So funny. I have a single member LLC in Texas filed early January of this year. I had no idea about this, although the company handling my formation emailed me once about it very early. I didn't learn about it until three days ago watching a video on UA-cam. It should have been in by April (why do the newest business have the shortest filing time?!). Turns out my submission got denied because the company helping me already filed it, but the whole thing seemed like extortion. So glad it was my state that shut this down.
My CPA said sent a letter saying it would cost between $200-$250 to file. I did it myself in about 10 minutes. Just download your DL in JEP and then upload to the application.
Gee, if you already submitted, now consider that FinCen has your data… photo, home address in their databases, and is not yet legally required to return, delete, or even adequately safeguard it. Rem the Treadonya Dept has repeatedly leaked sensitive data.
$Millions if Not $Billions have been spent by the public in order to “comply” with this Unconstitutional law. Rather than making $$$$$ on their clients, all these CPA and Attorney Firms should have been A) Lobbying to get Congress to repeal this blatantly Unconstitutional law and B) suing the Feds on behalf of their clients… but no, just like the complex tax system makes too much money for the “professionals” in the industry, these BOI reports became gravy filing fees for many CPAs and Attorneys. Disgusting. Coincidence that they just revealed the Feds have required banks to search for transactions at sporting goods stores, etc to try to target political opponents. Massive abuses of power by Fed/Treasury/IRS/FinCEN. Yet they ignored years of SAR reports on the Bidens’ money laundering. Go figure.
The CTA law is an abomination and should be repealed entirely. At the very least they should exempt single member LLCs or C corps which are already regulated under state law and are highly unlikely to launder money or engage in other financial crimes. Most of the crimes are through large corps and entities doing MORE than $5 million not the small mom and pop professionals earning an honest living. Has anyone watched the series Ozark?
I never got anything in the mail regarding this BOI for owning a no income, no transactions, LLC until I came across this Yt video. Do you think no action on my part is safe? This is nonsense and another bull crap from the communist administration. Why would the government come after small to nothing business and not the big businesses. Thank God Trump won and going after this criminal government.
I am a CPA. My position is this is a legal matter and insurance discourages my doing this. My experience for small companies is this takes somewhere between 10 - 20 minutes. Not rocket science. I don't have the courage to charge $495. I don't know what state you are in, but there are 4 - 5 states that view this as the practice of law. Is your cpa an attorney, too?
Thank you for your video. I just found out about FinCen BOIR report 3 days ago, my deadline is this week and I was planning to file it today. Will hold on for now.
@@MrDmacc1the FinCen website says no action is required while injunction is in place. So I assume there should be a new grace period established once results come through.
To say it’s no harm to be compliant is not true. The entire idea of the “law” is to only harm small businesses just like they did in 2020 calling them non-essential
Compared to spending two years in prison, and paying $10,000+ in fines, the relative harm in creating a second honey pot with all the business info to be stolen by hackers is not that large, relatively. It would be much better to repeal this, AND the bank secrecy act, but until there is consensus to do this, we must weigh the relative risks of non-compliance.
And the many regulations put in place that small business owners could not afford to comply with, so they were forced to close shop. This has been going on for decades.
She say stay on top of it in case it does get repealed. But wasn’t something that was going to have to be done every year. God I hope it gets knocked down completely and final. This is serious government overreach.
My CPA wants to charge $450. Did they get in a room to agree on the pricing? Makes me wonder what else I have been over charged for? He says that the latest Texas filing looks much like the rest prior that got appealed. Said it was best to file and some of his clients are doing on their own. Yeah, at that price point, I bet!
Our Accounting firm told me it would be $250 per filing & $250 per beneficial owner. I just looked up BOI filing & saw that it was FREE & did it myself!! I am so irritated that they would charge that much money to do that!!! I'm glad that we retired & out of business as of January of 2024 I had to file anyway because it is for the year 2023.
Hi Hannah, I am understanding that you did send in the report on your end with your business. So if my understanding is right, did you get the decision back yet and or update us, on the timeline for when it would good for us to know when it is close and best to send in my information to comply with the head department dealing with compliance?
thank you so much for the information do you know if that also goes for the new companies do they still have to do it within 90 days or is that also on hold as well
Supposed I filed an LLC in April 2024 and failed to register the BOI within the requested period. Will I still be fined after the new update on the BOI registration? I was unaware of that requirement when I first filed my LLC, and I learned about the BOI because of the new update that was to be placed on hold.
Thank you, Clara for sharing the knowledge. I would think that this "halt" would apply the transfer of ownership of U.S. residential property to a business entity or trust without lender financing, reporting to FINCEN on December 1 2025.
@ Clara CFO Group My tax attorney just told me the injunction halt is only for the plaintiffs and everyone else must file by the original 12.31.24 deadline
@@ClaraCFO Thanks for responding. Just trying to get this right for everyone to avoid the consequences of not filing. That’s what my attorney said: The only reliable source of information is the governmental source: fincen.gov/boi The alert about that case is front and center on this page: “Other than the particular individuals and entities subject to the court’s injunction, as specified below, reporting companies are still required to comply with the law and file beneficial ownership reports as provided in FinCEN’s regulations.”
Only wanting to make sure we don’t get fined for misunderstanding the situation. My tax attorney emailed me: The only reliable source of information is the governmental source on FinCEN website. The alert about that case is front and center on this page: “Other than the particular individuals and entities subject to the court’s injunction, as specified below, reporting companies are still required to comply with the law and file beneficial ownership reports as provided in FinCEN’s regulations.”
As a non-US resident who wants to open US LLC in January 2025, this is a great news. Because, in order to file BOI report whitin 30 days (deadline) i need to have EIN. I cant get EIN as a foreigner online in a day like you. I have to fax SS-4 form to IRS and wait for them to give it back to me which can take 4-8 weeks or even more. As you can see, its impossible for me to file BOIR in that deadline. If that injunction get rejected, how am i supposed to file BOIR if its not physicaly possible to do that ? Any help ? Tnx !
I suggest you apply for the EIN right now, so you have it, if you ever need it. I already got my FinCen ID, and will probably file this, because what is the worst that can happen, they don't put me in jail for two years ? What a shame !
@@jasminbertic I think you are right, I am not a tax expert. I would guess that if the law is suspended by the court, the time delay to get a EIN hopefully wouldn't matter. The whole thing is absurd, and I really don't know what they expect people like you to do.
I just wanna know why there are loop holes for banks and companies that make over 5 million a year. I think financial institutions and large publicly traded businesses should have to report to a decentralized Blockchain with all of their spending. That would include government agencies and government spending.
BOIR sounds like a scam when you read it...and a thorn in the heal at best. I was never notified of this as well. I found out by chance. Also, I have an official business that holds little value what exactly would be the benefits everyone if filed this? Im highly confused with this aspect.
Can we be completely certain that if it is ever ruled enforcable... that a NEW deadline will be set, and penalties will not ACCRUE _from the existing Dec 31st deadline ?_
@@ClaraCFO Seems like that would be the first question concerning this injunction. The central message of all the articles and videos is that nobody needs to worry about the Dec 31st deadline... but they're not addressing this.
Question? If it is reinstated and enforceable, how much time will we have to comply? Are they required to give like 30 days after it is reinstated or something like that? Great video! Subscribed! Thank you💗
There is no way to tell right now. I would assume there would be a grace period....but I don't know. I think this is something everyone will have to decide: if they are comfortable with the risk of not complying and any potential consequences.
I had 2 problems with the upload....Anybody else have these problems? 1) I tried on 4 different computers and for each of them them BOI program said my Adobe Acrobat needed to be updated to vervion 8. Couldn't figure it out so instead of a PDF version i tried the online option but 2) It said my photos were in an unaccepted format. Since when is JPEG unacceptable? Big, frustating waste of time.
It makes no difference if it’s a pass through entity as it’s all reported on your personal 1040. Is it a conventional mortgage to your personal name/credit or a commercial mortgage to your LLC?
@@lifecoach3 I would speak with a mortgage broker, or Mortgage Loan Officer/Underwriter, they will know better than a CPA. But basically as self employed, the Mortgage company is going to want to see bank statements for up to 1 year to see the steady income being deposited, and 2 years worth of taxes to document your income. If you take heavy write-offs for business expenses, that can hurt you on paper cause that shows less Net Profit/Income on your taxes, which is what the Mortgage company will be looking for to use in your personal DTI (Debt to Income) ratio calculation. Typically with a 620 to 650+ credit score you will be allowed up to 40-50% DTI to cover all your debts AND the Mortgage. So if you have $1000 in Credit Card minimum payments, auto loans, etc and a full Mortgage payment of say $1500 (Full PITI - Principal, Interest, Taxes and Insurance [plus any HOA fees]) then your total is $2500 per month of expenses, so you would need to show $5K/mo minimum income to have a 50% DTI calculation ($5K income * 50% = $2500/mo of income to be used to satisfy all your debts including the new $1500/mo mortgage). This is just a hypothetical example. Search online for more about calculating your DTI, get your minimum payments as low as possible, fix your credit as well as you can (if needed). The mortgage company will ALSO look for 12 months of ON TIME rental payment history from your current Landlord if you have been renting. This one can catch people by surprise also. SO, make sure you pay your rent on time and they will be looking at 12 months of bank statements to show those payment withdraws are ON TIME.
What's the big deal? Better to file. You never really know how things my turn out with govt./court decisions. Could go really bad for small businesses owners. Not worth the risk. They already have all your information anyway If you're in business through the Secretary of State in your jurisdiction. This was just a crazy money grab from those who didn't comply by the deadline, hence the ridiculous high penalties.
The problem with this filing is that ALL of your information is in one place. As a single owner LLC you give your name, address, SS number, EIN, date of birth and a copy of your drivers license. Yes it can probably be found other places online but this is basically putting everything a thief needs to take over your identity and business all in one easy little package.
@@threeoaks2004 THANK YOU. I didn't know I needed to give ALL of that info. I'm glad I waited, will keep following to see if I can skip giving away info.
Could the US bureaucracy possibly make his more of a holistic, confusing clown-fest? No wonder you're people are so frustrated they vote for Trump et al.
Win the Battle to lose the war. You do understand that Congress will just amend the law and put the same questions on your personal 1040 and 1120 (Corp) tax returns and states will follow suit. The CTA is the light version of complying with OECD regulations. The next steps to comply will just make this an annual requirement part of your 1040 and 1120 filings, forcing everyone to fill out a 1040 personal income tax return. This is short-sighted thinking
So funny. I have a single member LLC in Texas filed early January of this year. I had no idea about this, although the company handling my formation emailed me once about it very early. I didn't learn about it until three days ago watching a video on UA-cam. It should have been in by April (why do the newest business have the shortest filing time?!). Turns out my submission got denied because the company helping me already filed it, but the whole thing seemed like extortion. So glad it was my state that shut this down.
dont do shit let them take all of us to jail lol
if you need help filing i can guide you through it
@Dannysphotography 😂😂it's ridiculous
Thank you very much for updating everyone!! I hope nobody spent the $200 to hire someone to file the report.
Why would you need to hire someone to file the report for you?
My CPA said sent a letter saying it would cost between $200-$250 to file. I did it myself in about 10 minutes. Just download your DL in JEP and then upload to the application.
Gee, if you already submitted, now consider that FinCen has your data… photo, home address in their databases, and is not yet legally required to return, delete, or even adequately safeguard it. Rem the Treadonya Dept has repeatedly leaked sensitive data.
my CPA said 450 .. crooks , looking for a new one now
$Millions if Not $Billions have been spent by the public in order to “comply” with this Unconstitutional law.
Rather than making $$$$$ on their clients, all these CPA and Attorney Firms should have been A) Lobbying to get Congress to repeal this blatantly Unconstitutional law and B) suing the Feds on behalf of their clients… but no, just like the complex tax system makes too much money for the “professionals” in the industry, these BOI reports became gravy filing fees for many CPAs and Attorneys.
Disgusting. Coincidence that they just revealed the Feds have required banks to search for transactions at sporting goods stores, etc to try to target political opponents. Massive abuses of power by Fed/Treasury/IRS/FinCEN. Yet they ignored years of SAR reports on the Bidens’ money laundering. Go figure.
Thank God for the Texan Judge.
@BlancaPerez-z6r Yes, and thank God for Trump, Musk, Ramaswarmy, Kennedy etc. To help get rid of wasteful spending and corruption in government!
@dl1130 agree 💯
THANK YOU VERY MUCH FOR SUCH IMPORTANT INFORMATION THAT YOU SO KINDLY GIVE TO ALL THE PEOPLE. EXCELENT CHANEL AND EXCELENT PROFESIONAL YOU ARE.
The CTA law is an abomination and should be repealed entirely. At the very least they should exempt single member LLCs or C corps which are already regulated under state law and are highly unlikely to launder money or engage in other financial crimes. Most of the crimes are through large corps and entities doing MORE than $5 million not the small mom and pop professionals earning an honest living. Has anyone watched the series Ozark?
I never got anything in the mail regarding this BOI for owning a no income, no transactions, LLC until I came across this Yt video. Do you think no action on my part is safe? This is nonsense and another bull crap from the communist administration. Why would the government come after small to nothing business and not the big businesses. Thank God Trump won and going after this criminal government.
Agree 100% but us mom & pops cant afford the fines if we dont comply.
You also have single member s-corps.
I wouldn't believe anything based on a TV series but the largest, most-likely companies to do fraud are exempt.
Thank you, Clara!! Please do keep us updated. I don't know where else I would have seen this information.
Thanks for the putting out this update so quickly Hannah! Very much appreciated :)
Happy to help!
I got email from my cpa wanting to charge $495 to file it. Amazing how this video popped up this morning!🤗
What a rip off, it's so easy free to fill out - unless you have a complex arrangement of corps and trusts, or something like that.
Oh dear! You can hold off for now, and if you do want to file, I have a DIY video that you can easily follow and do it in less than 10 min!
@@iriscnance they all crooks, government, cpas and lawyers
I am a CPA. My position is this is a legal matter and insurance discourages my doing this. My experience for small companies is this takes somewhere between 10 - 20 minutes. Not rocket science. I don't have the courage to charge $495. I don't know what state you are in, but there are 4 - 5 states that view this as the practice of law. Is your cpa an attorney, too?
$495 you do realize that it takes about 10 minutes okay maybe 15
I don’t understand how people had to find out by accountants, other sources INSTEAD of direct emails from the gov’t.
Exactly, especially considering the severity of the penalty!
I didn't receive an email either. It was actually through a friend's accountant that I even heard this was a thing.
Thank you for your video. I just found out about FinCen BOIR report 3 days ago, my deadline is this week and I was planning to file it today. Will hold on for now.
So you'll wait, but what if this injunction doesn't stay, will it affect if your late and don't file before Jan 1 2025?
@@MrDmacc1the FinCen website says no action is required while injunction is in place. So I assume there should be a new grace period established once results come through.
Take action.
the government needs to report to us what they are doing
@@adaptiveplexus Perhaps USGov behavior became visible to enough citizens the first week of November. 😼
Hold off on that BOI stuff. Shut that BOI and FINCEN 💩 down
THANK YOU!! Will not file!!!! Keep you updated if foul results. Put off, as I see it as over reach, waiting for end of year, glad I did wait...
To say it’s no harm to be compliant is not true. The entire idea of the “law” is to only harm small businesses just like they did in 2020 calling them non-essential
Compared to spending two years in prison, and paying $10,000+ in fines, the relative harm in creating a second honey pot with all the business info to be stolen by hackers is not that large, relatively. It would be much better to repeal this, AND the bank secrecy act, but until there is consensus to do this, we must weigh the relative risks of non-compliance.
And the many regulations put in place that small business owners could not afford to comply with, so they were forced to close shop. This has been going on for decades.
Until they weaponize and target Your business now that they can link it to one political party or another.
Thank you for sharing Clara!
Thank you Hannah! Keep it coming!
Thanks. You are the best.
so much appreciated! and yes, how much harder can we make it for us super small businesses to get by???
Thanks for the update 😊
Thank you!!!
She say stay on top of it in case it does get repealed. But wasn’t something that was going to have to be done every year. God I hope it gets knocked down completely and final. This is serious government overreach.
Thanks! Subscribed!
Terry
My CPA wants to charge $450. Did they get in a room to agree on the pricing? Makes me wonder what else I have been over charged for?
He says that the latest Texas filing looks much like the rest prior that got appealed. Said it was best to file and some of his clients are doing on their own. Yeah, at that price point, I bet!
Our Accounting firm told me it would be $250 per filing & $250 per beneficial owner. I just looked up BOI filing & saw that it was FREE & did it myself!! I am so irritated that they would charge that much money to do that!!! I'm glad that we retired & out of business as of January of 2024 I had to file anyway because it is for the year 2023.
I already submit mine. I didn't see the point of waiting. The gov. already have my business info anyways.
Your local gov't did, but the federal gov't did not. Now they do.
Not the federal government.
The point of the LLC is to be ambiguous about its ownership.
I believe the IRS is federal. They know alllll ...your business, lol.
Don't comply. Leave the US. Get bitcoin. Give them nothing.
Hi Hannah, I am understanding that you did send in the report on your end with your business. So if my understanding is right, did you get the decision back yet and or update us, on the timeline for when it would good for us to know when it is close and best to send in my information to comply with the head department dealing with compliance?
thank you so much for the information do you know if that also goes for the new companies do they still have to do it within 90 days or is that also on hold as well
Supposed I filed an LLC in April 2024 and failed to register the BOI within the requested period. Will I still be fined after the new update on the BOI registration? I was unaware of that requirement when I first filed my LLC, and I learned about the BOI because of the new update that was to be placed on hold.
Thank you, Clara for sharing the knowledge. I would think that this "halt" would apply the transfer of ownership of U.S. residential property to a business entity or trust without lender financing, reporting to FINCEN on December 1 2025.
im a LLC formation Service provider in Wyoming state and i dont take any charges for boir filing i have more than 60 clients this year which i filed
Great info. Thanks. I read that if your LLC is not active you do not need to file. Anyone know if that's true?
If you were in business in "2023" you were required to file.
@ Clara CFO Group
My tax attorney just told me the injunction halt is only for the plaintiffs and everyone else must file by the original 12.31.24 deadline
Not correct in this case. In previous cases, that was true
@@ClaraCFO
Thanks for responding. Just trying to get this right for everyone to avoid the consequences of not filing.
That’s what my attorney said:
The only reliable source of information is the governmental source:
fincen.gov/boi
The alert about that case is front and center on this page:
“Other than the particular individuals and entities subject to the court’s injunction, as specified below, reporting companies are still required to comply with the law and file beneficial ownership reports as provided in FinCEN’s regulations.”
Only wanting to make sure we don’t get fined for misunderstanding the situation.
My tax attorney emailed me:
The only reliable source of information is the governmental source on FinCEN website.
The alert about that case is front and center on this page:
“Other than the particular individuals and entities subject to the court’s injunction, as specified below, reporting companies are still required to comply with the law and file beneficial ownership reports as provided in FinCEN’s regulations.”
@ it is true that the CTA is still law!
@@ClaraCFOso are you now saying we DO have to do it?
Lawyers anit always in your best interest if you charge 200 to 500 dollars for a nosense
As a non-US resident who wants to open US LLC in January 2025, this is a great news. Because, in order to file BOI report whitin 30 days (deadline) i need to have EIN. I cant get EIN as a foreigner online in a day like you. I have to fax SS-4 form to IRS and wait for them to give it back to me which can take 4-8 weeks or even more. As you can see, its impossible for me to file BOIR in that deadline. If that injunction get rejected, how am i supposed to file BOIR if its not physicaly possible to do that ? Any help ? Tnx !
I suggest you apply for the EIN right now, so you have it, if you ever need it. I already got my FinCen ID, and will probably file this, because what is the worst that can happen, they don't put me in jail for two years ? What a shame !
@@sprinkle61 how can i apply for EIN if i dont have LLC registered yet ? as i know, EIN is only for business purposes. first LLC, then EIN.
@@jasminbertic I think you are right, I am not a tax expert. I would guess that if the law is suspended by the court, the time delay to get a EIN hopefully wouldn't matter. The whole thing is absurd, and I really don't know what they expect people like you to do.
It's amazing that stupid the law makers have become, you would think that they would do more research on this before they pass it in too law.
Where do you file BOI Reports? Fincen Filing Agents?
I opened a business in April 2024 and filed after 180 days instead of 90. What are the consequences?
I just wanna know why there are loop holes for banks and companies that make over 5 million a year. I think financial institutions and large publicly traded businesses should have to report to a decentralized Blockchain with all of their spending. That would include government agencies and government spending.
Weaponized compliance.
BOIR sounds like a scam when you read it...and a thorn in the heal at best. I was never notified of this as well. I found out by chance. Also, I have an official business that holds little value what exactly would be the benefits everyone if filed this? Im highly confused with this aspect.
Can we be completely certain that if it is ever ruled enforcable... that a NEW deadline will be set, and penalties will not ACCRUE _from the existing Dec 31st deadline ?_
That is a potential risk
@@ClaraCFO Seems like that would be the first question concerning this injunction. The central message of all the articles and videos is that nobody needs to worry about the Dec 31st deadline... but they're not addressing this.
take that treasury dept beurocrats!
Question? If it is reinstated and enforceable, how much time will we have to comply? Are they required to give like 30 days after it is reinstated or something like that?
Great video! Subscribed! Thank you💗
There is no way to tell right now. I would assume there would be a grace period....but I don't know. I think this is something everyone will have to decide: if they are comfortable with the risk of not complying and any potential consequences.
How do we get access to the BOI website to review our current business report? What is the BOI login page URL to download my business report?
DO NOT FILE, STRUCK DOWN 🎉🎉
stop compiling to stupidity we the people are the power and we will remain in power. Say not to this stupidity.
I am registered as a soleproprietor, please tell me, do I also need to submit this form? I have an ein and assumed business name sertificate. Thanks
I had 2 problems with the upload....Anybody else have these problems? 1) I tried on 4 different computers and for each of them them BOI program said my Adobe Acrobat needed to be updated to vervion 8. Couldn't figure it out so instead of a PDF version i tried the online option but 2) It said my photos were in an unaccepted format. Since when is JPEG unacceptable? Big, frustating waste of time.
Great info. I read that if your LLC is not active you don't have to file. Anyone now if that's true?
If a business entity ceased to conduct business and formally dissolved before January 1, 2024, it was never subject to the BOI reporting requirement
What if you already dissolved your business this year? Would you still have to file it? 🤔
No
@ thank you
You know, no country is as hard doing business here. Open Trade and NAFTA. Maybe this is why my competitors leave.
@Clara CFO Group Looking to apply for a mortgage loan as small business owner: Should we start payroll or stay with owner draw?
It makes no difference if it’s a pass through entity as it’s all reported on your personal 1040.
Is it a conventional mortgage to your personal name/credit or a commercial mortgage to your LLC?
@@AscDrew FHA or conventional mortgage to personal name.
@@lifecoach3 I would speak with a mortgage broker, or Mortgage Loan Officer/Underwriter, they will know better than a CPA. But basically as self employed, the Mortgage company is going to want to see bank statements for up to 1 year to see the steady income being deposited, and 2 years worth of taxes to document your income. If you take heavy write-offs for business expenses, that can hurt you on paper cause that shows less Net Profit/Income on your taxes, which is what the Mortgage company will be looking for to use in your personal DTI (Debt to Income) ratio calculation. Typically with a 620 to 650+ credit score you will be allowed up to 40-50% DTI to cover all your debts AND the Mortgage. So if you have $1000 in Credit Card minimum payments, auto loans, etc and a full Mortgage payment of say $1500 (Full PITI - Principal, Interest, Taxes and Insurance [plus any HOA fees]) then your total is $2500 per month of expenses, so you would need to show $5K/mo minimum income to have a 50% DTI calculation ($5K income * 50% = $2500/mo of income to be used to satisfy all your debts including the new $1500/mo mortgage). This is just a hypothetical example.
Search online for more about calculating your DTI, get your minimum payments as low as possible, fix your credit as well as you can (if needed). The mortgage company will ALSO look for 12 months of ON TIME rental payment history from your current Landlord if you have been renting. This one can catch people by surprise also. SO, make sure you pay your rent on time and they will be looking at 12 months of bank statements to show those payment withdraws are ON TIME.
Your video could be shortened to just 2 minutes and still no information will be lost.
And if this comment is deleted still will not be any information lost
@ that’s fine, a comment is not meant to attract subscribers. But youtube content that is too rambling and time wasting will not get a lot of subs.
Aunt Becky?
What's the big deal? Better to file. You never really know how things my turn out with govt./court decisions. Could go really bad for small businesses owners. Not worth the risk. They already have all your information anyway If you're in business through the Secretary of State in your jurisdiction. This was just a crazy money grab from those who didn't comply by the deadline, hence the ridiculous high penalties.
Exactly I feel like it's a trick to get some people not to file and get fined so they get more money
I won't file, hope I'm not shooting my self in foot.
The problem with this filing is that ALL of your information is in one place. As a single owner LLC you give your name, address, SS number, EIN, date of birth and a copy of your drivers license. Yes it can probably be found other places online but this is basically putting everything a thief needs to take over your identity and business all in one easy little package.
If you understood law and civil rights you'd know this is unenforceable... period. Same with Obama Care.
@@threeoaks2004 THANK YOU. I didn't know I needed to give ALL of that info. I'm glad I waited, will keep following to see if I can skip giving away info.
Could the US bureaucracy possibly make his more of a holistic, confusing clown-fest? No wonder you're people are so frustrated they vote for Trump et al.
Take democrats out of government problems solved
Win the Battle to lose the war. You do understand that Congress will just amend the law and put the same questions on your personal 1040 and 1120 (Corp) tax returns and states will follow suit. The CTA is the light version of complying with OECD regulations. The next steps to comply will just make this an annual requirement part of your 1040 and 1120 filings, forcing everyone to fill out a 1040 personal income tax return. This is short-sighted thinking
You are incorrect. There is a bill currently in Congress to eliminate the Corporate Transparency Act.