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Started By
Message
So I got this email from my CPA today.....
Posted on 9/20/24 at 10:26 am
Posted on 9/20/24 at 10:26 am
quote:
Beginning in 2024, domestic and foreign companies will have to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCen) established under the Corporate Transparency Act.
The reporting deadline is 12/31/2024. Please note that there are hefty civil and criminal penalties for violations or misreporting.
I have attached two documents that will help you navigate this process. The first attachment will assist you in determining if an entity is a reporting company and the information you will need to report the initial BOI report. The second attachment is published by the Financial Crimes Enforcement Network and will answer any questions you may have.
The CPA Profession (AICPA and LCPA) has advised CPAs not to engage in the filing of Beneficial Ownership Reporting and therefore I will not be filing these reports. I advise you to engage your attorney to prepare your filing or you can also file yourself.
Please let me know if you have any questions.
what in the actual f$%& is the Financial Crimes Enforcement Network (rhetorical, I Googled it)
this is straight up Communist Big Brother shite, I do not recall this being passed by Congress....the Corporate Transparency Act
F this great country's government.
For all small business owner's out there, I will not be filing, even at the end of a gun.
have a great weekend!
10
Posted on 9/20/24 at 10:31 am to JDifuplease
Still in the courts on constitutionality btw. Some owners taking the approach of do nothing and wait for a notice
Posted on 9/20/24 at 10:59 am to JDifuplease
All the info requested for the BOI is info you have already provided to the IRS and your states Secretary of State’s office.
I filed my BOI online and moved on.
I filed my BOI online and moved on.
Posted on 9/20/24 at 11:04 am to weadjust
quote:
All the info requested for the BOI is info you have already provided to the IRS and your states Secretary of State’s office.
it goes beyond several state's reporting requirements. many sates do not require a list of all members, for example. the concern is database is accessible by basically any law enforcement agency, and could be accessed by those trying to track down assets (think planes registered in Montana). it has a lot of people puckered up
Posted on 9/20/24 at 7:08 pm to JDifuplease
There are exemptions that you might qualify for. Just FYI.
Posted on 9/20/24 at 7:29 pm to JDifuplease
quote:
For all small business owner's out there, I will not be filing, even at the end of a gun.
Posted on 9/20/24 at 8:31 pm to JDifuplease
My CPA did mine.
Posted on 9/21/24 at 3:23 pm to weadjust
quote:
I filed my BOI online and moved on.
This is how tyranny thrives. One weak man bending the knee at a time.
Posted on 9/21/24 at 5:42 pm to weadjust
quote:
All the info requested for the BOI is info you have already provided to the IRS and your states Secretary of State’s office
I never understood why people were losing their minds over this, for this reason.
Posted on 9/21/24 at 5:45 pm to Drizzt
quote:
This is how tyranny thrives. One weak man bending the knee at a time.
If you file to incorporate, you're getting advantages from government. You also likely provided this information to the government.
If you file taxes, same thing.
That submission already occurred. In the case of incorporation, it was to gain an advantage granted by the government outside of the free market.
This post was edited on 9/21/24 at 9:21 pm
Posted on 9/21/24 at 5:51 pm to lsujro
quote:
many sates do not require a list of all members, for exampl
Do those members not file taxes?
Or do they not earn any income/draws from the LLC?
quote:
those trying to track down assets
For civil asset forfeiture or civil judgments?
For CAF the asset would have to be part of the crime alleged, so the government would know anyway.
For a civil judgment, this should be disclosed in a judgment debtor rule once the judgment is rendered.
Posted on 9/21/24 at 6:35 pm to SlowFlowPro
frick that. Just because I file taxes doesn’t mean the government has the right to make me give them in depth information on my business. Income tax was supposed to be “temporary” after WW1 but weak people like you didn’t fight back then and we still have it now. The Federal government is not my king and I am not their subject.
Posted on 9/21/24 at 9:23 pm to Drizzt
quote:
Income tax was supposed to be “temporary” after WW1 but weak people like you didn’t fight back then
Yes, I didn't fight back when I was -40 years old. Exactly.
quote:
The Federal government is not my king and I am not their subject.
Then don't incorporate. Nothing requires incorporation. It's an advantage given to you by the state. I don't think that part of my post has sunk in, yet.
Run your business as a pure sole proprietorship and you don't have to fill out the form.
Posted on 9/22/24 at 6:13 am to Drizzt
quote:
Income tax was supposed to be “temporary” after WW1 but weak people like you didn’t fight back then and we still have it now
You should flex some muscle then and stop paying income taxes. Fight back, as you say. That'll really show 'em.
Posted on 9/22/24 at 9:57 am to SlowFlowPro
quote:
Then don't incorporate. Nothing requires incorporation. It's an advantage given to you by the state.
WTF?
Posted on 9/22/24 at 10:29 am to JDifuplease
quote:
For all small business owner's out there, I will not be filing, even at the end of a gun.
If you plan to open a bank acct or get a loan you will.
Posted on 9/22/24 at 11:39 am to JDifuplease
I clicked the link in the email the government sent me and it went to Kamala.gov. Just had to fill out a survey on equity and had to pay a fine for not being diverse enough
Posted on 9/22/24 at 1:11 pm to weadjust
Then they can go find the info themselves. I won’t provide it and will toss the form.
Posted on 9/22/24 at 1:50 pm to OTIS2
quote:
WTF?
He's 100% correct. The entire concept of a corporation: a body of individuals deemed a single body (corpus) for a specific purpose doesn't exist outside of a legal fiction granted by the state. And beyond that, the primary purpose of modern incorporation, limited liability, didn't exist for private entities until an act of Parliament in 1855: LINK
The idea most people seem to have, that corporations have some inalienable natural right to limited liability, baffles me.
Posted on 9/22/24 at 7:12 pm to JDifuplease
Paid my CPA to file mine about 2 weeks ago.
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