@@vukken99 I filed on the internet a couple weeks ago. It's a big waste of time because every single piece of information they wanted, the government already has. I have a couple llcs but getting rid of them next year.
@ 2:19 . There's no way a BOI filing is private when 1) The government is a public entity . 2) The required ID documents are publicly issued contracts with and through the state . This is why it was deemed unconstitutional in the first place . Public and true private enterprise do not mix .
Money laundering should be investigated in the banks and intelligence agencies, not in my small business. Whoever wrote this bill is a corrupt official, who needs to be kicked out of the government asap. Please do research and publish their names.
This is such total bs. It is an attack on small businesses and the idea that rules change daily with an expectation of compliance within days of changing opinions is unreasonable, overbearing, and overreaching.
BOI by its inception principle is unconstitutional because the mandated disclosure is based on the probable cause of being a potential suspect of a crime. It is the same principle when a police can only detain if there is strong suspicion of crime. Without a basis not even ID they are allowed to ask. It is the similar principle. By mandating disclosure they have enacted an unconstitutional law because it assumes you are guilty that is why you must disclose. I am really hoping that they teach the Feds a lesson on constitutionality of a law
You're wrong when you say that you "do not have a legal basis" to not file. Marbury versus Madison says that if a law is unconstitutional, it was unconstitutional from before the ink was dried on it's signing. This means that, especially when the law has already been found by one court to be facially unconstitutional, it is perfectly reasonable to disobey that law until it gets all the way to the Supreme Court. Which is what I will be doing. Because I too agree with the court that this law is unconstitutional on its face, and that I have a fundamental and Sovereign right to privacy even from the government.
exactly from its inception this law violated the constitution by mandating disclosure with assumption of possible guilt...Pretty dangerous that is.... Even tax filing is voluntary based on your declaration of what your income is.
It has not been found unconstitutional. Injunction does not equal ruling it unconstitutional. Please stop practicing amateur law lest you wind up in federal prison.
How is the average small business mom and pop shop who doesn't follow RUclips videos every 6 hours supposed to know what to do here? Most people I've talked to have no idea about this law and had no mail or email notification about it.
Yes, we had no idea about this. We only have an LLC in case we ever want to use it, but we never have had any transactions. I'm a bit confused, but it seems like we don't have to file under this new law.
I have an LLC on paper but I have not used it in 12 years. Something with such stiff penalties including jail time should be mailed to every household in America. It’s as if they want people to not know about it for maximum fines and penalties revenue. 😡
@@craigchambers4183 staus is exempt per the guvment boi website fincen.gov. Cause that means inactive is not generating any $, thus no tax to hunt for
More than the portion of the law implementing the requirement to file, the penalty should be declared unconstitutional as the punishment is grotesquely disproportionate to the immediate "crime" of not filing the "paperwork".
After all said and done, IF at the end of this back and forth battle it’s deemed illegal for FEDS. These information better get purged permanently. I highly doubt that though.
I was planning to start a business but I haven't gone so far as a LLC. I'm just going to stop with the business and instead buy a washing machine instead.
@@teeforrest3733 from my understanding they are required. The feds want the info and this form allows them to share the info with foreign law enforcement and government agencies.
It’s time to put an end to the despots in government. Contact your state AG and demand that they nullify it and to indict the individuals for Title 18 Section 241
Something to clarify is that this has not even reached the stage of arguments on the merits at the fifth Circuit. The 5th Circuit only issued a stay of the lower court's injunction PENDING DOJ's appeal to the 5th Circuit on the merits. If the plaintiffs appeal to the full panel at this stage, it would only be to ask them to reverse the panel's stay of the injunction while the DOJ appeal on the merits is filed and argued. I imagine it is unlikely that the full court lifts the stay, or that the Supreme Court subsequently grants emergency relief while the case is heard in the circuit court. But, stranger things have happened!
you are correct but even then it is LAUGHABLE. Absolutely NO ONE is hurt by letting the stay stand while things go through courts. MANY are hurt by removing it like this court did.
@danmcintosh6957 Thx. In plain terms --the Appeal is pending. Currently the injunction stopped it for he reason it violates our U.S. constitution. I'll have to dig into cause I'm planning to open a sm biz sometime in 2025 involving a trust. The boi site conveys steps to submit the trust & biz owner contact details
I'm just hearing about this. We have an LLC but don't actually use it, never made any money at all. Does this mean BOI excludes us from this requirement?
You do have a legal basis. It's called the Constitution. Bill of rights. Unreasonable searches and seizures. What you don't have is a legal precedent on this law
@@wernerfoerster3666you’re all over these comments telling peeps to line up like sheep. You’re an IRS agent or bureaucrat, certainly not a small biz owner or anybody who must forcibly comply with this garbage
Matt, you forgot to mention that you cannot file it yourself unless you formed the entity it yourself. Otherwise you can still do it but will need aFINCEN ID or photo ID of the person or entity who created (formed) the LLC as well.
This is a terrible decision that makes no sense. There is ZERO harm letting the stay stand while this clearly unconstitutional law goes through the court system. It causes harm to do what the court did today. Zero sense here. At all.
There is no logic to this law....All corporations do financial transactions through banks...The Feds can see these clearly they know who is sending and who is receiving the funds. It is little naive to think they dont know otherwise. Even paypal is processed through US treasure so it is overreach in my view.
I don’t think so, the cost of law suits by a state unless shared by multi states weighs in on these things as well as the seriousness’s of the law and in this case there are bigger fish to fry, love it hate it, is what is will see what happens. It was a bipartisan bill apparently so both parties pushed this through lol
If later deemed unconstitutional illegal action, can business owners sue collectively so we can get 10k out of their ass? Serious question not a law student.
so the federal government has authority to compel ALL companies, that make less than a certain amount, to provide private information to a investigative agency.
Makes no sense. Wouldn't they already have businesses information by now? Since businesses have to register, pay taxes and have all they're paperwork in order???? If businesses don't receive any formal notification this sounds sketchy and maybe a scam.
Would you have to file the BoI for a business which was filed with the state and had an EIN but has been inactive/delinquent - that is, never did more than the creation and is years old
Yes, we have an LLC that was set up before 2020, and for that matter we have never used it for any transactions - zero money. It has been there just in case we wanted, but we also are likely negligent in filing everything the state has asked for each of the past few years. Do we need to shut it down?
He said information about business is suppose to be confidential and privately held. So what is the point. Also every governmental agency has been hacked. Nothing is safe.
So. Let me see if I have this straight. The reason this law doesn’t apply to large companies is that there are extant regulations covering them. How has that worked out? See Enron, “too big to fail” On and on. This is an attack on small business.
Only if you are a corporation in commerce , if you are private and want to make your own wages privately, you can do so. Public and private do not mix.
I have been in group conversation and the following has come up more than once... What if someone had an llc years prior and is no no longer operational or no longer in existence..forfeited their llc during covid etc or from a health condition that ceased their mom/ pop budiness or side budiness etc? Is there a time frame of how far back someone has to go for non existing llc. Or say some one who obtained an ein hoping to open a business but did not ever do so...or the ein was for a dba from 20 year ago that they only used for a brief period for banking and never filed for an llc or Scorp etc. Where are the lines at on this? I know I have heard several people ask these questions..some who are retired, now disabled etc or no longer in business... most feel like a ahot deer in the head lights of an on coming train at what the rules are in these cases??? Most don't have the money to seek professional advise to get clarity. Anyone know the facts? Thanks in advance to anyone who takes time to answer in detail..if someone shares the facts in detail I will try to do the same as a courtesy to others who desperately need it. Have a blessed day
In 1927, Henry Ford was proud to pay his workers $5 per day with many working a 6 day work week, making $30 a week. They could go to the bank and get 30 silver dollars or 1 $20 gold piece and a $10 gold piece. Now fast forward to today and who wouldn't love to get a $20 gold piece and a $10 gold piece for a week's worth of work. Stollen wealth.
I operate a single truck small business. I'm not a lawyer, correct me if im wrong but I've been told that this information will be shared internationally with other countries agencies. I see this as a violation of my privacy and a vulnerability to my security. I will not be complying and if enough of us stand up to this in noncompliance they will have a real problem. Im registered with my state and am legal otherwise. Noncompliance as a stand against this targeted attack on small business. What say you?
I registered my LLC during the first quarter of the 2024. I wasn’t aware of needing to file this until the first news came out. Do I still file it? Will I be fined if I do? I don’t know what to do
@@jermainemyrn19this video is to say they overturned that, and we are now required to file boi “again”. Texas found it unconstitutional, but the 5 circuit court overturned that. So we all need to file again before Jan 1st (if you hadn’t filed it yet, you need to before Jan 1st).
An LLC owned by a sole proprietor without employees is often considered a "disregarded entity" and do not file business taxes, but personal taxes as self-employed. Would those in this category need to file this BOI nonsense?
If we complied before the injunction and if it eventually gets struck down by a higher court can the initial folks who complied get some sort of remedy..I.e.sue for handing over our private info?
@@cocotico9997Yes when Trump takes office he is going to take most if the regulations off of small business. Look it up. This is just Brandons last attempt as a complete failure
@@scottlandb6579 ...however, you can be a one-person sole proprietor LLC...and if you formed such an entity in your state....you ARE required to file. Sole proprietors without an LLC risk all personal property in a lawsuit.....if you have an LLC, only the LLC assets are at risk of loss in a lawsuit....be careful here.
many people who have businesses over 10 million revenue think they don't have to file but if the owners own their real estate in an LLC or some other entity and collect rent they have to file for those LLC's
I'm a small farmer so what does FINCEN do with my info that I give them ? Does it just sit in a data base or does my business get probed and scrutinized by some bureaucrat?
I really appreciate your efforts! Could you help me with something unrelated: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). Could you explain how to move them to Binance?
Im not an expert but all the forms you have to file on the federal and state level should've covered ownership in said entities already no? One of the first questions is are you the owner and how many owners are there, am i trippin?
CPA Toby Mathis' video says its deadline is Jan 13 deadline for all LLCs which were in place prior to a certain date, it may be Jan 2024. He is all for privacy but urges us to file and not take chances of up to 2 years imprisonment and $591/DAY fines.
It did earlier in the day on the 23rd. At 1am pst on 1/24/24, that was removed in favor of an alert saying you may be able to enjoy an extension til 1/13/25. I just notified my clients.
No he doesn't on his latest vid....he's not going to give specific legal advice but he DOES update his vid to tell you of the reversal and the new govt deadline date.
Does my measly little old eBay account mean I have to do this ? I had to register a company name in my state so I could get IRS federal tax ID number but I have no building, no office, no real business assets I'm over ,70 , and make very little on the account nowadays. I don't even file a tax form anymore cause I'm way below the income threshold and only have SS retirement no IRA or401k ??
It’s unconstitutional because the power to regulate small businesses belongs to the State unless the small business is involved in interstate commerce.
Wellp, I’m cooked. Opened a small LLC handyman business in July. Had no idea this was a thing. I’m beyond 90-days. I’m sunk.. looks like the end for me.
You filed with the state.....not the Feds....and none of these filings determine true "ownership" name of the entity....this effort by them links owners to the company.
FinCEN has stated Jan 13, 2025 is the new deadline (extending Jan 1, 2025) for LLCs and corps set up before 2024.
sounds little ridiculous...13 extra days??? how about their website not being handled 30 millions registrations....
@@vukken99 I filed on the internet a couple weeks ago. It's a big waste of time because every single piece of information they wanted, the government already has. I have a couple llcs but getting rid of them next year.
Can you provide source for FinCEN extending deadline to Jan 13
@ 2:19 . There's no way a BOI filing is private when 1) The government is a public entity . 2) The required ID documents are publicly issued contracts with and through the state .
This is why it was deemed unconstitutional in the first place . Public and true private enterprise do not mix .
Don’t understand why the late notice from the government? WEIRD
Money laundering should be investigated in the banks and intelligence agencies, not in my small business. Whoever wrote this bill is a corrupt official, who needs to be kicked out of the government asap. Please do research and publish their names.
Cough *Ukraine* cough.
This bill was originally written by Hunter on a cocktail napkin!
So wait, I am hearing that we are all 'cool with criminals' and 'F the Police', right?
I am all good, if that is the case. 🙂
@@ExtortionismI didn't read that at all, are we reading the same feed? Lol
@@ExtortionismHuh? BOi is about small biz ownership self reporting for the infernal revenue svc
This is such total bs. It is an attack on small businesses and the idea that rules change daily with an expectation of compliance within days of changing opinions is unreasonable, overbearing, and overreaching.
It's even more unconstitutional
@@ConsideraCore EVERYTHING since AT LEAST 1913 if not when Lincoln took away State's rights. And probably before that even...
@@KreatorStudios you have had a YEAR to comply...
We already have rico laws this so criminal
This is the government the Founders warned us about.
Yep it's here.
BOI by its inception principle is unconstitutional because the mandated disclosure is based on the probable cause of being a potential suspect of a crime. It is the same principle when a police can only detain if there is strong suspicion of crime. Without a basis not even ID they are allowed to ask. It is the similar principle. By mandating disclosure they have enacted an unconstitutional law because it assumes you are guilty that is why you must disclose. I am really hoping that they teach the Feds a lesson on constitutionality of a law
I’m hoping the new administration teaches the Feds a lesson too. By getting rid of their jobs.
Bureaucracy is inherently anti-American.
Please stop making up ridiculous incorrect legal analogies.
@vukken99 Yes. < Illegal search>. Also must have Pardon reform. Say capped at 5 people
If only all 30 million small businesses banded together and refused
like they give a damn, they'l fine us all into ruin
Government has the people whipped into submission. Not enough of us would stand strong.
😂😂 that would be epic
I’m down
I am down, literally all bullshit aside if we refuse as a whole we can rewrite this law and set a precedent.
You're wrong when you say that you "do not have a legal basis" to not file. Marbury versus Madison says that if a law is unconstitutional, it was unconstitutional from before the ink was dried on it's signing. This means that, especially when the law has already been found by one court to be facially unconstitutional, it is perfectly reasonable to disobey that law until it gets all the way to the Supreme Court. Which is what I will be doing. Because I too agree with the court that this law is unconstitutional on its face, and that I have a fundamental and Sovereign right to privacy even from the government.
exactly from its inception this law violated the constitution by mandating disclosure with assumption of possible guilt...Pretty dangerous that is.... Even tax filing is voluntary based on your declaration of what your income is.
Please stop - both of you
@@wernerfoerster3666 no. wtf are you to tell anyone what to do or think?
We see it in your name@@wernerfoerster3666
It has not been found unconstitutional. Injunction does not equal ruling it unconstitutional. Please stop practicing amateur law lest you wind up in federal prison.
Why should we submit a form of ID... if no ID is required for VOTING, then no form of ID should be required for this either!
I totally agree!
ID’s are racist…..
@patpozzuto4809 voting is a "Right" enshrined in the US Constitution.
There is not a "Right" to form a corporation.
Absolutely agree!
This is outrageous
It's unfair!
How is the average small business mom and pop shop who doesn't follow RUclips videos every 6 hours supposed to know what to do here? Most people I've talked to have no idea about this law and had no mail or email notification about it.
Yes, we had no idea about this. We only have an LLC in case we ever want to use it, but we never have had any transactions. I'm a bit confused, but it seems like we don't have to file under this new law.
My CPA just asked me about it early December. My office received no type of official notification.
I have an LLC on paper but I have not used it in 12 years. Something with such stiff penalties including jail time should be mailed to every household in America. It’s as if they want people to not know about it for maximum fines and penalties revenue. 😡
@@craigchambers4183 staus is exempt per the guvment boi website fincen.gov. Cause that means inactive is not generating any $, thus no tax to hunt for
@@StreetFighter2010if you did not conduct business in 2020 or later, you are exempt from filing.
So we have to surrender our information to the biggest money launderers on earth?
Omg EXACTLY!!!!!!!!
As per usual 🥴
Correct
I hope this gets appealed to scotus and then our supreme Court Judges will do the right thing.
@@moralambush January 13th is coming like a runaway freight train
Thank you so much for keeping us updated! 🙏
More than the portion of the law implementing the requirement to file, the penalty should be declared unconstitutional as the punishment is grotesquely disproportionate to the immediate "crime" of not filing the "paperwork".
For sure this statement. Was $10,000 a day that it’s unfiled and 6 - 12 months in federal penitentiary?
@@ET-sp6qm$591 a day (civil), up to $10,000 criminal penalty. Https://fincen.gov
Newsflash: the patriot act wasn’t bout safer flying
If it was, they've done a crappy job of it.
Thank you! I appreciate your reporting on this! Merry Christmas!
After all said and done, IF at the end of this back and forth battle it’s deemed illegal for FEDS. These information better get purged permanently. I highly doubt that though.
I was planning to start a business but I haven't gone so far as a LLC. I'm just going to stop with the business and instead buy a washing machine instead.
You can do a "Sole priority"... I believe they are not required to file a BOI... But double check.
Sole Propriety is how it is spelled. @@teeforrest3733
Haha I think I’m the only one on here that gets it 😂
@@alliallison4935 I got it too lol
@@teeforrest3733 from my understanding they are required. The feds want the info and this form allows them to share the info with foreign law enforcement and government agencies.
They will be overturned but by then they will have the info they wanted
@CustomerService-ni6wi irs already has all this same contact info. Hopefully SCOTUS torches it. Guessing the website/database would dissolve
If its overturned by the Supreme Court the data base and all forms should be destroyed.
@@gamebros87you trust the feds to actually destroy the info ?
Just because something is the “law” doesn’t mean that it’s right.
It’s time to put an end to the despots in government. Contact your state AG and demand that they nullify it and to indict the individuals for Title 18 Section 241
lol
@@wernerfoerster3666 why do you find this humorous ?
@@merlingrim2843
the idea that a state AG can nullify an act of congress is humorous as is the notion of indictment ... please join the real world
The hackers will have the database a few months into 2025 if it holds up.
Something to clarify is that this has not even reached the stage of arguments on the merits at the fifth Circuit. The 5th Circuit only issued a stay of the lower court's injunction PENDING DOJ's appeal to the 5th Circuit on the merits. If the plaintiffs appeal to the full panel at this stage, it would only be to ask them to reverse the panel's stay of the injunction while the DOJ appeal on the merits is filed and argued. I imagine it is unlikely that the full court lifts the stay, or that the Supreme Court subsequently grants emergency relief while the case is heard in the circuit court. But, stranger things have happened!
you are correct but even then it is LAUGHABLE. Absolutely NO ONE is hurt by letting the stay stand while things go through courts. MANY are hurt by removing it like this court did.
@danmcintosh6957 Thx. In plain terms --the Appeal is pending. Currently the injunction stopped it for he reason it violates our U.S. constitution. I'll have to dig into cause I'm planning to open a sm biz sometime in 2025 involving a trust. The boi site conveys steps to submit the trust & biz owner contact details
Please list the judges that reversed this as well as the politicians that initiated this law
if the majority of people are against this law, why is it in place? how is this a government by and for the people?
The majority is against a lot of things that are law.
That’s not what government is. Government is a technique to rob and control populations, and democracy is the greatest trick of the tyrants.
Fincen site has new deadlines (several) and Jan 1 2025 is now Jan 13 2025. Go Texas!
Do not comply
Perfect
Who has 10,000.00 to not file?
@@nadenegoudeau9926 with that outlook you should move to England
So stupid. I’m already registered with the state. I already have federal tax ids for my businesses. And I already file the businesses with the IRS.
the info sought is not duplicative
inactive corporations are exempt that includes corporations without any financial transactions. Read the exemptions
I'm just hearing about this. We have an LLC but don't actually use it, never made any money at all. Does this mean BOI excludes us from this requirement?
@vkken99 Twenty Three exemptions. Like Insurance outfits
@@craigchambers4183Inactive is exaempt
Your small business information is safe with us. It’s totally private. If you’re not a criminal, you will be, if you don’t do what we say.
You do have a legal basis. It's called the Constitution. Bill of rights. Unreasonable searches and seizures.
What you don't have is a legal precedent on this law
please stop ... maybe delete this comment
@@wernerfoerster3666 delete yours fedboi
@@wernerfoerster3666you’re all over these comments telling peeps to line up like sheep. You’re an IRS agent or bureaucrat, certainly not a small biz owner or anybody who must forcibly comply with this garbage
@@BTCforce So, what are you going to do? Comply by 1/13/25 or roll the dice and see what the next Admin + DOGE does?
100%
Matt, you forgot to mention that you cannot file it yourself unless you formed the entity it yourself. Otherwise you can still do it but will need aFINCEN ID or photo ID of the person or entity who created (formed) the LLC as well.
Foreign countries like Singapore require this
The process requires ID in any case......
Once filed, checking back in to verify receipt is not available. The system needs to be fixed!
This is a terrible decision that makes no sense. There is ZERO harm letting the stay stand while this clearly unconstitutional law goes through the court system. It causes harm to do what the court did today. Zero sense here. At all.
Tells you it’s not about what they claim it’s about
@@zoelynch295 you make a good point.
There is no logic to this law....All corporations do financial transactions through banks...The Feds can see these clearly they know who is sending and who is receiving the funds. It is little naive to think they dont know otherwise. Even paypal is processed through US treasure so it is overreach in my view.
Your comment is short sighted
Sure there is logic: the logic of the totalitarian - you must comply!
This is going to the Supremes...
Yes, and 6 years later, they will agree that it is unconstitutional.
I don’t think so, the cost of law suits by a state unless shared by multi states weighs in on these things as well as the seriousness’s of the law and in this case there are bigger fish to fry, love it hate it, is what is will see what happens. It was a bipartisan bill apparently so both parties pushed this through lol
@@kolobkolobkolobkolob
what??? lol
This is unconditional and whoever overturned this needs to be charged for sedition or treason.😵
12-27 will be the final decision for this BOI.
That's what I'm waiting for
Yep then it’s all good, 4 days to file or roll the dice.
Edit: 17 more days now apparently by that small extension (Jan 13, 2025). 😑
wrong
FINCEN would be an awesome DOGE target!!!!
I believe AICPA advised CPAs that they cannot legally file BOI reports for clients because they cannot practice law (see CTA UPL).
It’s a money grab
exactly...because they can be accomplices of an illegal law...
but realtors can offer and explain contracts
If later deemed unconstitutional illegal action, can business owners sue collectively so we can get 10k out of their ass? Serious question not a law student.
no
~lawyer
@ thanks
Thanks for the great info Mat, much appreciated!
No id to vote, but own a business and you must show your id to do business.
Mass non-compliance!
ok you go first and advertise your name
Isn’t the fifth circuit court the one that’s exceptionally conservative? Odd that they would overrule the Texas court
so the federal government has authority to compel ALL companies, that make less than a certain amount, to provide private information to a investigative agency.
the owner of a company registered with the state is private info???
Makes no sense. Wouldn't they already have businesses information by now? Since businesses have to register, pay taxes and have all they're paperwork in order???? If businesses don't receive any formal notification this sounds sketchy and maybe a scam.
We all agree that it's sketchy.
Would you have to file the BoI for a business which was filed with the state and had an EIN but has been inactive/delinquent - that is, never did more than the creation and is years old
There is an inactive exemption for entities set up before jan 1, 2020 and not active now. Only entities set up before 2020 though.
@MatSorensen thanks, it was started in 2013 or 14, couldn't remember.
Yes, we have an LLC that was set up before 2020, and for that matter we have never used it for any transactions - zero money. It has been there just in case we wanted, but we also are likely negligent in filing everything the state has asked for each of the past few years. Do we need to shut it down?
They put the cap on the wrong side- should be over not under capital limit.
He said information about business is suppose to be confidential and privately held. So what is the point. Also every governmental agency has been hacked. Nothing is safe.
Does the BOI form have the OMB mark? My understanding is that Federal forms must have the OMB approval to be mandatory.
This should go to the Supreme Court but remember how they okayed Obamacare with its unconstitutional mandate. No one seems to care 🤦♂️
That's the reason I don't vote for judges at the local level anymore. Let's get real, judges have their own agendas.
@2-old-Forthischet Referring to tge 3-panel Appeals court?
I’m closing my LLC after Xmas before 2025 do I still have to File a BOI?
So. Let me see if I have this straight. The reason this law doesn’t apply to large companies is that there are extant regulations covering them. How has that worked out? See Enron, “too big to fail” On and on. This is an attack on small business.
Just like 2020...
Im not sure if I have some old LLC's that were created years ago, but have no assets.
probably dissolved
That’s crap. Our company is closed this week… and I’m not working while it’s closed.
This seems so redundant. You have to go through all sorts of disclosures and reporting to set up an s corp or LLC. What is the value of this?
No value. They are just looking at ways to collect money and go after people for non compliance
owners are not necessarily listed on entity filings
Only if you are a corporation in commerce , if you are private and want to make your own wages privately, you can do so.
Public and private do not mix.
I have been in group conversation and the following has come up more than once...
What if someone had an llc years prior and is no no longer operational or no longer in existence..forfeited their llc during covid etc or from a health condition that ceased their mom/ pop budiness or side budiness etc? Is there a time frame of how far back someone has to go for non existing llc. Or say some one who obtained an ein hoping to open a business but did not ever do so...or the ein was for a dba from 20 year ago that they only used for a brief period for banking and never filed for an llc or Scorp etc. Where are the lines at on this? I know I have heard several people ask these questions..some who are retired, now disabled etc or no longer in business... most feel like a ahot deer in the head lights of an on coming train at what the rules are in these cases???
Most don't have the money to seek professional advise to get clarity. Anyone know the facts? Thanks in advance to anyone who takes time to answer in detail..if someone shares the facts in detail I will try to do the same as a courtesy to others who desperately need it.
Have a blessed day
Total overreach. Why on earth are they pushing this so hard?
They seem to hate small businesses. See 2020
In 1927, Henry Ford was proud to pay his workers $5 per day with many working a 6 day work week, making $30 a week. They could go to the bank and get 30 silver dollars or 1 $20 gold piece and a $10 gold piece. Now fast forward to today and who wouldn't love to get a $20 gold piece and a $10 gold piece for a week's worth of work. Stollen wealth.
That 20 dollar gold piece would be worth 2500 today. So Henry Ford was paying like 12-15k a month in today's money
Can another state or judge file another stay or injunction to stop this before Jan 13th?
I operate a single truck small business. I'm not a lawyer, correct me if im wrong but I've been told that this information will be shared internationally with other countries agencies. I see this as a violation of my privacy and a vulnerability to my security. I will not be complying and if enough of us stand up to this in noncompliance they will have a real problem. Im registered with my state and am legal otherwise.
Noncompliance as a stand against this targeted attack on small business.
What say you?
You are correct....filing with FINCEN/BOI allows such sharing..... it's criminal in my view.
Who have proven over and over that they can’t protect our information.
The website is down
I registered my LLC during the first quarter of the 2024. I wasn’t aware of needing to file this until the first news came out. Do I still file it? Will I be fined if I do? I don’t know what to do
Not anymore. It was deemed unconstitutional for now. They say it's voluntary now, but people will still do it because they don't know
@@jermainemyrn19this video is to say they overturned that, and we are now required to file boi “again”. Texas found it unconstitutional, but the 5 circuit court overturned that. So we all need to file again before Jan 1st (if you hadn’t filed it yet, you need to before Jan 1st).
An LLC owned by a sole proprietor without employees is often considered a "disregarded entity" and do not file business taxes, but personal taxes as self-employed. Would those in this category need to file this BOI nonsense?
If we complied before the injunction and if it eventually gets struck down by a higher court can the initial folks who complied get some sort of remedy..I.e.sue for handing over our private info?
you know the answer
12-23-24. First time I've ever heard about this requirement. Why didn't a federal agency give me a heads-up?
because its been a law for4 years and you are supposed to be a business man
Funny how the filing site is down at the moment.
@@blackpowderpodcast exactly 🤦🏻
And the website says “page cannot be reached” when you go on to try to file
Nice work fincen
Biden is leaving soon! Hooray!
So?
@@cocotico9997So this will be leaving as well.
@@JamesDavidson-yq6bm really?
@@cocotico9997Yes when Trump takes office he is going to take most if the regulations off of small business. Look it up. This is just Brandons last attempt as a complete failure
@@JamesDavidson-yq6bm Doubt it.
"The only way other gov't agencies can get this is with a subpoena." HAHAHAHAHAHAHAHA😂
What about sole proprietorships?
Not required only for corps
@@scottlandb6579 ...however, you can be a one-person sole proprietor LLC...and if you formed such an entity in your state....you ARE required to file. Sole proprietors without an LLC risk all personal property in a lawsuit.....if you have an LLC, only the LLC assets are at risk of loss in a lawsuit....be careful here.
many people who have businesses over 10 million revenue think they don't have to file but if the owners own their real estate in an LLC or some other entity and collect rent they have to file for those LLC's
Why do I have to give the government information they already get for all Single Member LLCs, Partnership LLCs and S-corps.
I'm a small farmer so what does FINCEN do with my info that I give them ? Does it just sit in a data base or does my business get probed and scrutinized by some bureaucrat?
PRIVACY and protection from unreasonable search as seizure is your grounds for not complying.
FIGURES THE 5TH CIRCIUT COULDNT WAIT UNTIL NEXT WEEK!!!!!
I really appreciate your efforts! Could you help me with something unrelated: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). Could you explain how to move them to Binance?
Im not an expert but all the forms you have to file on the federal and state level should've covered ownership in said entities already no? One of the first questions is are you the owner and how many owners are there, am i trippin?
owners are not necessarily listed on entity filings
Clear value tax just did a video on this and it says right on the webpage that at this point its voluntary.
CPA Toby Mathis' video says its deadline is Jan 13 deadline for all LLCs which were in place prior to a certain date, it may be Jan 2024. He is all for privacy but urges us to file and not take chances of up to 2 years imprisonment and $591/DAY fines.
It did earlier in the day on the 23rd. At 1am pst on 1/24/24, that was removed in favor of an alert saying you may be able to enjoy an extension til 1/13/25. I just notified my clients.
No he doesn't on his latest vid....he's not going to give specific legal advice but he DOES update his vid to tell you of the reversal and the new govt deadline date.
Funny how history repeats itself. Dec 23 1913. Always do things while people are worried about other things and distracted . 🤔
I don't have a company anymore since 2019. I'm going to file as many as i can and put cartoon and superheros as the beneficiary
expensive gag
Does my measly little old eBay account mean I have to do this ?
I had to register a company name in my state so I could get IRS federal tax ID number but I have no building, no office, no real business assets I'm over ,70 , and make very little on the account nowadays. I don't even file a tax form anymore cause I'm way below the income threshold and only have SS retirement no IRA or401k ??
you know the answer
Not only your Ebay account....but HOA Board members....think on this !!.....who knows this?
Dude, why is your video dark? Like my phone ID on energy saving mode?
Typical government shit show on the backs of small businesses at the 11th hour….
the law was passed in 2021
Based on the BOI exemptions they’re not really looking for money issues because the federal financial institutions are all exempt 💰
The gov overreaches and underdelivers
What a bunch of garbage
I own rental property in my trust, do I have to file? I have no corp or LLC.
No
@@RashmiSaid Thank you!
It’s unconstitutional because the power to regulate small businesses belongs to the State unless the small business is involved in interstate commerce.
Wellp, I’m cooked. Opened a small LLC handyman business in July. Had no idea this was a thing. I’m beyond 90-days. I’m sunk.. looks like the end for me.
What are you talking about? 90 days?
@ If you formed your LLC/Corporation in 2024 you had 90-days from its official public notice of formation to file this BOI report.
@ I never received a letter or anything stating this. I found out by scrolling on RUclips that this was even a thing.
The government already has our information from when we filed for our businesses. How about we demand congress file it too?
owners are not necessarily listed on entity filings
You filed with the state.....not the Feds....and none of these filings determine true "ownership" name of the entity....this effort by them links owners to the company.
Supreme Court better overturn this. It's ridiculous.
Better safe than sorry - 12/27 is a key date
not necessarily
They’re going to have to do their jobs, I’m not filling shyt 🍻
So do we file BOI right now before 31st or not ?
right
You have until Jan 13th under this latest ruling.....
I was so mad when it was ruled unconstitutional and I had already done it. Now I have whiplash.....lol
Your duty is to resist all forms of usurpation.