Thank you for helping so many businesses owners who want to focus on making business, not being stressed over laws and regulations that are even hard to follow or collect personal date for who knows what!! Big applause 👏🏻 for the work you do
I agree. The thing that I don't understand is that GovCo already has our information, we file and pay taxes. They know who we are and where we are. Someone who is trying to cheat GovCo isn't going to file this report just like they don't file taxes. It's like so many other laws: it only affects the honest.
Even before this ruling the penalties for not filing or missing the filing date are outrageous and sickening! I filed before this ruling however I pray this ruling stands.
It really is. They think all business are the size of Walmart. Funny but the per day fine was $500 and a month later they raised it to $590 because you know, $500 just wanst enough. They added "forgetting is not a valid reason for not filing".
What recourse do all the millions of small business owners have now that their info has been passed to all the organizations that will persecute them in their attempt to destroy them? There will be no erasing this. Even if the evil law is canceled, the harm that can come to honest hard working small business owners cannot be measured
My CPA really got fired up about us not wanting to fill out the FinCen info just to be safe! I feel its government overreach in a big way. We file our taxes and keep compliant with our paperwork. So now we are going to move to another CPA firm.
Good idea, IMHO. I also waited and now am looking somewhat smart. Also I saw a video from another CPA type guye earlier today who said 'what's the big deal, just file it anyway.' I would not hire him either. 😮
There was no official notification from SBA, IRS, etc, that I rec'd. I heard about this word-of-mouth. The FINCN website sure touts the fines for non-compliance though. Typical
Absolutely NO notice at all from anywhere!!! I thought there was a law in place that if there were any penalties attached to something.... Prior/ Proper Notice was required! $500 a Day or imprisonment.... NO WORNING! OUTRAGEOUS!!!
They have an alert notification on their site that states its voluntary submission only. After seeing it I found this video to confirm what to do next honestly.
"In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports." -alert on the FinCen site
This was way overdue, thankfully this draconian and unconstitutional law was promptly struck down before the reporting requirements went into effect. Close call.
The big fear is that the injunction gets overturned and they don't give a new grace period starting from the date that happens, resulting in months or more of penalties that bankrupt many small businesses. Past precedent indicates that might not happen (ACA, DACA, OSHA/vaccine-mandate), but it's not guaranteed that Fincen will be equally lenient Situations like this really create a ton of uncertainty, whereby the probability of a penalty is small, but the size of the penalty is so large, that it induces compliance in an almost extortion-like manner.
Thanks for your advice. I hope you create a video about "Transferring your Business to a Trust." I've been hearing about this subject a lot and would really like your opinion about it.
I've been waiting until the last minute to fill out this horrible form, hoping beyond hope it would just go away. So, my question: Are you sure it is no longer in effect? Five hundred dollars a day is five hundred dollars a day. I've checked their website. Yup. Looks like deadline extended without penalties until after the legal stuff blows over - if it blows over.
HOA Board of Directors member here. Recently notified by our property management company that we had to file a BOI with FinCEN yet we are not a business, the Board does not collect the assessments, nor does it pay any bills. That is all the responsibility of the property management company. So, my question is... wherein lies the potential for financial fraud? If anyone is going to commit fraud, wouldn't it be the property management company?
Hi Mat, can you explain where exactly "Beneficial Owner" is defined in the Public Law, CFR or US Codes? I know its somewhere in Title 26 cause the W-8BEN form uses that term but I reckon its in other places as well and may have a different definition? Thanks in advance.
the predictions are making it more and more interesting and involved in step finance,, is there then any other new claims or innovations that gonna happen??
Procrastination? Nobody told me. I had to accidentally find thanks to my parents on Thanksgiving. Yikes! Imagine 500 a day penalty for an extremely small business. Now it seems it may best to close my doors.
@@larrysutton1315 Now you got the risk for free. Better keep track of those birthdays and make sure you know when they move. Remember IRS "forgetting is not a reason for not filing" and I add, getting fines. We won't do them at all because of the risk.
Matt i just formed my LLC IN JULY OF 2024 !! 2024 … i did not file my boi 30 fays later i didnt know am i in trouble from past even tho of this fed injunction !!! help
I just did this a week or two ago. UGH. I just filed a new LLC this week so I no longer have to do this?? What date was it when it was ruled unconstitutional?
Heads up, on 12/23/24 the 5th Circuit Court of Appeals overturned the federal district court ruling in Texas and BOI filings are now required again. The new deadlines for companies established before 2024 is Jan 13, 2025. Check out my latest video.
Awesome news. Sick of the overreach.
In two years some states are going to be requiring similar information as part of your registration.
@@nromero2tell me you’ve never started a business without telling me you’ve never started a business. 😊🎉
Florida already does. It's called an annual report.
Thank you for helping so many businesses owners who want to focus on making business, not being stressed over laws and regulations that are even hard to follow or collect personal date for who knows what!!
Big applause 👏🏻 for the work you do
I agree. The thing that I don't understand is that GovCo already has our information, we file and pay taxes. They know who we are and where we are. Someone who is trying to cheat GovCo isn't going to file this report just like they don't file taxes. It's like so many other laws: it only affects the honest.
Call your Congressional reps and tell them to shut it down all the way.
I just love and appreciate how you stay on top of important issues and are quick to get the info to us in a clear and concise way. Thank you!!!
Even before this ruling the penalties for not filing or missing the filing date are outrageous and sickening! I filed before this ruling however I pray this ruling stands.
It really is. They think all business are the size of Walmart. Funny but the per day fine was $500 and a month later they raised it to $590 because you know, $500 just wanst enough. They added "forgetting is not a valid reason for not filing".
Welp, this is one time I am proud to be a procrastinator 😩😂🤷🏽♀️
Same thing I was thinking!! LOL
Same, I was waiting till the last days in December. Saved by the bell.
Same !!! 😂😂😂😂
🔥🔥🔥too funny
Finally! Thank you for the update.
What recourse do all the millions of small business owners have now that their info has been passed to all the organizations that will persecute them in their attempt to destroy them? There will be no erasing this. Even if the evil law is canceled, the harm that can come to honest hard working small business owners cannot be measured
True. This is the one thing I haven't seen info on.
Accountability has been on sale for a while.
My CPA really got fired up about us not wanting to fill out the FinCen info just to be safe! I feel its government overreach in a big way. We file our taxes and keep compliant with our paperwork. So now we are going to move to another CPA firm.
Check out my law firm kkoslawyers.com/
Good idea, IMHO. I also waited and now am looking somewhat smart. Also I saw a video from another CPA type guye earlier today who said 'what's the big deal, just file it anyway.' I would not hire him either. 😮
Yes, I saw a CPA on youtube that says that the ruling does not apply to the filing, only the enforcement
Enrolled Agents are tax specialists and can represent you in audits and tax court right along CPAs and Attorneys.
Thank you for this! Just got online to do our fincen. When i first saw this come out, I felt like it was overreach.
Great news. Thanks for the update!
GREAT INFO! GREAT CHANNEL! Glad I found it. Thanks!
This is a BIG W!
Thanks for the update. What about those of us that filed already?
There was no official notification from SBA, IRS, etc, that I rec'd. I heard about this word-of-mouth. The FINCN website sure touts the fines for non-compliance though. Typical
Absolutely NO notice at all from anywhere!!! I thought there was a law in place that if there were any penalties attached to something.... Prior/ Proper Notice was required! $500 a Day or imprisonment.... NO WORNING! OUTRAGEOUS!!!
My question is, why isn't there an update on the actual FinCen site? It still appears that they are requiring the filing by the deadline.
They have an alert notification on their site that states its voluntary submission only. After seeing it I found this video to confirm what to do next honestly.
"In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports."
-alert on the FinCen site
This was way overdue, thankfully this draconian and unconstitutional law was promptly struck down before the reporting requirements went into effect. Close call.
They took two or three days to put up a notice.
That's pretty shady.
They just updated this past weekend. Check out the alerts on their website. fincen.gov/boi
thank you for the update
You're Welcome!
The big fear is that the injunction gets overturned and they don't give a new grace period starting from the date that happens, resulting in months or more of penalties that bankrupt many small businesses. Past precedent indicates that might not happen (ACA, DACA, OSHA/vaccine-mandate), but it's not guaranteed that Fincen will be equally lenient Situations like this really create a ton of uncertainty, whereby the probability of a penalty is small, but the size of the penalty is so large, that it induces compliance in an almost extortion-like manner.
Thanks for your advice. I hope you create a video about "Transferring your Business to a Trust." I've been hearing about this subject a lot and would really like your opinion about it.
Doesn't a corporation filing Form 1120 already need to provide details about significant owners, those with a 20% or more stake?
I've been waiting until the last minute to fill out this horrible form, hoping beyond hope it would just go away. So, my question: Are you sure it is no longer in effect? Five hundred dollars a day is five hundred dollars a day.
I've checked their website. Yup. Looks like deadline extended without penalties until after the legal stuff blows over - if it blows over.
Where do you see that? Link please.
@@LiebsterFeind
Read the advisory at the top of this official, government web page.
boiefiling.fincen.gov/
@@LiebsterFeind
Did you get my reply?
@@LiebsterFeind
Read the advisory with the maroon background on this official, government web page.
boiefiling.fincen.gov/
@@RichardSpeights Thanks. Looks like Fincen is telling people that everything is on hold due to the injunction so it's all good.
I’m with the Treasury and I’m here to help you! 😂
Is this just for Texas that it got overruled or is it nation wide?
Nationwide.
HOA Board of Directors member here. Recently notified by our property management company that we had to file a BOI with FinCEN yet we are not a business, the Board does not collect the assessments, nor does it pay any bills. That is all the responsibility of the property management company. So, my question is... wherein lies the potential for financial fraud? If anyone is going to commit fraud, wouldn't it be the property management company?
Hi Mat, can you explain where exactly "Beneficial Owner" is defined in the Public Law, CFR or US Codes? I know its somewhere in Title 26 cause the W-8BEN form uses that term but I reckon its in other places as well and may have a different definition? Thanks in advance.
It's the same position my law firm is taking on this matter. I would wait if you haven't filed.
thanks :)
Unfortunately we are dealing with the government and who knows what they will do, didn't the court say cancelling student debt is illegal?
the predictions are making it more and more interesting and involved in step finance,, is there then any other new claims or innovations that gonna happen??
I filed for one llc but didn’t yet for two others
Would it be better to go ahead and file instead of taking a chance of being Fined $500. a day ?
Procrastination? Nobody told me. I had to accidentally find thanks to my parents on Thanksgiving. Yikes! Imagine 500 a day penalty for an extremely small business. Now it seems it may best to close my doors.
My LLC is in Arizona but I live in Texas, should I not file it ?
As of now, FinCEN says it's voluntary
It’s just been postponed, treasure is appealing the judgement
I am planning to open a new LLC today . What do I need to do? Can you help me ?
Yeah, I did not, and I will not be filing. The government can shove it!
For people who has Corp c or S should they still file ?
What if we already did file
My accountant wants me to file for the small fee of $150
You can do it free
$150? Find yourself a new accountant. I did not charge any of my clients to file a BOI on their behalf.
It's free and it's not that hard
@@larrysutton1315 Now you got the risk for free. Better keep track of those birthdays and make sure you know when they move. Remember IRS "forgetting is not a reason for not filing" and I add, getting fines. We won't do them at all because of the risk.
Because they are sending notices of fine still
Matt i just formed my LLC IN JULY OF 2024 !! 2024 … i did not file my boi 30 fays later i didnt know am i in trouble from past even tho of this fed injunction !!! help
As of now you do not need to file.
Oh, I SEE THE LOGO of FINCE it is the POPE.
I did this report myself and I think I didn't something wrong that penalty is ridiculous 500 a day thank god they put that down!!
You missed it, $500 wasn't enough, they raised it to $591 because $500 just wasn't enough.
My State is STILL requiring me to file! WTF!?
This is not state law.
This is financial data gathering.
Don’t file this, people
I just did this a week or two ago. UGH. I just filed a new LLC this week so I no longer have to do this?? What date was it when it was ruled unconstitutional?
12/3/2024
Thank you for no BS! Other finance “professional” RUclipsrs still saying just do it even if you don’t have to. 🤦🏽♀️
Heads up, on 12/23/24 the 5th Circuit Court of Appeals overturned the federal district court ruling in Texas and BOI filings are now required again. The new deadlines for companies established before 2024 is Jan 13, 2025. Check out my latest video.
Must now file!! Bs!!