If it's Unconstitutional, it's Unconstitutional.... Period! You should NEVER comply with something that violates your rights. People that fall for giving up their rights ARE the problem. The majority of businesses in the U.S. are not complying, nor should they. You have a right to your privacy. Any time the government says they won't use your information against you, or won't disclose it to others, you can guarantee they will. They always do. Absolute power corrupts absolutely. These laws don't stop foreign money laundering. They're just using it as an excuse to violate your privacy now, then use it to control you or punish you later if they don't like you. Only idiots comply blindly. And no, lawyers and accountants telling you that you need to comply are just trying to take advantage of idiots to take more money from their clients. They're wolves pretending to guard the sheep. Wake up people!!!
Dude, stellar video! Freaking love that you made a realistic comment that it's unlikely Trump will let the DOJ fight the injunction. Keep up the stellar content!
‼️ Ok, I just have to share...as of today, Dec 17th, I'm still receiving emails to hurry up and have the BOI filed!! I'm so thankful for Mat keeping us in the know!!!!!! Some of these companies are predators for the all mighty dollar!
Mat, could there be ramifications for big businesses sending out these emails after that court injunction and the notice on Fincen's website that it is voluntary at the moment? In the email, they are still using the scare tactics of fines and jail time.
Actually CONgress snuck that into their law and let FinCEN off the hook of doing their jobs fighting financial crimes by making everyone that doesn't file a criminal. 250 years of precedent that it was Unconstitutional.
Thanks for the clarification. As a VERY small business owner, the regulations often make me want to quit. I mean, I'm just producing and selling something I LOVE but it becomes such a headache sometimes. Appreciate you!
You had 250 years of PRESEDENT to NOT FILE IT. Attorneys are just money hungry, and do whatever the "law" requires because it's the "law", instead of standing on principle. It takes business owners and business owner groups to FIGHT FOR OUR RIGHTS!
Mat, my real estate attorney, and my tax attorney told me to file even with the Preliminary Injunction in place. They both said it is better to be Safe than to be Fined, plus your information is out there anyway with the Secretary of State.
Yes unfortunately as much as people want to scream about their rights the government will find you and fine you plus make you pay interest if they want to. They don't care about freedom of speech or rights
IF Fincen is allowed to go forward, how much time would be allowed to file? Not everyone is following these things closely. If it weren't for you and Mark, I still would not have even known this was coming down the pipeline!
Like the WEP/GPO legislation, If it applies to you, you will NOT miss the notification, you WILL pay attention to the news. Think of this as being similar to implementing the Real ID ACT. 20 years later... Still not implemented fully.
Folks there is NO prize to be the first to file. That's always been the case in just about everything bureaucratic. I have not filed for my dozenSssss of companies... and don't intend to. I knew this was going no where folks. If the courts say I have to, I will... but until it's ruled constitutional, i'll be holding off.
I was waiting to hear your recommendation and ready to give you the finger if you said "yes, file it." Way to go! You passed the common sense test by saying "no." BTW: There is no such practical thing as a private database within the government. do!
I hesitate extremely whenever PII is demanded of me. My organization hired an online 3rd party and paid $ to process the paperwork. I do NOT want my PII in multiple databases, where my organization also gets to keep a copy of the form with my PII. IMO, the requested info is too intrusive as compared to my role. (I am just an elected non-paid volunteer board member of a non-profit HOA, apparently caught up in this mess, too.)
Hey Mat, I posted your video on our Twitter account. We don't have a huge following, but I have multiple accounts and we should all be speaking out against this continual nonsense. When I owned my car dealership, the FTC created it's own rule about a Buyer's Guide being placed in a window - "Dealers who violate the Used Car Rule may be subject to penalties of up to $51,744 per violation in FTC enforcement actions." It's a up to a $51,744 fine, if a dealer doesn't put an "AS-IS" sticker in the window. If they get this through, just get ready for the nonsense that FinCEN will come up with and start imposing on businesses, this recording of your business will be only the beginning. That's how it works.
I wonder if US banks will slightly loosen requirements for new accounts (KYC rules)? FinCEN had a hefty penalty against TD Bank, which was too aggressive.
If an LLC is formed in 2024, is it 90 days to file the BOI from the date of receiving notices from the Secretary of State, or is it 30 days? I thought their website states 90 days if LLC is formed in 2024, and 30 days for LLC formed in year 2025. Could you please help clarify. Thank you.
It's free to file. I got a notice from my CPA and the CPA's are probably loving this because it's another profit center for them to keep us in line with completely made up "government regulations". Why do we need lawmakers, if these government agencies can just make up their own rules (laws) for us to follow or get fined?
You "had no basis to get "you out of filing the BOI. You had no basis? Apparently the plaintiffs in Texas had a "basis," I'm pretty sure they started with the Constitution. You as a lawyer are no more effective than a CPA.
What if a member of a multi-member LLC recently passed away and their estate has not been opened yet? Is that person to be registered with FinCEN or their estate or what?
Do we need to file by 12/3 or not? If we do not file, will we be penalized as mentioned? This isn't very clear and I do not want to be charged $500 a day for not doing so.
Why does every person that doesn’t understand the bigger picture always say that? Whenever you hear them say “to fight terrorist and child corn”, know that means “because we want even more control over the citizens”. When the government got caught collecting all our text messages without a warrant, some group of people says “I have nothing to hide”. When they try to outlaw encryption so they can monitor all our private conversations, that same crowd chimes in. When Apple almost successfully implemented a way to scan ALL our private pictures and videos by uploading them to their servers without encryption, Privacy think tanks rang the alarm and made them stop the plan, but there’s that “nothing to hide” group again. When the government overreaches and decides they want to know every business partner and owner, they have even more data to profile you than what they currently buy from FB etc. There is a direct and coordinated effort by the people pulling the strings to turn this into a surveillance state. They count on the average person not understanding the risks and implications of their tactics. Let’s put it this way, do you want the Police to be able to come in your house and search around because they feel like it? Do you want them to collect your DNA “just in case” they ever want to use it? There’s a reason our past generations made it illegal for the Federal government to keep a central Federal database of all citizens. The last 20 years has been a slow, arguably hidden, attempt to make that law useless because now they buy massive data feeds from social media and internet network companies. This business data is yet more information they do not need in order to surveil us more. This will never pass with this new administration because Billionaires use this shell corp structure for everything they do and they do not want their name attached to many of their investment and holding companies.
you must be a cop. people value their privacy for obvious reasons and none of those reason have anything to do with not having anything to hide. are you living in the 1980's? we are being spied on and tracked and if you don't value your privacy and protect it, the shit people are doing can get out of control. plus, personal info gets leaked all the time.
@@anwiii55 Thanks for posting that. I kind of went off with a long rant and it got deleted. I'm glad your response made it through. It's crazy how so many people are in the dark about Privacy rights.
@@utubes720 i was more upset with two lawyers promoting this bullshit. they of all people shoulda known better. matt literally said hat if you already filed(like i did just recently) it's no big deal that the government gathered your info unconstitutionally. i think i am on the wrong channel....
If it's Unconstitutional, it's Unconstitutional.... Period! You should NEVER comply with something that violates your rights. People that fall for giving up their rights ARE the problem. The majority of businesses in the U.S. are not complying, nor should they. You have a right to your privacy. Any time the government says they won't use your information against you, or won't disclose it to others, you can guarantee they will. They always do. Absolute power corrupts absolutely. These laws don't stop foreign money laundering. They're just using it as an excuse to violate your privacy now, then use it to control you or punish you later if they don't like you. Only idiots comply blindly. And no, lawyers and accountants telling you that you need to comply are just trying to take advantage of idiots to take more money from their clients. They're wolves pretending to guard the sheep. Wake up people!!!
Ask Mat:
matsorensen.com/ask-mat/
What about the annual filing requirement for offshore accounts? Is that still in force? Has the Trump administration giving any guidance about that
right to be forgotten? it is a website
If it's Unconstitutional, it's Unconstitutional.... Period! You should NEVER comply with something that violates your rights. People that fall for giving up their rights ARE the problem. The majority of businesses in the U.S. are not complying, nor should they. You have a right to your privacy. Any time the government says they won't use your information against you, or won't disclose it to others, you can guarantee they will. They always do. Absolute power corrupts absolutely. These laws don't stop foreign money laundering. They're just using it as an excuse to violate your privacy now, then use it to control you or punish you later if they don't like you. Only idiots comply blindly. And no, lawyers and accountants telling you that you need to comply are just trying to take advantage of idiots to take more money from their clients. They're wolves pretending to guard the sheep. Wake up people!!!
Exactly. Agree 100%.
Thank you for keeping us updated!
Dude, stellar video! Freaking love that you made a realistic comment that it's unlikely Trump will let the DOJ fight the injunction. Keep up the stellar content!
‼️ Ok, I just have to share...as of today, Dec 17th, I'm still receiving emails to hurry up and have the BOI filed!! I'm so thankful for Mat keeping us in the know!!!!!! Some of these companies are predators for the all mighty dollar!
Mat, could there be ramifications for big businesses sending out these emails after that court injunction and the notice on Fincen's website that it is voluntary at the moment? In the email, they are still using the scare tactics of fines and jail time.
Great breakdown! Thanks for the update!
Unelected officials (FinCENT, ATF, EPA, etc.) need to learn how to stay in their lane… which is not creating law from some metal gymnasts exercise.
Sadly, this unconstitutional law was enacted by Congress. Unless it’s overturned by Congress or struck down by SCOTUS, it’ll come back to pester us
Actually CONgress snuck that into their law and let FinCEN off the hook of doing their jobs fighting financial crimes by making everyone that doesn't file a criminal. 250 years of precedent that it was Unconstitutional.
Always awesome listening to you, appreciate the update!
Thanks so much for the update and information
Thanks for the clarification. As a VERY small business owner, the regulations often make me want to quit. I mean, I'm just producing and selling something I LOVE but it becomes such a headache sometimes. Appreciate you!
That is what they want, they would be happy if all small businesses closed! Clearly criminals are using cash apps, bitcoin to transfer money!
You had 250 years of PRESEDENT to NOT FILE IT. Attorneys are just money hungry, and do whatever the "law" requires because it's the "law", instead of standing on principle. It takes business owners and business owner groups to FIGHT FOR OUR RIGHTS!
Mat, my real estate attorney, and my tax attorney told me to file even with the Preliminary Injunction in place. They both said it is better to be Safe than to be Fined, plus your information is out there anyway with the Secretary of State.
Yes unfortunately as much as people want to scream about their rights the government will find you and fine you plus make you pay interest if they want to. They don't care about freedom of speech or rights
IF Fincen is allowed to go forward, how much time would be allowed to file? Not everyone is following these things closely. If it weren't for you and Mark, I still would not have even known this was coming down the pipeline!
Like the WEP/GPO legislation, If it applies to you, you will NOT miss the notification, you WILL pay attention to the news. Think of this as being similar to implementing the Real ID ACT. 20 years later... Still not implemented fully.
Great Info!!
Thank you for this video! 👍🏾
Folks there is NO prize to be the first to file. That's always been the case in just about everything bureaucratic.
I have not filed for my dozenSssss of companies... and don't intend to. I knew this was going no where folks.
If the courts say I have to, I will... but until it's ruled constitutional, i'll be holding off.
Even encrypted apps are read by screen grabs and key logging BEFORE messages are sent! No encryption can stop that.
Thank you so much!!!💪🏾
even if it becomes law do i no longer get a jury of my peers?
I was waiting to hear your recommendation and ready to give you the finger if you said "yes, file it." Way to go! You passed the common sense test by saying "no." BTW: There is no such practical thing as a private database within the government. do!
I hesitate extremely whenever PII is demanded of me. My organization hired an online 3rd party and paid $ to process the paperwork. I do NOT want my PII in multiple databases, where my organization also gets to keep a copy of the form with my PII. IMO, the requested info is too intrusive as compared to my role. (I am just an elected non-paid volunteer board member of a non-profit HOA, apparently caught up in this mess, too.)
Hey Mat, I posted your video on our Twitter account. We don't have a huge following, but I have multiple accounts and we should all be speaking out against this continual nonsense. When I owned my car dealership, the FTC created it's own rule about a Buyer's Guide being placed in a window - "Dealers who violate the Used Car Rule may be subject to penalties of up to $51,744 per violation in FTC enforcement actions." It's a up to a $51,744 fine, if a dealer doesn't put an "AS-IS" sticker in the window. If they get this through, just get ready for the nonsense that FinCEN will come up with and start imposing on businesses, this recording of your business will be only the beginning. That's how it works.
I’m on an HOA board and we almost filed a BOI. If it ends we have to file, i am going to resign from the HOA.
At a minimum fincen should formally declare the end of 2025 as the possible date that they will enforce if their appeal is successful
My accountant already filed mine. Is the court going to make the Fed destroy and delete all the people info who filed if held as unconstitutional?
I wonder if US banks will slightly loosen requirements for new accounts (KYC rules)? FinCEN had a hefty penalty against TD Bank, which was too aggressive.
If an LLC is formed in 2024, is it 90 days to file the BOI from the date of receiving notices from the Secretary of State, or is it 30 days? I thought their website states 90 days if LLC is formed in 2024, and 30 days for LLC formed in year 2025. Could you please help clarify. Thank you.
Do I need to file BOI for a LIMITED PARTNERSHIP that We filed with the SoS in Ohio????????😮😮😮
not now you don't. only BEFORE the court order
I panicked to get this done. My Gawd! F’n government
What about the fact that the rollout has been so lame that most business owners I’ve spoken to aren’t even aware of it
My CPA charges $450 for each but I'll be doing it myself.
Why file in the first place?
It's free to file. I got a notice from my CPA and the CPA's are probably loving this because it's another profit center for them to keep us in line with completely made up "government regulations". Why do we need lawmakers, if these government agencies can just make up their own rules (laws) for us to follow or get fined?
❤❤
I filed on the Fincen site and paid $349!!!
I thought it was free to file
@@sjmillercreates it is
@@sjmillercreatesIt is free if you file on the .gov site.
You got scammed it was free to file
Can someone tell me why the BOI requirement was perceived as a bad thing for small business owners?
Government violence is obviously a bad thing, geez man.
"Totally private and cannot share"....Like your 4473 (rolls eyes)
You "had no basis to get "you out of filing the BOI. You had no basis? Apparently the plaintiffs in Texas had a "basis," I'm pretty sure they started with the Constitution.
You as a lawyer are no more effective than a CPA.
👍
What if a member of a multi-member LLC recently passed away and their estate has not been opened yet?
Is that person to be registered with FinCEN or their estate or what?
FinCen is just another unnecessary waste of money gov organization that DOGE should recommend to shut down.
Every regulation given by unelected bureaucrats is just another step towards socialism.
Do we need to file by 12/3 or not? If we do not file, will we be penalized as mentioned? This isn't very clear and I do not want to be charged $500 a day for not doing so.
No, you do not have to File.
As of now you do not need to file.
If you have nothing to hide what’s the big deal ?
Why does every person that doesn’t understand the bigger picture always say that?
Whenever you hear them say “to fight terrorist and child corn”, know that means “because we want even more control over the citizens”.
When the government got caught collecting all our text messages without a warrant, some group of people says “I have nothing to hide”.
When they try to outlaw encryption so they can monitor all our private conversations, that same crowd chimes in.
When Apple almost successfully implemented a way to scan ALL our private pictures and videos by uploading them to their servers without encryption, Privacy think tanks rang the alarm and made them stop the plan, but there’s that “nothing to hide” group again.
When the government overreaches and decides they want to know every business partner and owner, they have even more data to profile you than what they currently buy from FB etc.
There is a direct and coordinated effort by the people pulling the strings to turn this into a surveillance state. They count on the average person not understanding the risks and implications of their tactics.
Let’s put it this way, do you want the Police to be able to come in your house and search around because they feel like it? Do you want them to collect your DNA “just in case” they ever want to use it?
There’s a reason our past generations made it illegal for the Federal government to keep a central Federal database of all citizens. The last 20 years has been a slow, arguably hidden, attempt to make that law useless because now they buy massive data feeds from social media and internet network companies. This business data is yet more information they do not need in order to surveil us more.
This will never pass with this new administration because Billionaires use this shell corp structure for everything they do and they do not want their name attached to many of their investment and holding companies.
you must be a cop. people value their privacy for obvious reasons and none of those reason have anything to do with not having anything to hide. are you living in the 1980's? we are being spied on and tracked and if you don't value your privacy and protect it, the shit people are doing can get out of control. plus, personal info gets leaked all the time.
@@anwiii55 Thanks for posting that. I kind of went off with a long rant and it got deleted. I'm glad your response made it through. It's crazy how so many people are in the dark about Privacy rights.
@@utubes720 i was more upset with two lawyers promoting this bullshit. they of all people shoulda known better. matt literally said hat if you already filed(like i did just recently) it's no big deal that the government gathered your info unconstitutionally. i think i am on the wrong channel....
U do know Biden's family's 150 plus LLCs and such are exempt u Ostrich
If it's Unconstitutional, it's Unconstitutional.... Period! You should NEVER comply with something that violates your rights. People that fall for giving up their rights ARE the problem. The majority of businesses in the U.S. are not complying, nor should they. You have a right to your privacy. Any time the government says they won't use your information against you, or won't disclose it to others, you can guarantee they will. They always do. Absolute power corrupts absolutely. These laws don't stop foreign money laundering. They're just using it as an excuse to violate your privacy now, then use it to control you or punish you later if they don't like you. Only idiots comply blindly. And no, lawyers and accountants telling you that you need to comply are just trying to take advantage of idiots to take more money from their clients. They're wolves pretending to guard the sheep. Wake up people!!!