FinCEN - Beneficial Owners Information Reporting Requirement

[wayoflife]

For those of you who are small business owners that are an LLC, have you heard of FinCEN or the Beneficial Owners Information Reporting Requirement? I haven't but just spoke with my accountant and he was telling me that there was some new law that passed and now we will have to "report with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and provide specified information regarding the our companies “beneficial owners.” Entities in existence prior to January 1, 2024, have until January 1, 2025, to file these reports. Failure to do so can result in hefty penalties!

Needless to say, this is all news to me. I never got an email or letter by mail telling me that this is something I would need to do. I should note that I was also told that there was a law suit that put the requirement on hold for now and that companies are being asked to "voluntarily" file anyway while it's being litigated.

That said, have any of you heard of this BS and have you filed?

 

[Mike Pierson]

For those of you who are small business owners that are an LLC, have you heard of FinCEN or the Beneficial Owners Information Reporting Requirement? I haven't but just spoke with my accountant and he was telling me that there was some new law that passed and now we will have to "report with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and provide specified information regarding the our companies “beneficial owners.” Entities in existence prior to January 1, 2024, have until January 1, 2025, to file these reports. Failure to do so can result in hefty penalties!

Needless to say, this is all news to me. I never got an email or letter by mail telling me that this is something I would need to do. I should note that I was also told that there was a law suit that put the requirement on hold for now and that companies are being asked to "voluntarily" file anyway while it's being litigated.

That said, have any of you heard of this BS and have you filed?

I’m a partner in a family business and we were notified of that by our accountant as well. I believe we went ahead and filed the information with them to be on the safe side. But yeah, total overreach and complete BS.

 

[wayoflife]

I’m a partner in a family business and we were notified of that by our accountant as well. I believe we went ahead and filed the information with them to be on the safe side. But yeah, total overreach and complete BS.

Such total BS that you can be liable for something that you have to find out about from an accountant

 

[Mike Pierson]

Such total BS that you can be liable for something that you have to find out about from an accountant

And, if the lawsuit succeeds, they’ll still have all of our data.

 

[wayoflife]

And, if the lawsuit succeeds, they’ll still have all of our data.

Exactly why I'm hesitant to file

 

[WJCO]

For those of you who are small business owners that are an LLC, have you heard of FinCEN or the Beneficial Owners Information Reporting Requirement? I haven't but just spoke with my accountant and he was telling me that there was some new law that passed and now we will have to "report with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and provide specified information regarding the our companies “beneficial owners.” Entities in existence prior to January 1, 2024, have until January 1, 2025, to file these reports. Failure to do so can result in hefty penalties!

Needless to say, this is all news to me. I never got an email or letter by mail telling me that this is something I would need to do. I should note that I was also told that there was a law suit that put the requirement on hold for now and that companies are being asked to "voluntarily" file anyway while it's being litigated.

That said, have any of you heard of this BS and have you filed?

I posted on another thread about this a couple weeks ago right after the Federal Judge issued an injunction stopping it. Includes short video of Asian CPA talking about the recent update:

Random Internet Shit you've come across

Interesting. I don't have a problem with it at all but the general "shade" of this photo is indeed a bit interesting, as you put it.

wayalife.com

I only knew about it because my CPA sent out bulk letters in January. I purposefully waited to file because I knew it was bullshit and there were already lawsuits on it immediately. A day before the judge recently issued the injunction, my CPA sent me a reminder email. I was planning on filing that very week but the next day I heard the great news. I double checked with my CPA and she said don't file and they're telling others not to either. As of now it is not required. As far as 'volunteering,' not me. They already have my EIN number, the IRS is already good at investigating criminals and even your average Joe, so this whole BOI is another layer of stupid bullshit like a vaccination card. It literally gives the government no new information that businesses already give when taxes are filed.

 

[wayoflife]

I posted on another thread about this a couple weeks ago right after the Federal Judge issued an injunction stopping it. Includes short video of Asian CPA talking about the recent update:

Random Internet Shit you've come across

Interesting. I don't have a problem with it at all but the general "shade" of this photo is indeed a bit interesting, as you put it.

wayalife.com

I only knew about it because my CPA sent out bulk letters in January. I purposefully waited to file because I knew it was bullshit and there were already lawsuits on it immediately. A day before the judge recently issued the injunction, my CPA sent me a reminder email. I was planning on filing that very week but the next day I heard the great news. I double checked with my CPA and she said don't file and they're telling others not to either. As of now it is not required. As far as 'volunteering,' not me. They already have my EIN number, the IRS is already good at investigating criminals and even your average Joe, so this whole BOI is another layer of stupid bullshit like a vaccination card. It literally gives the government no new information that businesses already give when taxes are filed.

I am sorry that I missed that post of yours. I figured this might be something that would have been discussed and rightfully so. Glad that I didn't find out about it till now and like you, I don't think I'll be volunteering anything today. Fuck this shit.

 

[Trail Bud]

Exactly why I'm hesitant to file

If there’s a lawsuit, don’t file until you have to, required too.
Then you don’t give them your info for no reason other than a threat.

 

[jesse3638]

For those of you who are small business owners that are an LLC, have you heard of FinCEN or the Beneficial Owners Information Reporting Requirement? I haven't but just spoke with my accountant and he was telling me that there was some new law that passed and now we will have to "report with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and provide specified information regarding the our companies “beneficial owners.” Entities in existence prior to January 1, 2024, have until January 1, 2025, to file these reports. Failure to do so can result in hefty penalties!

Needless to say, this is all news to me. I never got an email or letter by mail telling me that this is something I would need to do. I should note that I was also told that there was a law suit that put the requirement on hold for now and that companies are being asked to "voluntarily" file anyway while it's being litigated.

That said, have any of you heard of this BS and have you filed?

I heard about this a couple months ago for the first time. I don't even know what it is and haven't really looked into it. Sounded like more gov overreach to me and was going to play the ignorance is 9/10 of the law card...haha.

Edit: WJCO's post is where I first heard about it. Maybe it wasn't a couple months ago...haha.

 

[Mike Pierson]

I posted on another thread about this a couple weeks ago right after the Federal Judge issued an injunction stopping it. Includes short video of Asian CPA talking about the recent update:

Random Internet Shit you've come across

Interesting. I don't have a problem with it at all but the general "shade" of this photo is indeed a bit interesting, as you put it.

wayalife.com

I only knew about it because my CPA sent out bulk letters in January. I purposefully waited to file because I knew it was bullshit and there were already lawsuits on it immediately. A day before the judge recently issued the injunction, my CPA sent me a reminder email. I was planning on filing that very week but the next day I heard the great news. I double checked with my CPA and she said don't file and they're telling others not to either. As of now it is not required. As far as 'volunteering,' not me. They already have my EIN number, the IRS is already good at investigating criminals and even your average Joe, so this whole BOI is another layer of stupid bullshit like a vaccination card. It literally gives the government no new information that businesses already give when taxes are filed.

Yeah, I just checked and we filed late October.

 

[jeeeep]

got it, ignored it

 

[Mike Pierson]

I mean, really, they already have the information, or can easily get it. I’m not going to lose any sleep over it.

 

[TrailHunter]

My buddy told me about it, and then my accountant sent me something… I did it online in about 5 min. None of the questions were about income… just who you are. After I filed it, I heard some were saying you don’t need to… Honestly, I don’t know the right answer, but I did it and it seemed like no big deal. I figured its just one more BS step of being incorporated.

 

[wayoflife]

My buddy told me about it, and then my accountant sent me something… I did it online in about 5 min. None of the questions were about income… just who you are. After I filed it, I heard some were saying you don’t need to… Honestly, I don’t know the right answer, but I did it and it seemed like no big deal. I figured its just one more BS step of being incorporated.

Didn't it strike you the least bit funny that nobody from the Government made the slightest effort to tell you in person or directly in some way that this is something you needed to do OR ELSE?

I dunno, getting this information from my CPA was just... weird to me. Just didn't feel right.

 

[NPC 6060⁸42]

The whole thing sounds like another way to mess with small business owners.

 

[TrailHunter]

Didn't it strike you the least bit funny that nobody from the Government made the slightest effort to tell you in person or directly in some way that this is something you needed to do OR ELSE?

I dunno, getting this information from my CPA was just... weird to me. Just didn't feel right.

Kind of.. I guess if you are an LLC and don't have a CPA.. and aren't on the up & up on things you could get screwed... I heard there were big fines if you don't do it. IRS could have sent a letter... but they are crooked thieves so I'm not surprised.

 

[wayoflife]

Kind of.. I guess if you are an LLC and don't have a CPA.. and aren't on the up & up on things you could get screwed... I heard there were big fines if you don't do it. IRS could have sent a letter... but they are crooked thieves so I'm not surprised.

The threat of "big fines" is what really shocked and pissed me off especially being that I know that I didn't get shit from them. Nobody I know did and that's just wrong. It's almost like they want to catch people making an innocent mistake and then busting them for it. The whole thing just stinks to me.

 

[TrailHunter]

The threat of "big fines" is what really shocked and pissed me off especially being that I know that I didn't get shit from them. Nobody I know did and that's just wrong. It's almost like they want to catch people making an innocent mistake and then busting them for it. The whole thing just stinks to me.

Sounds like the definition of the IRS to me... Lol

 

[jeeeep]

Didn't it strike you the least bit funny that nobody from the Government made the slightest effort to tell you in person or directly in some way that this is something you needed to do OR ELSE?

I dunno, getting this information from my CPA was just... weird to me. Just didn't feel right.

they're just identifying the low hanging fruit not likely to have a team of lawyers and accountants when they decide to investigate just because something triggered a red flag

 

[benatc1]

Yes and yes, with my llc I filed today actually, make sure you do it through the actual website tho and it’s free, but obviously more govt over reach that’s total bs. It’s crap that there hasn’t been any notifications about it