FinCEN - Beneficial Owners Information Reporting Requirement

wayoflife said:
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?
Click to expand...
I got one for our business we closed 3 years ago, 🙃.

Who are they gonna make pay ? It was an LLC.
 
Game of chicken. But still no need to file thankfully. All articles basically say the same thing.

www.ebglaw.com

Enforcement of CTA Halted Yet Again After Federal Court Reverses Course and Reinstates Nationwide Injunction

While the injunction is in place, reporting companies are not required to file beneficial ownership information with FinCEN and are not subject to liability under the CTA for failing to file beneficial ownership information. FinCEN also noted that reporting companies may continue to voluntarily...
www.ebglaw.com www.ebglaw.com

financialregnews.com

New ruling stops enforcement of beneficial ownership information reporting requirements - Financial Regulation News

The U.S. Court of Appeals for the Fifth Circuit on Dec. 26 reinstated a nationwide injunction halting enforcement of beneficial ownership information (BOI) reporting requirements, reversing an order issued earlier in the week by a lower court.© Shutterstock The BOI reporting requirements are...
financialregnews.com financialregnews.com

www.jdsupra.com

Update: CTA’s Beneficial Ownership Information Reporting Requirements Back On Hold; Nationwide Injunction Reinstated Following Order by Fifth Circuit Merits Panel | JD Supra

This Alert is an update to our Alert dated December 24, 2024, available here and supersedes the information set forth in the December 24, 2024 Alert...
www.jdsupra.com www.jdsupra.com

 
WJCO said:
If DOJ and Biden want it this bad, you know it's communism.

justthenews.com

DOJ asks Supreme Court to reinstate federal anti-money laundering law

If reinstated, the law would force millions of businesses to disclose information about the owners by next month, including their dates of birth and addresses.
justthenews.com justthenews.com
Click to expand...


It’s definitely about financial control and making it easier to squeeze every last penny out of the American Tax Payer. Never forget that every law the Fed-Gov passes is first and foremost about increasing its ability to ‘govern’, not about preserving the Constitution and ensuring an individual’s right to self-determination. More government always equates to less freedom.
 
Business registration has been the responsibility of counties and states. Now the feds want into the action?

Many who have set up a business (at least a DBA and tax id) do not have citizenship or the right to live/work in this country. Maybe the feds want to help with fixing that after the 20th?
 
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