

I know there was a previous thread, but Vin just filed his report and didn't want you to forget.


This is a reminder that you must file the Beneficial Ownership Report with the Department of Treasury Financial Crimes Unit (FinCen) by December 31 for all entities formed prior to January 1, 2024. For any entities formed in 2024 you must file this report within 90 days of formation. For any entity formed after 2024 you will need to file it within 30 days of formation.

This report is not an annual filing. You must file the initial report by the above due dates, AND going forward you have to file an update within 30 days of any change to the information in the report. The Department of Treasury has set the penalties at $591 a day filing late.

The filing of this report has nothing to do with your tax returns or anything that gets filed with your tax returns. It is a separate filing with separate filing deadlines as outlined above.

Because of the threat of such large penalties, make sure you comply with these deadlines. This law is quite burdensome to the over 40 million small businesses in the country, and in fact, the government passed the law with no provision as to even how to notify all of those entities of the filing requirement. We had hoped by now that the law would have been challenged and repealed, but now we are getting to the end of the year and the law is still in force and needs to be dealt with, so make sure you go online to file the report at https://fincen.gov/boi

 

[hawgty55]

What is it? And how would a business they would have to do it?

 

[Mandelon]

Beneficial Ownership Information Reporting | FinCEN.gov

fincen.gov

 

[hawgty55]

Beneficial Ownership Information Reporting | FinCEN.gov

fincen.gov

I followed the link but what is it. Just file cause we tell you to?

 

[Mandelon]

The government wants to know who owns all the businesses in the county so they can get our money, duh. LOL

C. 1. What companies will be required to report beneficial ownership information to FinCEN?

Companies required to report are called reporting companies.

• Domestic reporting companies are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.

 

[hawgty55]

Ok seems like stuff like this is why we use legalzoom.

 

[Done-it-again]

Ok seems like stuff like this is why we use legalzoom.

Still need to do it yourself, or have your business atty do it on your behalf. No one is going to file it with out you reaching out first

Just completed this with my business, but still need to do my Montana LLC.

 

[BingerFang]

“Pay yoreee fair share!!!”

-530RL

 

[92562]

COVID was proof that the gubment hates small business. This is just one more pain in the ass they give us!

 

[regor]

Trump needs to squash this regulatory BS and dismantle their useless public sector asses!!!!

 

[BabyRay]

Neither our attorneys or accountants will touch these filings, as they don’t want the liability risk, though neither would explain why except to say they’d been advised not to.

There are online services that will, but I don’t trust an unknown entity to handle it, so i did it myself. We have 4 entities, and it really wasn’t all that complicated. Just a nuisance.

Now, having said that, I hope I don’t find out the hard way why our advisors wouldn’t handle it.

 

[25Elmn8r]

Thanks for the reminder. I just finished filing.

 

[Done-it-again]

Neither our attorneys or accountants will touch these filings, as they don’t want the liability risk, though neither would explain why except to say they’d been advised not to.

There are online services that will, but I don’t trust an unknown entity to handle it, so i did it myself. We have 4 entities, and it really wasn’t all that complicated. Just a nuisance.

Now, having said that, I hope I don’t find out the hard way why our advisors wouldn’t handle it.

I was told by our CPA's that the fine for not doing it is substantial.

 

[EmpirE231]

just more BS... I've held out hoping they would reverse course, but does not look like it.

 

[C-2]

The .gov allows a system to create business entities that shields its owners from liability and allows tax advantages not available to persons operating as a sole proprietorship.

But the system works too well.

Thus the .gov efforts to rein in some control.

Why are we surprised, lol?

 

[C-2]

And the reason for your corporate agents not wanting to assume the risk of identifying the owners for you is that they do not trust you.

It would be easy for a customer to shift blame onto the corporate agent for not disclosing all the owners.

You know, the owners you forgot to tell them about.

 

[Mandelon]

It is just a form, not that hard to fill out. But $591 a day fine is substantial! If you have a business that is filed with the Secretary of State, like a C corp, S corp or LLC you need to file this. Sole proprietor, probably not.

 

[gqchris]

So last time this came up, the consensus was that we arent doing it. I guess it has swayed now? Should we do this crap?

 

[Done-it-again]

So last time this came up, the consensus was that we arent doing it. I guess it has swayed now? Should we do this crap?

You have too... I think more people were waiting to the last minute to see if there was a last minute reversal.

 

[RichL]

Thanks for the reminder!

 

[EmpirE231]

So last time this came up, the consensus was that we arent doing it. I guess it has swayed now? Should we do this crap?

 

[DMF]

If you have a s-corp that operates in two different states, do you have to fill this out for each state?

 

[WYRD]

It's not that big a deal go online and fill out some basic information upload a copy of your driver's license sign it you on your way. Main purpose is to combat money laundering and tax evasion through shell companies. Government already has all this information but they don't talk between agencies so the make you file more info than necessary to each agency

 

[JFMFG]

We did ours. Just takes some time.

 

[Done-it-again]

And you use your same FinCen number on all business.

 

[lbhsbz]

Took me about 5 minutes this morning...didn't upload anything.

did I miss something?

 

[CoolCruzin]

Haven’t heard of this before .
Didn’t get any mailings on this .
They know where I’m at

 

[WYRD]

Took me about 5 minutes this morning...didn't upload anything.

did I miss something?

Asked me to upload driver's license or passport

 

[lbhsbz]

Asked me to upload driver's license or passport

I had to key in my EIN...but that's it aside from info I typically enter as a shipping address.

I guess we'll see what happens next. I printed a hard copy of the confirmation as well as saved a PDF of it, both of which say "complete"....so if they come after me they can kinda get fucked, or I'll get fucked....on of the two I guess.

 

[WYRD]

I had to key in my EIN...but that's it aside from info I typically enter as a shipping address.

I guess we'll see what happens next. I printed a hard copy of the confirmation as well as saved a PDF of it, both of which say "complete"....so if they come after me they can kinda get fucked, or I'll get fucked....on of the two I guess.

Given the opportunity the government always does the fucking