I believe the whole "money laundering" argument that the DOJ makes for FinCen is malarky. The government is more concerned with creating a way to track assets for IRS enforcement & collection reasons.
Thanks for the update, Matt! 🤬Why are they punishing the entrepreneurs to find a few bad actors!! The penalties are ridiculous, its almost as if they want to squelch out the little guys from doing business!
Why is this an emergency for the government? Seriously, I file my taxes for an SCorp which has my name on it and personal taxes which also has my name on it. What's left for the government to figure out who owns the business? My guess is they want to ensure they are not missing and tax revenue with "secret" entities. Track every dollar from cradle to grave! Unbelievable!
Do nothing but pay attention to the court rulings and results of appeals. Dont file BOI. its unconstitutional. Until the courts say otherwise there is no need or benifit to filing BOI. 😊
It’s getting a bit too late at this point to mandate a filing by Jan 1. 4 days to file, and over the holiday, is ridiculous. It’s also ridiculous that HOA Board members need to file.
Hi Mat I am a board member of an HOA was told that we have to pay a $400 fee to a legal firm to file, I am not filing right now due to the current status, but in the event this passes why can't I just submit the information directly on the website? TIA
You can file yourself, you dont need to pay anyone to get this done if you wish to do so. There are good vids on youtube and other sites explaining how to file your boi.
I have an llc I set up years ago with idea I would make money online... have never gotten it up and running... no incoming money... do not think I would need yo file as would think k it is considered inactive... and would not want to file if law will be dropped...
There is an exception for inactive businesses. Look up the details as what is considered inactive. Your LLC likely is exempt. I have several inactive LLCs that meet the exemption.
Mr. Sorensen, could you please comment if the CTA was still part of the newly revised budget bill (section 122), with a mandated extension in deadline dates?
We have a small HOA in with very little income that just covers expenses, and we are doing everything to decrease expenses as they are all increasing. The government is demanding that the officers have to sign these documents and give them personal information. They call the officers "Beneficial" members. They get no remuneration for their service or any other benefit. I think this is what you are talking about.
the court is correct. LLC filing is intrastate commerce. There is no justification for it. It's a 10th amendment issue. The penalties also violate the 8th amendment as they are BEYOND draconian for no reason at all.
Can we ask for destruction of submitted info....or rescinding of info.... *IF* .....this ever gets truly and FINALLY deemed unconstitutional?...whenever THAT occurs ????
They're chasing ghost's. A couple of years ago, they were chasing chasing trucking companies for allegedly using untaxed diesel fuel. They did roadside inspections looking for red dye in the fuel. It was an absolute joke, and so is this. Go chase the crypto bros driving Lamborghini's.
My partner is a locksmith and the equipment he uses would not work unless he got a Fincen ID. Reminds me a lot of the vax situation, you don't HAVE to get it but we will make your life harder if you choose not to.
If it's allowed to remain in place, it would require filing annually, just like yearly taxes. So it's in everyone's interest to write to Congress on why this whole thing was such a bad idea to begin with. I've heard CPAs argue we had years to debate it, but so many business owners are still unaware of this thing.
It's blatantly unconstitutional. The 10th amendment states that any power not granted to the federal government shall be directed to the states. If all entities file with their Secretary of State and the Secretary of State is a state power, than that violates the 10th amendment.
I’m Not wasting any more time on this boi crap. Paid two business managers to file the crap for both my shit llc’s that make no money and I am done with this nonsense. I was really stressing over this ‘going to jail’ if you don’t file shit !
You have too many technical letters that are way above my comprehension level. What you are saying is way over my head. Hope they turn this down. Wasn't aware of this til a day ago.
![How to Minimize Taxes on Crypto Legally when You Cash OUT [wealth lawyer explains]](/img/n.gif)
I believe the whole "money laundering" argument that the DOJ makes for FinCen is malarky. The government is more concerned with creating a way to track assets for IRS enforcement & collection reasons.
Exactly, it's a money grab. Registration leads to Confiscation.
Exactly!
The Money Laundering machine aka the Democrats and the feds
Big brother always wants to watch. Tyrants.
Crushing small business to satisfy their corporate donor's wishes 🤬
You have no idea how much you are appreciated! Thank you!
Thanks for the update, Matt! 🤬Why are they punishing the entrepreneurs to find a few bad actors!! The penalties are ridiculous, its almost as if they want to squelch out the little guys from doing business!
I'm not filling until the final decision
Same
Same.
Same
No fine. Hold the line
An appeal doesn't overturn the decision. An appeal is exactly that, an appeal to overturn. You don't need to do anything until it's final.
Actually what needs to happen is criminal charges against the individuals in government who are violating the constitution.
This Texas girl will wait ! Thank you for keeping us updated!
Why is this an emergency for the government?
Seriously, I file my taxes for an SCorp which has my name on it and personal taxes which also has my name on it.
What's left for the government to figure out who owns the business?
My guess is they want to ensure they are not missing and tax revenue with "secret" entities.
Track every dollar from cradle to grave! Unbelievable!
Do nothing but pay attention to the court rulings and results of appeals. Dont file BOI. its unconstitutional. Until the courts say otherwise there is no need or benifit to filing BOI. 😊
Exactly. Government has broken trust with the people, so I am sure the list they are making will be used unlawfully.
Thank you so much for helping us to know, I'm not filing,
It’s getting a bit too late at this point to mandate a filing by Jan 1. 4 days to file, and over the holiday, is ridiculous. It’s also ridiculous that HOA Board members need to file.
👍 Thx, Mat - the single best executive summary out there: with all relevant specifics!
Thank you Matt! Great update!
God bless that Texas federal court!!! Merry Christmas!
Nobody should file, let them put us all in jail.
Might as well. I already went to jail to protest a stupid speeding ticket 😅
Everyone should simply refuse to comply if the appeal is upheld
TEXAS said HELL NO WE AINT DOING IT 😂😂😂😂
You are leaving out sole props with dbas only (no llc, or corp) that the website says do not have to file.
The end of "OWNING NOTHING & CONTROLING EVERYTHING"
How many people got notices about this in the mail when this came out......NOBODY!
Hi Mat I am a board member of an HOA was told that we have to pay a $400 fee to a legal firm to file, I am not filing right now due to the current status, but in the event this passes why can't I just submit the information directly on the website? TIA
You can file yourself, you dont need to pay anyone to get this done if you wish to do so. There are good vids on youtube and other sites explaining how to file your boi.
This is going to be a crazy ride! The legal back and forth could drag on for ages, and the January 1st deadline is looming.
I have an llc I set up years ago with idea I would make money online... have never gotten it up and running... no incoming money... do not think I would need yo file as would think k it is considered inactive... and would not want to file if law will be dropped...
There is an exception for inactive businesses. Look up the details as what is considered inactive. Your LLC likely is exempt. I have several inactive LLCs that meet the exemption.
No big deal, but isn't this business information already on file with state , IRS, etc..??
Mr. Sorensen, could you please comment if the CTA was still part of the newly revised budget bill (section 122), with a mandated extension in deadline dates?
We have a small HOA in with very little income that just covers expenses, and we are doing everything to decrease expenses as they are all increasing. The government is demanding that the officers have to sign
these documents and give them personal information. They call the officers "Beneficial" members. They get
no remuneration for their service or any other benefit. I think this is what you are talking about.
the court is correct. LLC filing is intrastate commerce. There is no justification for it. It's a 10th amendment issue. The penalties also violate the 8th amendment as they are BEYOND draconian for no reason at all.
Hurricane affected areas get an extension regardless- Beryl,Debby, Francine, Helene and Milton
Looks like Fincen has removed the notice of voluntary filling on the website?
Pole should we file?
No or hell no? What say you Dougle county?
Are all sole priorities exempt? I have an EIN, and a state professional and business license filed through the sec of state? Im soooo confused 🤔
Do the people have a say in this?
Never comply with Tyranny ⚠️🤬
The Biden administration.
Can we ask for destruction of submitted info....or rescinding of info.... *IF* .....this ever gets truly and FINALLY deemed unconstitutional?...whenever THAT occurs ????
This was bullshit from the start. Big Brother up your butt.
They're chasing ghost's. A couple of years ago, they were chasing chasing trucking companies for allegedly using untaxed diesel fuel. They did roadside inspections looking for red dye in the fuel. It was an absolute joke, and so is this. Go chase the crypto bros driving Lamborghini's.
They go after the regular people because they don't have the financial resources, power or connections to fight them.
My partner is a locksmith and the equipment he uses would not work unless he got a Fincen ID. Reminds me a lot of the vax situation, you don't HAVE to get it but we will make your life harder if you choose not to.
Thank you. Super helpful video. I definitely won't file for now.
Remember, the government and judiciary can move quickly if it comes to stealing your money
Yeah hard to say, REMEMBER this was a bipartisanship thing both parties supported and might very well be supported or allowed to remain.
This is something that is only done once, right? I don't have to file every year?
If it's allowed to remain in place, it would require filing annually, just like yearly taxes. So it's in everyone's interest to write to Congress on why this whole thing was such a bad idea to begin with. I've heard CPAs argue we had years to debate it, but so many business owners are still unaware of this thing.
You have to file within 30 days of changing addresses
W2 and 1099s should not be reported without a subpoena. It my business between me and my employer or employees and me and my bank and broker.
It's blatantly unconstitutional. The 10th amendment states that any power not granted to the federal government shall be directed to the states. If all entities file with their Secretary of State and the Secretary of State is a state power, than that violates the 10th amendment.
It’s stupid, more wasteful government spending?
Thanks for the information
I’m Not wasting any more time on this boi crap. Paid two business managers to file the crap for both my shit llc’s that make no money and I am done with this nonsense. I was really stressing over this ‘going to jail’ if you don’t file shit !
Good explanation.
There really shouldn't be so much drama involving the treasury. We went through the same thing with Obamacare's "is it a tax or is it not a tax"
Obama care is not a tax your just paying it in order for it to function.
Overstepping, waste and exploitation makes busy work for information they already have! How about closing the border instead?
What is being done with this filing information? This is 100% a violation of our rights. There is too much overreach these days.
Would this be a situation where "If you haven't done anything wrong, then why are you not answering questions"? HAHAHA!!!
Get ready for a data breach.
I will dissolve my LLC if this becomes law and retire.
Anyone else digging through the comments trying to figure out what a BOI even is.
You have too many technical letters that are way above my comprehension level. What you are saying is way over my head. Hope they turn this down. Wasn't aware of this til a day ago.
Fincen is on some Bs
They will take everything and you will own nothing. Privacy is extinct. Sad
Trump will axe it
Boooooo.
It’s so dumb
The less "they know" the better it is for us.
No big deal, but isn't this business information already on file with state , IRS, etc..??