Thanks for the clear explanation. I am new to an LLC and only heard about this because of a youtube video. So I had no notification and I am appalled at the fine amount they were going to inflict upon many of us who had no idea this was a thing. It feels awful. You are treated like a criminal
I appreciate you doing more than one video over this. Some of us miss a day or two watching your videos and easily would have missed the information but since you have more than one video it showed on my feed today. I read comments and wanted to say i appreciate you keeping me informed. Keep it up. Thanks
Glad I procrastinated on filing this thing lol…I’m waiting to see if it becomes mandatory again. For now, probably a good idea to gather the necessary documentation just in case this thing is ruled to be constitutional.
The fed couldn't keep our social security numbers from getting stolen recently and we're supposed to trust them with more private information. They can pack sand
it struck me as the feds get access to courts so quickly. Most people have to wait much longer - if they ever get to the supreme court. IMO that means there are two justice systems, one for the government and one for the rich. If you're not rich, you can't afford justice.
"Exactly. We have so many cases that take years to reach this point. In the meantime, our rights are put on hold. If the injunction had gone the other way and we had lost our rights until the Supreme Court made its ruling, you can bet it would have taken years to get this far up the chain of justice.
Glad I found your channel you definitely have a lot of useful content. TBH I didn't even know about the BOI until the deadline had passed. Kind of lucked out there. On one had I'm thinking that I will file it because the federal government always gets what it wants eventually. On the other hand they tend to want more and more over time. At first it's just BOI but we all know that later on down the road that will expand to who knows what. I have enough damn paperwork to deal with. At least I have some time to mull it. Thanks again.
Great video. If the SC does rule in favor of the DOJ, the deadline should be reset until later in the year. Small business owners have tax filings presently, along with running their businesses. Many could miss the court ruling and end up filing late. I subscribed btw. Thanks.
It absolutely is not going to rule in favor of BOI, it will be struck down with certainty as it is completely unconstitutional and entirely targeted at small business violating equal protection
This BOI B.S. absolutely pisses me off. My tiny single owner LLC SHOULD NOT need to comply with our Federal Gov’t. The fact that they would have the legal right to give my personal and corp. info to a foreign gov’t just infuriates me. Freakin’ nut jobs!
@@tima4929 Any business that “they” deem as being suspected of corruption-their information will be shared with foreign governments if there are transactions within that governments country. No one knows who will be responsible for this? As well as who will be responsible for securing our info. They’re doing a bang up job so far, The US Treasury was hacked a couple of weeks ago by Chyna.
It is unconstitutional. What the federal government is requesting is like asking a trust to disclose its beneficiaries. The executives of a company is are like trustees. Trustees have no obligation to disclose the identity of beneficiaries. Hale v. Henkel is along the same line. The government asking a private individual to disclose personal details. I think the people in the executive branch of government don’t read case law. Many of these issues they bring to court were already decided.
I need to file two new LLCs since new year and possibly third one in about two to three months. This BOI BS is holding me back from forming those LLC. I rather go off shore to form them where is more stability. Thank you for getting the news out there. YOu doing 1000 times better job than news chanels 🙂
There is no new legal duty to report, whether or not it's constitutional or not, you can ignore it. The regulations are precluded by 26 USC 6103, stop following this ignorance.
I may start off as a sole proprietorship for a business I am setting up - that has an extremely low probability of ever been sued. No BOI reports are required for sole proprietorships.
I read yesterday that this whole BoI was designed to go after Medicaid fraud so why were HOA's, small businesses like mom and pop stores, bakeries, nail salons, pet grooming services, etc., etc., etc. included?
Most of the info they are asking for is stuff that you normally have to confirm when starting a business. If they need that info its already on file with the states. If they need confirmation on taxes and something important states can provide required info as needed.
The biggest gripe comes from those of us who serve on HOA boards and are required by this law to file the BOI, and have to hire and pay a law firm to do so. Every HOA out there has to do the same unless this law is struck down. Technically, we are NOT business owners of the HOA, just controlling agents who, yes, could sell a property to settle a fees dispute, but come on, we are not ever going to sell all the properties and run off with the money. Ridiculous.
So, what do the other HOA board members think, i.e. treasurer, secretary, president, and members? The information that I received from my HOA since I'm the board secretary was very vague. I'm thinking of giving up my position.
@@72greenlantern Even if we have to comply, its not really a big deal, our drivers license contains all the info that finCEN needs, so we just made copies and provided them to the law firm handling the situation. We have a really good management company that is dealing with several other HOA boards on this (we are a commercial property HOA). But as President, I have requested their holding off on sending this out until the case gets fully adjudicated.
So now it looks like we should have filed by the 13th of January when I was under the impression it is on hold & still not mandatory. Anybody have any breaking news?
On Thursday, January 23, 2025, the Supreme Court issued a stay on a nationwide injunction that had previously halted the enforcement of Beneficial Ownership Information (BOI) reporting requirements. This pivotal decision means the government can now move forward with enforcing these rules. This whole back and forth mess is unnecessary and annoying.
what I can't understand is the first I heard of this is a letter from my accountant about 6 weeks ago. So the Fed can impose this "LAW" and not even notify you! Shouldn't the FED have to notify you. Letter, Email, something! I say BS.
Why is the Federal Government so hellbent on this? Makes you wonder, because they already have all this info from your corporate and tax filings. There's got to be a nefarious reason behind this, specially since they're excluding the big players of five million a year or more.
I'm the president of one HOA and VP of another. One HOA is forcing the issue. I believe because they will charge a few thousands for managing the filing. The other is playing dumb. I asked the property manager to keep the board updated if there is a ruling that makes the BOI mandatory again. She is acting as if I was asking legal advice for a death sentence case.
Just a correct, the full Court makes the decision to grant certiorari and any justice can refer the petition to the Court. The Court will hear the case if at least four justices vote to grant cert.
When we need help from the Supreme Court it can take a decade before they deny hearing your case. When the justice department wants to treat you like a criminal peasant they rush the case up the judiciary and boom they grant it.
Will they refund our tax for this silliness total waste! Plus since the over turning Chevron Deference I do not believe the current 5th circuit would be required to hear this but I’m not sure either way t is is just ridiculous because if FINCEN has no way of getting info from each state where the companies are located that already have the info I would have to say why? This is bogus I’m sure if they want to find someone they can! They just want a way to say “there there” you registered you are GUILTY of selling socks or uniforms or candy or whatever you want to sell most people create these accounts for LIABILITIES so they are not sued ! No professional walks around with out these LLCs
You know it's BS when they put a cap on filing. I believe it's a 5 million. If you're above that, you don't have to file. They protect their rich buddies. I guess folks making above 5 million are straight and narrow
Even if it gets passed you should not file. When will it be “the last straw for you”? How much freedom are you willing to give up? I say it long past time. Like 150 years.
The entire issue is one of CONSTITUTIONALITY - The federal government has NO JURISDICTION to pursue this to begin with - period. Therefore they have no standing, and the Federal courts simply should not allow this at all. This is the trap - they pursue lawsuits they KNOW violate the Constitution and the defined powers and authority of the federal government - knowingly tying up in court for years or decades while shopping around for a corrupt judge to make people comply until they get their day in court (a day which never should happen to begin with). Just another form of lawfare.
I would be shocked if SCOTUS accepts this and rules on it this soon. It should be abolished. Why did President Trump sign this into law? God knows why.
I've asked this many times.....I filed on the first round due to draconian penalties implied. My position is that we should have the RIGHT to have our submission destroyed....until such time that a FINAL decision says we THEN must do this.
Ask Mat: matsorensen.com/ask-mat/
Thanks for the clear explanation. I am new to an LLC and only heard about this because of a youtube video. So I had no notification and I am appalled at the fine amount they were going to inflict upon many of us who had no idea this was a thing. It feels awful. You are treated like a criminal
I appreciate you doing more than one video over this. Some of us miss a day or two watching your videos and easily would have missed the information but since you have more than one video it showed on my feed today. I read comments and wanted to say i appreciate you keeping me informed. Keep it up. Thanks
Glad I procrastinated on filing this thing lol…I’m waiting to see if it becomes mandatory again. For now, probably a good idea to gather the necessary documentation just in case this thing is ruled to be constitutional.
The fed couldn't keep our social security numbers from getting stolen recently and we're supposed to trust them with more private information. They can pack sand
Great job on keeping everyone up to date!
Thanks for the update, please keep passing the information as you get new updates!!
BOI is a violation of privacy. Period. State or federal level. It should NOT even be an issue. I'm not filing.
it struck me as the feds get access to courts so quickly. Most people have to wait much longer - if they ever get to the supreme court. IMO that means there are two justice systems, one for the government and one for the rich. If you're not rich, you can't afford justice.
"Exactly. We have so many cases that take years to reach this point. In the meantime, our rights are put on hold. If the injunction had gone the other way and we had lost our rights until the Supreme Court made its ruling, you can bet it would have taken years to get this far up the chain of justice.
EXACTLY
Absolutely
Thanks for keeping us updated on this crucial news!!!
Thank you so much .... great channel ... great delivery ... concise ... and top-shelf production quality ....SUBSCRIBED!!
Amazing work Matt!!
Thank you for doing this for all of us small businesses owners.
Glad I found your channel you definitely have a lot of useful content. TBH I didn't even know about the BOI until the deadline had passed. Kind of lucked out there. On one had I'm thinking that I will file it because the federal government always gets what it wants eventually. On the other hand they tend to want more and more over time. At first it's just BOI but we all know that later on down the road that will expand to who knows what. I have enough damn paperwork to deal with. At least I have some time to mull it. Thanks again.
Great video. If the SC does rule in favor of the DOJ, the deadline should be reset until later in the year. Small business owners have tax filings presently, along with running their businesses. Many could miss the court ruling and end up filing late. I subscribed btw. Thanks.
It absolutely is not going to rule in favor of BOI, it will be struck down with certainty as it is completely unconstitutional and entirely targeted at small business violating equal protection
The SC will definitely smack this down hard!!!
This BOI B.S. absolutely pisses me off. My tiny single owner LLC SHOULD NOT need to comply with our Federal Gov’t. The fact that they would have the legal right to give my personal and corp. info to a foreign gov’t just infuriates me. Freakin’ nut jobs!
What? Who is giving your info to a foreign govt?
@@tima4929 Any business that “they” deem as being suspected of corruption-their information will be shared with foreign governments if there are transactions within that governments country. No one knows who will be responsible for this? As well as who will be responsible for securing our info. They’re doing a bang up job so far, The US Treasury was hacked a couple of weeks ago by Chyna.
Why would you be upset about this? These regulations did not create any new legal duty to report, see 26 USC 6103.
IT'S S DIRECT ATTACK ON SMALL BUSINESS ONLY
@@aceofcoinExactly, see the IRS privacy policy. I think that's the code lol
I can't think of any other administrative issue which has caused so much legal drama in a short amount of time.
Great video. Short and sweet 💯
You’re a lifesaver, Mat. Thank you!!
Thank you for the update!
Not filing
exactly, there is no new legal duty anyway, see 26 USC 6103
Thank you, Mat!
I ain't doing it
It is unconstitutional.
What the federal government is requesting is like asking a trust to disclose its beneficiaries.
The executives of a company is are like trustees. Trustees have no obligation to disclose the identity of beneficiaries.
Hale v. Henkel is along the same line. The government asking a private individual to disclose personal details.
I think the people in the executive branch of government don’t read case law. Many of these issues they bring to court were already decided.
I need to file two new LLCs since new year and possibly third one in about two to three months. This BOI BS is holding me back from forming those LLC. I rather go off shore to form them where is more stability. Thank you for getting the news out there. YOu doing 1000 times better job than news chanels 🙂
There is no new legal duty to report, whether or not it's constitutional or not, you can ignore it. The regulations are precluded by 26 USC 6103, stop following this ignorance.
I may start off as a sole proprietorship for a business I am setting up - that has an extremely low probability of ever been sued. No BOI reports are required for sole proprietorships.
@@perryallan3524 As Sole proprietor you have zero legal protection and also zero privacy and asset protectio if I understand it correctly !
No need to file BOI if it is currently not required. See what the supreme court ruling is and then make your decision on if to file BOI or not.
Mho, I'm not filing, required or voluntary. BOI is a violation of privacy. Period
Which 25 states filed against the BOI?
5:58 you can freeze the video and see…24 of them. 😂
@@lynnhoffmann247
Thank you. I see my state. Good.
@@RichardSpeights YW…unfortunately, I don’t see mine.
I read yesterday that this whole BoI was designed to go after Medicaid fraud so why were HOA's, small businesses like mom and pop stores, bakeries, nail salons, pet grooming services, etc., etc., etc. included?
I predict this all fades away after 1/20/25.
I’m hoping it does. I won’t even create an old until the Supreme Court makes a final ruling. This back and forward is for the birds!
This law was first enacted during TRUMP'S administration...it didn't take effect until Biden took office...
The last desperate push for this commie crap by Dumpocraps
Thanks for the update
Thank You!!!
Thank you Matt
WHAT HAPPENS IF YOU ALREDY FILED AND THEY VIOLATED YOUR RIGHTS? CAN YOU SUE THE GOVT?
Yes as your data has been breached and exposed you to criminal scams stealing your identity
I just received similar form to fill out for department of state of Pennsylvania. It’s asking exactly the same question.
Most of the info they are asking for is stuff that you normally have to confirm when starting a business. If they need that info its already on file with the states. If they need confirmation on taxes and something important states can provide required info as needed.
The biggest gripe comes from those of us who serve on HOA boards and are required by this law to file the BOI, and have to hire and pay a law firm to do so. Every HOA out there has to do the same unless this law is struck down. Technically, we are NOT business owners of the HOA, just controlling agents who, yes, could sell a property to settle a fees dispute, but come on, we are not ever going to sell all the properties and run off with the money. Ridiculous.
So, what do the other HOA board members think, i.e. treasurer, secretary, president, and members? The information that I received from my HOA since I'm the board secretary was very vague. I'm thinking of giving up my position.
@@72greenlantern Even if we have to comply, its not really a big deal, our drivers license contains all the info that finCEN needs, so we just made copies and provided them to the law firm handling the situation. We have a really good management company that is dealing with several other HOA boards on this (we are a commercial property HOA). But as President, I have requested their holding off on sending this out until the case gets fully adjudicated.
Will this reporting expose
private equity investing?
I haven’t filed with the BOIR. yet I have a pending charge of $150 under the BOIR Report ??
So now it looks like we should have filed by the 13th of January when I was under the impression it is on hold & still not mandatory. Anybody have any breaking news?
On Thursday, January 23, 2025, the Supreme Court issued a stay on a nationwide injunction that had previously halted the enforcement of Beneficial Ownership Information (BOI) reporting requirements. This pivotal decision means the government can now move forward with enforcing these rules. This whole back and forth mess is unnecessary and annoying.
what I can't understand is the first I heard of this is a letter from my accountant about 6 weeks ago. So the Fed can impose this "LAW" and not even notify you! Shouldn't the FED have to notify you. Letter, Email, something! I say BS.
Hale v Henkel has already addressed this issue and has not been overturned and has been quoted over 1600 times
Thank you
Why is the Federal Government so hellbent on this? Makes you wonder, because they already have all this info from your corporate and tax filings. There's got to be a nefarious reason behind this, specially since they're excluding the big players of five million a year or more.
Found a new person to follow. The last guy felt overwhelmed and gave up on updating it.
🔥
OMG.. so do we have to file or not at this time?
Do not need to file at this time. Keep your eyes and ears open on this topic.
Is it only the LLC and corporations need to file? I have a Partnership Business?
Partnership also.
How is it that the Treasury Department is allowed to create laws and to impose fines/penalties, including and up to prison time?
The actual filing didn't bother me as much as their aggressive and heavy-handed enforcement threats over it!
I had to do it in Nov. Oh well.
I'm the president of one HOA and VP of another.
One HOA is forcing the issue. I believe because they will charge a few thousands for managing the filing.
The other is playing dumb. I asked the property manager to keep the board updated if there is a ruling that makes the BOI mandatory again. She is acting as if I was asking legal advice for a death sentence case.
As 02/04/25 do we need to file? Im worried now if I owe money?
As of now it is voluntary.
Just a correct, the full Court makes the decision to grant certiorari and any justice can refer the petition to the Court. The Court will hear the case if at least four justices vote to grant cert.
Why is this so so important they lose billions of dollars unaccounted for themselves and doing exactly what they are supposed to be stopping
And it is well known
When we need help from the Supreme Court it can take a decade before they deny hearing your case. When the justice department wants to treat you like a criminal peasant they rush the case up the judiciary and boom they grant it.
If it’s been filed can it be retracted ?
Unfortunately no.
If you perform inter-state commerce then Federal govt has the rights to require filing
Will they refund our tax for this silliness total waste! Plus since the over turning Chevron Deference I do not believe the current 5th circuit would be required to hear this but I’m not sure either way t is is just ridiculous because if FINCEN has no way of getting info from each state where the companies are located that already have the info I would have to say why? This is bogus I’m sure if they want to find someone they can! They just want a way to say “there there” you registered you are GUILTY of selling socks or uniforms or candy or whatever you want to sell most people create these accounts for LIABILITIES so they are not sued ! No professional walks around with out these LLCs
An “anti federal government Supreme Court justice” is an oxymoron
You know it's BS when they put a cap on filing. I believe it's a 5 million. If you're above that, you don't have to file. They protect their rich buddies. I guess folks making above 5 million are straight and narrow
Even if it gets passed you should not file. When will it be “the last straw for you”? How much freedom are you willing to give up? I say it long past time. Like 150 years.
The entire issue is one of CONSTITUTIONALITY - The federal government has NO JURISDICTION to pursue this to begin with - period. Therefore they have no standing, and the Federal courts simply should not allow this at all. This is the trap - they pursue lawsuits they KNOW violate the Constitution and the defined powers and authority of the federal government - knowingly tying up in court for years or decades while shopping around for a corrupt judge to make people comply until they get their day in court (a day which never should happen to begin with). Just another form of lawfare.
I have multiple LLC’s, it us my duty to not comply
Awesome its a horrible law who even came out with it, where did it come from?
If the business ended it’s exempt
I would be shocked if SCOTUS accepts this and rules on it this soon. It should be abolished. Why did President Trump sign this into law? God knows why.
Elon, fire them all.
Dude… I think you’ve had this title for over 2 weeks now and the update remains as is. It’s with the SC and the update hasn’t changed. Just drop it
You don't have to follow this channel. Just drop it.
Can we remove our information once it is filed? I mean they have the info and they won't "really" delete it.
I've asked this many times.....I filed on the first round due to draconian penalties implied. My position is that we should have the RIGHT to have our submission destroyed....until such time that a FINAL decision says we THEN must do this.
Unfortunately not at this time.
I want my info scrubbed and I want my money back!
Who are the goons that want this onerous burden upon small businesses?
Bureaucratic drama that is unnecessary
Idk if I trust a lawyer who can't pronounce certiorari
BOI and IRS $600 reports needs to be reversed
Such govt, these guys are out of their ef’ing minds.
This a joke, let’s all NOT file this collectively
I filed , nothing to hide , I hope Elon has …..
They will just find another way. Bury it in another 2500 page bill.
Ali to will do what Trump tells him to.
Stealing people money
Thanks for the update!!