FinCEN BOI for Small Business Owners

[TPD]

I have been procrastinating on filling out the Beneficial Owner Info for FinCEN. I just don't like giving my government more information than is needed, and I feel they don't need this info. I've got 3 LLCs that I am required to report. Well procrastination has worked in my favor this time, at least for now. I was talking to another small business owner this morning and he informed me that the NFIB won a lawsuit brought against the government that puts a temporary injunction on the reporting. I hope this goes away permanently. It's just another unnecessary burden put on small businesses.

NFIB Lawsuit Ruling Blocks Beneficial Ownership Reporting Requirements

The U.S. District Court for the Eastern District of Texas blocked enforcement of the beneficial ownership information (BOI) reporting requirements.

www.nfib.com

Of course on the FinCEN website, the 1st thing you see is that the reporting is required. You must scroll down and click on alerts to see the injunction and read that for now the reporting is voluntary.

FinCEN.gov

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www.fincen.gov

There are companies out there that will file the report for you for $300-$500. That is insane. You can file yourself and it only takes 15-20 minutes based on other small business owners I've talked to that have already filed the report. But more power to those people you can make a buck or three for filling out a form or 2.

 

[22AcaciaAve]

You are spot on about companies taking advantage of this. You can file your information on the government web site. I'm on the board of an HOA. Our property management company offered a service to enter the information for roughly $600 per year. I argued against it. I said we could all enter our information into the government site for free. They all believed it was too hard and voted to let our property management do it for $600 per year. A total waste of money in my opinion.

 

[GURPS]

I have been procrastinating on filling out the Beneficial Owner Info for FinCEN.

Uncle Joe wants his 10% for the Big Guy ....


But seriously like that PayPal requirement ... you got over $ 600 bucks on Facebook Market Place selling your old $ 66 Mustang

or you made a few $ 1000 selling off your old hobby collectables

 

[GURPS]

 

[TPD]

And the injunction has been lifted. I now have to file my BOI with FinCen by January 13th. Bah humbug!

Injunction lifted; FinCEN extends most BOI deadlines to Jan. 13

The Fifth Circuit Court of Appeals on Monday granted a Justice Department motion to lift an injunction imposed by a district court ruling. Hours later, FinCEN announced, in light of the court decision, that the Jan. 1, 2025, reporting deadline was extended to Jan. 13 for most reporting companies.

www.thetaxadviser.com

 

[BOP]

Just more proof that the Demonrats hate small business.

 

[Sneakers]

You're not the only one upset.