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I had heard something about this somewhere and didn't pay much attention. Never got a communication from the city or state, or the feds for that matter. But a chamber of c that I'm in posted a note about it.
Is this really a thing? How many of you did it?
https://www.fincen.gov/boi-faqs#A_1
I also found out in an offhand kinda way. Yes we have to do it. No I haven't gotten it done yet but the $591/day penalty is disgusting so I will get it done.
I did it for a few different companies at the beginning of the year when the reporting first opened up. You generally only have to do it once unless you change the structure of the company. I don't recall it being a big deal; took maybe 10-15 minutes per company.
As a sole proprietor/consultant I'm not encouraged to list my home address on another database but I guess I will.
I imagine they will give people with old businesses otherwise in good standing that they track down for not getting this done a 5 day get out of jail free card. But that would likely coincide with the best powder days of the year so I guess I'll get it out of the way.
I just found out I have to do it because I'm on my HOA board. So dumb.
Sole Props are exempt as they are not Corps
For me, my CPA took care of it for way too much I'm sure. All if info is part of the Corp Registration with the state and public record anywho.
Sole prop but I have an LLC filed with SOS
Seems like I'm a RCH away from a loophole.
Thx for the reminder to bend over.
Stupid regulations. But bend over we must.
Agggh. Due by year end. Or rear end.
Yep, accountant e-mailed me. Website was a bit of a PITA. I probably fucked it up but I filed.
Damn, good reminder. Got a big email from my accountant about this
https://lbblawyers.com/resource/corp...nce-is-coming/
This is a pretty good article about compliance requirements.
Seems super shady that they are employing and presumably paying people to launch a social media campaign for awareness, instead of just contacting all biz owners. Send all of them an email or two, if no reply a snail mail letter, then start with the penalties if no reply. Penalties with no contact? Weird. Do I have to fix everything? Is it going to be free to file for the first 5 years and then start in with the annual fees once they have everyone located?
There's no annual reporting requirement.Quote:
Originally Posted by Rideski
Sent from my SM-S901U using Tapatalk
Wah wah wah…takes about ten minutes
Sent from my iPhone using TGR Forums
Quote:
Originally Posted by toast2266
Yet. But there are current requirements to keep updated. Like if you move etc etc.
There's not yet a requirement to offer your first born as tribute either. Are you gonna prospectively bitch about that too?Quote:
Originally Posted by Rideski
Sent from my SM-S901U using Tapatalk
Not till they implement it.
Good thing I check the TGR Padded Room occasionally…. I haven’t heard a goddamn thing about this on social media or anywhere else. Looks like typical government BS, ugh.Quote:
Originally Posted by Rideski
Honestly, if my tax preparer hadn't provided a relevant note clipped to my return, I'm not sure I'd have noticed. A random email or letter claiming to be from the feds may or may not make it past filtering, and even if I looked at it, I might think it fell into the same category as the scum suckers who send me an official-looking letter and form every year prompting me to file my state annual report, at four times what the state charges when I do it myself.Quote:
Originally Posted by Rideski
When I have more time I’ll opine on this bloated, misguided CTA, that has been law for some time but only just went into effect this year.
In short, it’s information that the government already has from every law abiding taxpayer, and the ones who are trying to avoid it won’t file anyway.
I led a CLE on the Act earlier this year and from all I can tell the only people that benefit from the Act are massive service providers like CT Corporation System that will charge fees to stay on top of your filing for you (many of our clients have dozens to hundreds of LLCs that need to file and it’s not efficient to pay accountants or lawyers to stay on top of updating your reporting for each one every time a beneficial owner sells their interest, moves to a new address or any of the other required updating filing events occur) and the IRS who will now have another non compliance tool in their chest.
Bottom line, if your entity does not qualify for one of the 20 some exemptions, you, your beneficial owners and your responsible party (attorney or other agent who formed the company for you) must continually maintain current information with FINcen lest you want to risk per diem fines and or jail. Not a big deal for disregarded single member LLCs, massive pain in the ass for syndicated investment vehicles and commercial real estate owners.
/rant
...which the federal government, namely the IRS, already knows. EO 14058 should require the IRS to provide that data, not me.Quote:
Originally Posted by BmillsSkier
A bit wonky. But not as bad as I thought once you get the hang of it.
Pro tip if you have multiple entities create a fin cen id so when you get to the beneficial owner tab you just enter the id number.
PS. Accountants and lawyers want to charge hundreds for something that takes five minutes or less once you get the hang of it.
PPS. Also save and print a copy of the submission for any future issues.
My accountant told me to just do it myself. It took 5 mins through my payroll provider.
Accountants and lawyers are too busy to deal with this kind of work. See my post above.Quote:
Originally Posted by Core Shot
Now on hold.....
Corporate Transparency Act Blocked Nationwide by Texas Court
https://news.bloomberglaw.com/ip-law...by-texas-court
You should definitely file this yourself if you can. Your accountants and lawyers need to charge you because they have liability on their advise which is now unclear based on the Alabama case this summer and now Texas.Quote:
Originally Posted by Core Shot
Our outside corporate lawyers just told me to skip it due to the stay. My take is there's a 0% chance Trump's Treasury Dept. is gonna enforce this either way. Probably the top thing to kill for DOGE.
The TX ruling takes it national and enjoins the CTA in its entirety; the AL case was strictly applicable to the plaintiffs in that case, the Small Business Association IIRC.
https://natlawreview.com/article/tex...de-enforcement
So we don't have to file?
My advice is, depending on the situation, it may be cheap insurance to go ahead and file now and see what shakes out after the end of the year. The injunction could be lifted and/or the incoming administration could choose not to enforce the CTA, hard to say what will happen given the temporary nature of the ruling/injunction.
Just filed mine. Pretty easy, need a scan of some gov ID.
Bump for whoever hasn't done it yet
I finally got it done this morning. It was kind of a pain in the ass. I got almost all the way through the online form on my Chromebook until the end where it wouldn't let me attach a pic of my DL so I had to close it and do it again on my phone where it worked fine.
Game on, game off, game on.
Quote:
On December 26, 2024, the U.S. Court of Appeals for the Fifth Circuit paused the enforcement of the Corporate Transparency Act (CTA), thus pausing the beneficial ownership reporting requirements for U.S. small business owners. This reverses the earlier decision from December 23, 2024, to reinstate the CTA and its reporting requirements. The CTA remains on hold for now while under review. We will keep you updated as further developments unfold.
Woot woot!
https://fincen.gov/boi
I COMPLETELY spaced on this whole stupid thing. Wasn't stoked about hitting the deadline since I'm out of town and having to deal with it. Went to the website and saw the notice up top! Also got an email from my CPA's office saying it's basically voluntary for now. Phew! [I'm not missing something, am I?]Quote:
Originally Posted by FinCEN.gov
They had already extended the deadline to Jan 11 because of the court cases. If they end up requireing I'll just do it but not volunteering if not.
Same. Not seeing any real upside to volunteering. Seems a complete waste of time if it's not mandatory.Quote:
Originally Posted by Rideski
Glad I didn’t bother. I guess we’ll see?
For something that takes 15 minutes y'all are making a big deal out of nothing. It's not like you're giving up info the govt doesn't already have, just making it easier for a particular dept to solve issues more quickly. Just fukn do it and stop whining.
Conspiracy theorists and all, I agree. They already have more info (on you and your entity) that you provide.....one less reason to raise a possible red flag.
Quote:
Originally Posted by gravitylover