I hope it is abolished soon. For those not in the know that are a partner or member of an LLC with less than 20 employees the fines were astronomical for not reporting by Dec 31. Each person who is a member of an LLC or owns stock in a C or S Corp with less than 20 employees are required to keep address information current with the Dept of Treasury & upload a copy of their Drivers License or Passport.

https://boiefiling.fincen.gov/fileboir

"BOI e-Filing Alert: Please note that beneficial ownership information reporting requirements have been affected by a recent federal court order. The Department of the Treasury is appealing that order. In the meantime, reporting companies are not currently required to file a BOIR and are not subject to liability if they fail to do so while the applicable order remains in force.
However, reporting companies may still opt to file a BOIR.
More information is available on our website (https://www.fincen.gov/boi)."

This message has been edited. Last edited by: Anush,

Under advice of our attorney, we're holding back on compliance at this point.

I see it as similar to the "amnesty" registration with the ATF last year. Just wait, it's unconstitutional and will get shut down. Anyone who decided to be overly compliant and register early...might regret it later. There's still another, nearly 2 weeks left before the deadline, and it's already looking like the injunction is enough reason to blow right through that deadline.

I own a handful of single member LLCs, and filed. I don't recall uploading an image of my license, but perhaps I did.

In either event, I don't know what I would regret. It's no secret that I own them. The state of Missouri is well aware, as are the Feds as a result of my tax returns.

What irks me is that in typical government fashion they are asking people to jump through hoops to provide them with information that they should already have access to.

Thanks, I am holding off on mine. It’s for my FFL so there are no secrets to hide, but I am not doing it if I do not have to.

I have to do ours, have it in the too doo pile,


guess I need to get busy,

quote:

Originally posted by lyman:
I have to do ours, have it in the too doo pile,


guess I need to get busy,

No you don’t. That is the point of the post. A federal judge ruled it unconstitutional and put it of hold. The IRS already has all this information. Making folks report it again to FINCEN under threat of penalties is just stupid. The judge’s order will keep things shut down through January 20th, hopefully President Trump will shut this stupidity down permanently soon thereafter.

ETA: I dunno that doing the registration is any huge thing. You are not sharing any information that the IRS doesn’t already have. What you are doing is wasting time providing useless bureaucrats with information that they don’t need and probably won’t properly secure so there is yet another place where hackers can access information about you.

I am the "owner" of a single member LLC, as well as a member of several other "for profit" LLC's. I don't meet any of FinCEN's 19 exclusions, so would have to file as BOI if it wasn't for the stay ordered by the TX court. I'm going to watch the news closely the next few weeks, but am hopeful Trump's incoming administration will keep the stay in place.

I wish my CPA had not been so proactive and had held off filing. Not sure what the potential negative impact might be, but I am generally more fond of NOT filing unneeded paperwork. We shall see!

quote:

Originally posted by Anush:
For those not in the know (snip) required to keep address information current with the Dept of Treasury & upload a copy of their Drivers License or Passport.

I was not in the know, and I appreciate you pointing this out.

Similar to a1abdj's statement: how in the world does the .gov not already have this info? I did a pile of paperwork to establish the LLC to begin with, their IRS gets my tax money every year, and they're the ones who frickin' issue passports to begin with.

- - - - -

I contacted my attorney today, whose staff said, essentially, "yes, it's required," but made no mention of the court order.

Now I'm wondering if I should a) see what my accountant says, and b) just wait as suggested.

Thank you for the update.

You know, the more I think about this, the more annoyed I am by it.

I knew nothing of the requirement prior to reading about it here... the only communications I receive regarding my LLC is the annual registration bill from the State Corporation Commission. Beyond that, nothing.

How would anyone have known? And then to be threatened with fines for "noncompliance?" Craziness.

As I said in the German knife thread, with enough laws, everyone can be a criminal!

The theory is the government needs this information to stop money laundering. Sounds great, no? Nothing I’ve read about BOI reporting requirements leads me to believe it will stop money laundering at all. The reality is the burden is placed on people otherwise obeying the existing laws, not the criminals.

Same with the older woman in the German knife thread, same with the drone operators in New Jersey in the Nee Jersey drone thread, same with the membership here as gun owners in general.

This ridiculous thing is back again after a 12/23 ruling on the appeal - new filing deadline is 1/13/25...
https://www.fincen.gov/boi

I opened an LLC in October just for the purpose of applying for my FFL, which ATF jammed up, saying I first need a home occupation permit from the city. My hearing is next week and ATF said they'd fast track my app once I have the permit. But all my expenses are being incurred for tax year 2024, while I won't be able to make a dime of revenue until 2025. I don't think I'm gonna bother with this until next year.

https://www.fincen.gov/boi

"In light of a December 23, 2024, federal Court of Appeals decision, reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, we have extended the reporting deadline as follows:

Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)
Reporting companies created or registered in the United States on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN."

Penalties for failing to file a Beneficial Ownership Information (BOI) report with FinCEN include:
Civil penalties: Starting at $591 per day, as of January 25, 2024, with a maximum of $10,000
Criminal penalties: Up to $10,000 in fines and/or up to two years in prison
Penalties apply to businesses that: Fail to file on time, Provide incorrect information, Willfully fail to comply, and Provide fraudulent information.

Oh good. In the spirit of Christmas, our gracious and benevolent overlords have given us an extra 12 days to comply or face punishment.

$591 seems really specific.

I wonder what penalties the people who pushed this through will face if it’s ultimately found unconstitutional?

^^^^

And what remedies might be available to those who have gone ahead and filed before the rule is found unconstitutional? (Yeah... none, I'm sure.)

I filed my BONR today (Beneficial Ownership Nonsense Report), so I've officially been BONEd (Beneficial Ownership Nonsense Enrolled).

It was quite easy to do online. Still dumb, but didn't take nearly as much time as some of the other dumb stuff the government requires.