Thanks Mat for all the updates. I filed several BOIs for my LLCs months ago bc the penalties were so stiff--prison. This is a shakedown and abuse of power for sure.
the government should be forced to delete all data collected unconstitutionally - to take the attitude of 'don't worry about it' only rewards the underhanded tactics to gather this information.
We could never trust the data was truly deleted and disappeared... the government would never do that honestly. What we do deserve is monetary compensation taken directly from the FinCen executives' salary budget as a way of punishment for creating BOI in the first place.
The Biden family has numerous shell corporations where they have been money laundering and they even have videos of Hunter being introduced to xia xia And then money flowing into a Biden Shell corporation. Millions of dollars. Why isn't the department of Justice focused on them? The Biden administration has been focused on punishing the American citizens. Disgusting group of people. That includes everyone surrounding Joe Biden who are implementing these decisions. They hate Americans
I finally just decided to do mine yesterday, even though I’m not an LLC anymore, or actually never was. I don’t trust them. I guess I should have waited a day. Oh well..
Saying you don't care about financial privacy because "you've got nothing to hide" is equivalent to saying you don't care about freedom of speech because "you've got nothing to say"
At first I thought "yay procrastination for the win!" Then it was "damn, I still have to do the stupid thing" now I'm just like "will you all make up your minds already?? I'm getting whiplash over here!" 😂 I'm still not going to do it until & unless I absolutely have to.
“if you don’t file, we presume you are running a drug operation so we will put you in jail for two years and fine you $591 per day” - the FEDS. duck the FEDS
These fees are worse than the IRS. They're so horrible they are going to close so many small businesses if people forget to file a stupid report. It's so sick that you could put somebody in jail for a stupid report. If they forget or whatever. I forget a lot of things and if you have to have an attorney to remember for you or anyone you have to rely on then you're worried about them remembering it's just terrible.
Appreciate you Mr Sorensen. Thank you for taking the time to help us during your holiday celebrations! Really demonstrates your professional passion for helping others! One of a dozen things & to do's on my plate right now, postponed! Blessings to you & your family.
@ mine is 10yrs old, and I opened 2 more LLCs December 28, 2023, right before the cutoff for needing to report in a month. This is all about getting our info verified and connected in a central database to track and find more ways to take our money. Nothing good ever comes from giving the govt more power, information or control. The people making the rules are part of the big business that launder and scam the American people. Of course they don’t wouldn’t want to give more info
The Corporate Transparency Act (CTA) violates the Fifth Amendment by compelling small business owners to disclose sensitive information that could incriminate them, without legal safeguards against misuse, while imposing harsh penalties and unequal burdens. This infringes on due process and the right against self-incrimination, making it unconstitutional.
I have not heard anyone comment on how unfair this would be to small business owners based on the notion that a company with 25+ employees and / or $5 million in revenue would be exempt. If you want business transparency...it should be applied to ALL businesses, not just small business owners.
It's a principle. The State issues the charter and it's the State that monitors the activities of businesses. If an entity is committing financial crimes then it's the State that investigates and brings them to justice. The Feds have always shown an incompetence in doing this but always want more power. Ultimately, it's the international Corporations that take advantage of the Fed's overreach at the expense of smaller businesses.
Thanks for the update! I think it's an overreach and will not file until/unless it becomes absolutely necessary. Mass non-compliance would be great, but I wouldn't hold my breath!
Yes and if the Govt truly needs this info? They can subpoena this from the state you filed your LLC in. This makes no sense unless they want to use this to squeeze you out of SSI benefits later in life when you retire.
Yes but this streamlines the path to your information. There is still some legal defense the government needs to get through. This would strip that all away.
Perhaps the Department of Treasury should be more concerned about securing their IT systems and our information, instead of worrying about getting into our business details.
This doesn't impact just small businesses. These reporting requirements also apply to things like the boards of directors for non-profits. We have already had several people resign from ours over this and now one wants to serve (like it wasn't already difficult enough).
After WW2 the government ended up with way too much power over Americans. Employers handled health care, collection of social security and federal taxes. These things should not be handled by private employers outside the authority of the federal government. -same for non-interstate businesses.
It's unConstitutional. It violates our 4th Amendment right to privacy. Everyone needs to NOT file BOIs. Can everyone remember and honor the millions of people who have sacrificed life and limb for our freedoms and to protect the US Constitution? Let's stop making their sacrifices in vain.
This whole thing is a joke. Most business owners i know havent heard about it til right now. It is confusing as to how you have to approach it. The only way I've heard about it is on this video. How can they enforce such a thing if no one was told about it. I never got anything in the mail and if the IRS is in charge there was no notice. Small business owners are just being the guinea pig. How are we supposed to know if we comply and if they do it again. Just by the way it is handled it should be unconstitutional. It is bad when we have to find out about it while surfing the web.
@@gruenpunkt So small businesses shouldn't have to keep up to date on legal requirements? ... maybe hire legal help? ... your accountant or consultant should have mentioned it as well ...
@wernerfoerster3666 Remember, these are SMALL BUSINESSES, that are being targeted. Some with less than 10 employees. How do they afford a full time lawyer and accountant. Another 10% for the Big Guy??
What everyone is signing up for is to allow FINCEN to share absolutely every single bit of your personal and corporate information to Foreign Governments. Congratulations.
They have already said they plan to share this information with local city governments, like my city, Santa Monica, California. Santa Monica has severe laws. For example, you have to pay for a business license to write a screenplay, or do any other type of intellectual activity in your home for potential money. My girlfriend has a website where she gives advice on cancer, and Santa Monica forces her to pay an annual business license fee.
To me it is straightforward, the fourth amendment guarantees the right of citizens to be secure in their papers unless there is a warrant. BOI allows the government to go on an unconstitutional fishing expedition.
Who ever go against constitutional law who ever filed against 2A agist this kind of act should be held accountable so they will not do it agin. Are we liv8ng in tom and Jerry world damn.
There was never any new legal duty to disclose BOI information in the first place. I've published 19 videos explaining this and everyone is still stuck on the lame question as to whether or not it's constitutional instead.
The best thing is to not fill it out. If the deadline was January 13, then don’t file anything until a day before because anything can change. Just like what’s happening now.
Worst part is that there’s plenty of companies who’ve already collected money from business owners using this, and they aren’t refunding it. When I was contacted to report this, they were saying that they charge at least $100 for the report and that if I didn’t pay it and make the report I could be fined all types of thousands of dollars.
Kinda reminds me of the ASI Print Revisions, i.e. A to B to C to D to....I've had to work with Rev F quite a few times. Engineering was in severe need of restructuring.
Fincen is worrying about money laundering. For an LLC specifically, they can’t do anything with money without an EIN, which means they get a file of that anyhow. But like there’s a bunch of LLC’s that my clients don’t end up using and get tossed in two years.
basically this will bankrupt millions of llc owners because most wont file this garbage rule. Who can afford 550$ a day fine and possible jail time.? Thats tyranny.
As I keep saying, we should be complaining to our Congressmen and Congresswomen for the nonsense they’ve placed on us. Yes, we want to cut down on fraud but we don’t want to be a centralized power to do so. Keep it back at the States at least. Last, I know they do this intentional, but we need more explanation on these “laws.”
NO ONE is discussing the unconstitutional federal government attack on small business & financial privacy via the FinCEN CTA/BOI , save & except all the financial advisors/bankers/brokers/accounting firms/etc (that are chanting the mantra of "comply-comply") whom are all conveniently exempted the law
The Corporate Transparency Act and the Foreign Assets Compliance Transaction Act (FACTA) both need to be repealed. Neither are stopping Money Laundering. Both are intrusive. #GoDOGE
It's always proper to define an abbreviation or acronymn when you first use it. I watched the entire video and I still have no idea what a BOI is. (and I have an MBA from Michigan and spent 25 years in finance, so I'm not business illiterate)
@@TheMamaFree Thanks. I was able to google it quite easily, my point was more about proper writing/reporting etiquette, e.g. I shouldn't have to google an acronym, just tell me what it is up front.
Unconstitutional overreach from bureaucrats. Mass Non-compliance is what is needed.
Exactly !!
Do they have enough jail space?
Correct and I am not complying, I am worried only very few others will choose this path but so be it, I will not play their game.
Mass non-compliance is what they want. They don't want to put your in jail. They just want to charge the $500 a day.
I love how these idiots push everything for “Americans” yet suddenly have a problem disclosing possible foreign interests in “american” companies.
Thanks Mat for all the updates. I filed several BOIs for my LLCs months ago bc the penalties were so stiff--prison. This is a shakedown and abuse of power for sure.
We did, too due to fines. We are already struggling as it is...
Did you also get vaccinated to keep your job? Due to fear? Due to no cojones? Sheep nature? Bending over? I could go on and on..
the government should be forced to delete all data collected unconstitutionally - to take the attitude of 'don't worry about it' only rewards the underhanded tactics to gather this information.
Hah just like the Ca AG doxed all reg Gun owners after court ruled against state and agencies 😮
exactly what i was wonering, will FinCEN have to delete the database if they ultimately lose ?
It should be required in the final decision to delete all the data received by fincen
We could never trust the data was truly deleted and disappeared... the government would never do that honestly. What we do deserve is monetary compensation taken directly from the FinCen executives' salary budget as a way of punishment for creating BOI in the first place.
The Biden family has numerous shell corporations where they have been money laundering and they even have videos of Hunter being introduced to xia xia And then money flowing into a Biden Shell corporation. Millions of dollars. Why isn't the department of Justice focused on them? The Biden administration has been focused on punishing the American citizens. Disgusting group of people. That includes everyone surrounding Joe Biden who are implementing these decisions. They hate Americans
Anyone else getting whiplash from all these back and forth. 🥴
I know I am. Sheesh, I wish the courts were hearing these cases in March or way before instead of waiting until the deadlines hit.
✋
I finally just decided to do mine yesterday, even though I’m not an LLC anymore, or actually never was. I don’t trust them. I guess I should have waited a day. Oh well..
Means someone still fighting for liberty by preventing laws that diminish our freedoms.🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸
@@mikejessup9304better to be safe than sorry. 🤷🏽♀️
Saying you don't care about financial privacy because "you've got nothing to hide" is equivalent to saying you don't care about freedom of speech because "you've got nothing to say"
Pretty sure the "nothing to hide, not my problem" attitude is what led to the Germany events in 30s and 40s.
Thank you for keeping up up-to-date with all this craziness.
At first I thought "yay procrastination for the win!" Then it was "damn, I still have to do the stupid thing" now I'm just like "will you all make up your minds already?? I'm getting whiplash over here!" 😂 I'm still not going to do it until & unless I absolutely have to.
Exactly my reaction
Last day team!
@@jennifer-harbaughI’m last day team for everything! 🤦♀️
Me too! lol.....I was about to do it today and decided to look up info on it and found out I dont have to. Right now at least.
Fantastic 🎉 update. Spreading the good news. Thank you for staying on top of this and educating us.
Our pleasure!
My Therapist asked. "Why not just file?...."
Me "shut up, it's unconstitutional! Not doing it!"
Chef: You should get a new "therapist."
@@joseh3564 Straight up! New Year New Therapist!
“if you don’t file, we presume you are running a drug operation so we will put you in jail for two years and fine you $591 per day” - the FEDS. duck the FEDS
Get a new therapist if they're that stupid.
These fees are worse than the IRS. They're so horrible they are going to close so many small businesses if people forget to file a stupid report. It's so sick that you could put somebody in jail for a stupid report. If they forget or whatever. I forget a lot of things and if you have to have an attorney to remember for you or anyone you have to rely on then you're worried about them remembering it's just terrible.
I knew this was coming, and that's why I didn't fill out the paperwork.
This has been hysterical! The back and forth!
This should be called the PII (Personal Identifiable Information) law because that is what they are demanding from small business owners.
They should call it the 4th amendment work around.
@@simonleland2873 It's also a Freedom of Association, First Amendment work around.
Appreciate you Mr Sorensen. Thank you for taking the time to help us during your holiday celebrations! Really demonstrates your professional passion for helping others! One of a dozen things & to do's on my plate right now, postponed! Blessings to you & your family.
Procrastination literally has no discrimination. This shit should have been solved a year ago.
I don’t care what they decide.. not doing it.
🤣
💯
Nailed it!! 🎉
I been in Business 30 years and I turned mines in 2weeks ago! The only problem I have is why big businesses don’t have to do it!
@ mine is 10yrs old, and I opened 2 more LLCs December 28, 2023, right before the cutoff for needing to report in a month. This is all about getting our info verified and connected in a central database to track and find more ways to take our money. Nothing good ever comes from giving the govt more power, information or control. The people making the rules are part of the big business that launder and scam the American people. Of course they don’t wouldn’t want to give more info
I’m in the midst of starting my business up in a new state and I’m not doing that until I know this crap is taken care of! I will wait!
The Corporate Transparency Act (CTA) violates the Fifth Amendment by compelling small business owners to disclose sensitive information that could incriminate them, without legal safeguards against misuse, while imposing harsh penalties and unequal burdens. This infringes on due process and the right against self-incrimination, making it unconstitutional.
Thank you, I was looking for more context on unconstitutionality.
I have not heard anyone comment on how unfair this would be to small business owners based on the notion that a company with 25+ employees and / or $5 million in revenue would be exempt. If you want business transparency...it should be applied to ALL businesses, not just small business owners.
It's a principle. The State issues the charter and it's the State that monitors the activities of businesses. If an entity is committing financial crimes then it's the State that investigates and brings them to justice. The Feds have always shown an incompetence in doing this but always want more power. Ultimately, it's the international Corporations that take advantage of the Fed's overreach at the expense of smaller businesses.
Absolutely true!
Thanks for keeping us posted
Thank you for this! I saw several posts/videos that scared the jeebers out of me! (although, I filed within 30 days of starting my LLC).
Finally something good comes out of Texas. Thank you Texas.
Thank you sir. Good work and way to help your fellow citizens stay informed 🇺🇸. Appreciate ya!
Appreciate you, Matt!
Thanks for bringing us the latest information.
Thanks for keeping us posted! 🙏🙏
Thanks for the update! I think it's an overreach and will not file until/unless it becomes absolutely necessary. Mass non-compliance would be great, but I wouldn't hold my breath!
Don't the banks and the IRS already have this information?
Yes and if the Govt truly needs this info? They can subpoena this from the state you filed your LLC in. This makes no sense unless they want to use this to squeeze you out of SSI benefits later in life when you retire.
Yes but this streamlines the path to your information. There is still some legal defense the government needs to get through. This would strip that all away.
YES. And if they don’t, they certainly can get the info very easily with all their spying and other crap they do. The whole thing is ridiculous.
Lool I was about to cave in and file today. thank you Texas
Registration ALWAYS leads to confiscation
Yup, the clearest and constant examples of over reach by Big Brother against the 2nd are the Best examples.
Well, if you are laundering, smuggling, and evading, Just be sure and file on time. The government needs you to file, so they can catch you.
Ha, that’s the fallacy with the law.
Thank you for providing quick update Mat Crazy stuff
If they don't already have this information, how will they know who to put in jail for not filing?
Thank you for the timely updates!
Perhaps the Department of Treasury should be more concerned about securing their IT systems and our information, instead of worrying about getting into our business details.
Thank you for the update, Mat🙏☺️
This doesn't impact just small businesses. These reporting requirements also apply to things like the boards of directors for non-profits. We have already had several people resign from ours over this and now one wants to serve (like it wasn't already difficult enough).
I just filed it today. I wish I had seen this video before I filed it.
This video is really helpful, I'll share it with my friends!
Thank you Matt! Very helpful play-by-play of this clown show of recent "law" fare against small biz.
Never comply with this no matter the outcome.
After WW2 the government ended up with way too much power over Americans. Employers handled health care, collection of social security and federal taxes. These things should not be handled by private employers outside the authority of the federal government. -same for non-interstate businesses.
Thank for a timely update!
Feels like a kid living in a home with two fighting parents
Thanks Matt! Appreciate the update!
My pleasure. Happy to share the good news on this one.
Thanks for the update Matt!
It's unConstitutional. It violates our 4th Amendment right to privacy. Everyone needs to NOT file BOIs. Can everyone remember and honor the millions of people who have sacrificed life and limb for our freedoms and to protect the US Constitution? Let's stop making their sacrifices in vain.
This whole thing is a joke. Most business owners i know havent heard about it til right now. It is confusing as to how you have to approach it. The only way I've heard about it is on this video. How can they enforce such a thing if no one was told about it. I never got anything in the mail and if the IRS is in charge there was no notice. Small business owners are just being the guinea pig. How are we supposed to know if we comply and if they do it again. Just by the way it is handled it should be unconstitutional. It is bad when we have to find out about it while surfing the web.
FINCEN...on their website...claim there was a "Robust" outreach to let us all know throughout the 2024 calender year....
ITS BEEN A LAW FOR YEARS as a business owner you are supposed to keep up with business laws
@wernerfoerster3666
All 53,694 laws, including contradicting law? Really?
@@gruenpunkt
So small businesses shouldn't have to keep up to date on legal requirements? ... maybe hire legal help? ... your accountant or consultant should have mentioned it as well ...
@wernerfoerster3666
Remember, these are SMALL BUSINESSES, that are being targeted. Some with less than 10 employees. How do they afford a full time lawyer and accountant.
Another 10% for the Big Guy??
Im an Eagle Scout Decorated Combat Veteran Entrepreneur and local leader, I refuse to participate in BOI.
What everyone is signing up for is to allow FINCEN to share absolutely every single bit of your personal and corporate information to Foreign Governments. Congratulations.
They have already said they plan to share this information with local city governments, like my city, Santa Monica, California. Santa Monica has severe laws. For example, you have to pay for a business license to write a screenplay, or do any other type of intellectual activity in your home for potential money. My girlfriend has a website where she gives advice on cancer, and Santa Monica forces her to pay an annual business license fee.
To me it is straightforward, the fourth amendment guarantees the right of citizens to be secure in their papers unless there is a warrant. BOI allows the government to go on an unconstitutional fishing expedition.
I still haven’t received a letter from the GOV that I have to file anything
Thank you for your knowledge and videos
It is grueling to submit to government coercion to disclose matters that are no business of theirs.
I found out about BOI from a friend. How were people supposed to know about this?
My accountant told me early last year.
"They" can't expect us to take them seriously with this nonsense.
Who ever go against constitutional law who ever filed against 2A agist this kind of act should be held accountable so they will not do it agin. Are we liv8ng in tom and Jerry world damn.
They don’t have the right to reinstate Rand require the report until after the final hearing and arguments are heard.
Thanks and well done.
I don't always procrastinate, but when I do, It's to wait until the last possible moment to comply with a BS govt. requirement.
Just subscribed, thanks for the update!
There was never any new legal duty to disclose BOI information in the first place. I've published 19 videos explaining this and everyone is still stuck on the lame question as to whether or not it's constitutional instead.
FREE MEN DONT ASK FOR PERMISSION
Thank you for the updates, this is helpful
Thanks for the update, Matt.
Wasn’t going to do it anyway
Bingo! I had no intention to comply.
This insanity has to stop.
Thanks for your GREAT VIDEO. YOU ARE NUMBER ONE, MAN👍👍👍👍✌️✌️✌️✌️✌️
I'm so sick of this back and forth. They got people fearing fines and filled out this form just to switch back. We need to be compensated for out TIME
What a total cluster
As the ruling class says when they get caught laundering money: "Pardon me."
The best thing is to not fill it out. If the deadline was January 13, then don’t file anything until a day before because anything can change. Just like what’s happening now.
BOIs mean “beneficial ownership information reports” which are/were required to be reported by certain small businesses
Worst part is that there’s plenty of companies who’ve already collected money from business owners using this, and they aren’t refunding it. When I was contacted to report this, they were saying that they charge at least $100 for the report and that if I didn’t pay it and make the report I could be fined all types of thousands of dollars.
Mat thank you for these videos man , I’m literally waiting until you drop a vid to react , Keep it up !!!
Thank you for information
I was going to file today thank you
Just...do away with FinCen.
Total madness... wtf is going on in the US?
My first reaction, and why I am watching this video is WHAT'S A BOI? Now I know.
Thanks so much!
This legal process had been WAY too messy. Something doesn’t seem right about this - the process.
Kinda reminds me of the ASI Print Revisions, i.e. A to B to C to D to....I've had to work with Rev F quite a few times. Engineering was in severe need of restructuring.
Im dont have a LLC just DBA, so even a better reason to stay that way. Too much stress having an LLC 😕
If I am forced to file it will be under duress.
This feels like a game of whack a mole 😂
SCOTUS NEEDS to shut this BS down permanently 🔥🤬🔥
Fincen is worrying about money laundering. For an LLC specifically, they can’t do anything with money without an EIN, which means they get a file of that anyhow. But like there’s a bunch of LLC’s that my clients don’t end up using and get tossed in two years.
This is toxic abusive activity
basically this will bankrupt millions of llc owners because most wont file this garbage rule. Who can afford 550$ a day fine and possible jail time.? Thats tyranny.
I did mine! 2 weeks ago! Better safe that sorry!
Back when I was an machinist apprentice (more than 50 years ago) we called this: "MAKE WORK"
Not doing it!
As I keep saying, we should be complaining to our Congressmen and Congresswomen for the nonsense they’ve placed on us.
Yes, we want to cut down on fraud but we don’t want to be a centralized power to do so.
Keep it back at the States at least.
Last, I know they do this intentional, but we need more explanation on these “laws.”
ANYONE ELSE NOTICE THAT COMPANIES THAT COULD ACTUALLY DO MONEY LAUNDERING DONT HAVE TO FILE?? HOW ABOUT HUNTER AND JOES COMPANIES?? NOPE!
NO ONE is discussing the unconstitutional federal government attack on small business & financial privacy via the FinCEN CTA/BOI , save & except all the financial advisors/bankers/brokers/accounting firms/etc (that are chanting the mantra of "comply-comply") whom are all conveniently exempted the law
The Corporate Transparency Act and the Foreign Assets Compliance Transaction Act (FACTA) both need to be repealed. Neither are stopping Money Laundering. Both are intrusive. #GoDOGE
It's always proper to define an abbreviation or acronymn when you first use it. I watched the entire video and I still have no idea what a BOI is. (and I have an MBA from Michigan and spent 25 years in finance, so I'm not business illiterate)
Beneficial ownership information report.
@@TheMamaFree Thanks. I was able to google it quite easily, my point was more about proper writing/reporting etiquette, e.g. I shouldn't have to google an acronym, just tell me what it is up front.
Awesome !
Let’s do Business .
REMOVE THIS BOI CRAP! IT IS INSANITY AND UNCONSTITUTIONAL!!!
Convention of States !