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 We had hoped by now that the law would have been challenged and repealed, but now we are getting to the end of the year and the law is still in force and needs to be dealt with, so make sure you go online to file the report at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]

FinCEN.gov

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fincen.gov

 

[hawgty55]

FinCEN.gov

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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

 

[FlatNv]

figure I bump this, email from CPA..


The Corporate Transparency Act and its implementing regulations, which require US business entities to report stakeholder information to the Treasury Department, were preliminarily blocked nationwide by a Texas federal court on Tuesday.

In Texas Top Cop Shop v Garland et al. (case 4:24-cv-00478 December 3, 2024), the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA), questioning its constitutionality and its impact on small businesses. The CTA, enacted as part of broader anti-money laundering efforts, mandates companies to disclose their beneficial ownership information to a federal database maintained by the Financial Crimes Enforcement Network (FinCEN).

If you have already filed with FinCEN we recommend that you pause compliance efforts and monitor developments.

If you have not filed with FinCEN we recommend that you delay filing at this time, monitor developments and be prepared to act quickly to file if the injunction is overturned.

Please contact our office if you have any further questions.

 

[gqchris]

figure I bump this, email from CPA..


The Corporate Transparency Act and its implementing regulations, which require US business entities to report stakeholder information to the Treasury Department, were preliminarily blocked nationwide by a Texas federal court on Tuesday.

In Texas Top Cop Shop v Garland et al. (case 4:24-cv-00478 December 3, 2024), the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA), questioning its constitutionality and its impact on small businesses. The CTA, enacted as part of broader anti-money laundering efforts, mandates companies to disclose their beneficial ownership information to a federal database maintained by the Financial Crimes Enforcement Network (FinCEN).

If you have already filed with FinCEN we recommend that you pause compliance efforts and monitor developments.

If you have not filed with FinCEN we recommend that you delay filing at this time, monitor developments and be prepared to act quickly to file if the injunction is overturned.

Please contact our office if you have any further questions.

GREAT, I just did mine yesterday.....

 

[jesco]

GREAT, I just did mine yesterday.....

F@CK !!!! So did I for both my companies.... Paid our CPA do get them done. Im a professional procrastinator and I usually would've done this 2 hrs before the deadline....

 

[gqchris]

F@CK !!!! So did I for both my companies.... Paid our CPA do get them done. Im a professional procrastinator and I usually would've dont this 2 hrs before the deadline....

Same, but I started freaking out with all the warning emails and bullshit.

 

[regor]

 

[FROGMAN524]

Sweet. Was planning to do ours today.

 

[C-2]

Im a professional procrastinator

What's your hourly rate? I can use some help

 

[srttruck]

Sweet. Was planning to do ours today.

X2 !!

 

[RichL]

Damn. After holding off earlier in the year I just did it a couple of weeks ago.

 

[jesco]

What's your hourly rate? I can use some help

When's the drop dead date on when you need an answer...?

 

[Ziggy]

GREAT, I just did mine yesterday.....

I pushed mine off and was planning to do it closer to Christmas. Guess I will see how it goes if they reverse the injunction or not.

 

[Enen]

 

[RichL]

Despite being struck down by the court, the thing that pisses me off about this as much as anything is I would have had absolutely no idea of the requirement for this filing or the related fines had I not read about it here on RDP.

 

[Pattle]

I don't think it's formally struck down yet. That's what I was waiting on as well when it hit the courts early this year, but I finally caved and filed last month. Don't blow this off completely yet.

 

[530RL]

Officially put on hold for now.

Is the Corporate Transparency Act Going To Be Brought Back to Life? - Law Offices of Snell & Wilmer

By Kenneth Ashton, Adam J. Greenup, Sarah Hibbard, Brett W. Johnson, Tracy A. Olson, Garth D. Stevens, and John G. Weston On December 5, 2024, the Department of Justice (DOJ), filed a Notice of Appeal in response to a U.S. District Court’s recently issued, nationwide preliminary injunction...

www.swlaw.com

 

[Mandelon]

On hold, but they probably collected 90% of the info they wanted already. LOL

 

[Done-it-again]

Good thing I procrastinated on listing my Montana LLC. But paid my atty to file for my business. Wonder who I can send that bill too?

 

[c_land]

Just got this from our legal team

On December 23, 2024, the Fifth Circuit reinstated the Corporate Transparency Act (CTA) reporting requirements mandating businesses to disclose beneficial ownership information to FinCEN. All non-exempt entities must comply by January 1, 2025, or face penalties. What You Need to Know: Who Must Report: Most small and medium-sized companies, unless exempt. The more common exempt entities include publicly traded, non-profit, or regulated entities. What to Report: Beneficial owners' names, addresses, and identifying details. Compliance Deadline: January 1, 2025, with a 30-day window for entities formed after January 1, 2025. Act Now: Determine Eligibility: Confirm if your business is a "reporting company." Prepare Required Information: Collect and submit the necessary details. This is a pressing legal obligation following the Fifth Circuit’s decision in Texas Top Cop Shop, Inc. v. Garland. ​

 

[shintoooo]

What a fucking circus. I sent an email to my clients about a month and half ago and most of them already got it done but a few have not I'm sure.

Somehow I'll get blamed for this lol.

 

[WildHorses24]

What a fucking circus. I sent an email to my clients about a month and half ago and most of them already got it done but a few have not I'm sure.

Somehow I'll get blamed for this lol.

I did it but found out Insurance is exempt since we technically don't "own" our clients and we can't give the gov access to our clients SPI which is protected by the privacy act.