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BOI filing

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6.8K views 85 replies 23 participants last post by  Tom M  
T
#1 ·
Got wind of this through guys here asked the accountant in the spring and got a link for my own exploration. I blew it off until this week when someone asked me in a panic about it.

I reached out to the accountant which is exempt and they are instructed not to assist in this. Thats frigging odd. I got stuck filling because the form asks about last name, first name and birthdate and I USE A FIRM.
So typical gov sketchy nonsense
 
6
#5 ·
So I, a single member LLC, have to file a report disclosing information to the federal government that is easily accessible online to anyone who chooses to look me up, or else I can face daily fines and/or jail because the feds think I might be laundering money?

Maybe those a_holes in Congress need to disclose ALL of their financial activities so we can see who the real crooks are.

F the government.
 
#14 ·
623Carpenter said:
So I, a single member LLC, have to file a report disclosing information to the federal government that is easily accessible online to anyone who chooses to look me up, or else I can face daily fines and/or jail because the feds think I might be laundering money?

Maybe those a_holes in Congress need to disclose ALL of their financial activities so we can see who the real crooks are.

F the government.
Click to expand...
If you used yourself as the registered agent for your LLC, then that information is already available with a quick search.
 
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#7 ·
As far as I know single owner DBAs aren't required to file.
 
#15 ·
Any business type can have a DBA. My LLC operates under a trade name, which required a DBA form with the state.

Sole proprietors are exempt from having to file, even if they are a DBA.
 
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#10 ·
Everything I've seen says DBAs don't need to.
 
#16 ·
That's me. Like I said. Pretty sure the minimum you can be is a DBA if you want to be a legal business.
 
M
#19 ·
Not directly related to filing a BOI but I get many spam emails and texts saying things like "File Your BOI" or "File your Annual Report" and then it has some garbage link like "xxx.com/123xxx"

So just a reminder to be careful with that kind of chit both personally and professionally. Believe to have gotten one about BOI today or yesterday and it was a heap of bullchit
 
#23 ·
They aren't listed as an exempt entity, because they aren't an entity at all.

They are not considered a "reporting company", and those are the companies required to file.

In a sole prop they already know who has beneficial ownership, the point of this is to make sure they can attach a beneficial owner to a company to prevent shell companies from hiding taxable income.

FinCEN.gov

FinCEN has prepared the following Frequently Asked Questions (FAQs) in response to inquiries received relating to the Beneficial Ownership Information Reporting Rule and Beneficial Ownership Information Access and Safeguards Rule.
www.fincen.gov www.fincen.gov
 
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#21 ·
So all the companies that would launder money are exempted.

Some businesses are exempt from filing a BOI Report. These exemptions include:

• Publicly traded companies registered with the Securities and Exchange Commission (SEC).

• Large operating companies with:

• More than 20 full-time employees in the U.S.

• An operating presence in the U.S.

• Over $5 million in annual revenue.



Guess I'm exempt.
 
T
#24 ·
Well that seems obvious of course but this is the government.
I Want my accountants opinion on this. Buddies accountant says absolutely need to file. Through the years I have known guys that use their name as business identity and I would image they could play with check deposits to DBA or cashed under name. Thats a shell. Where a corporation has no other avenue You both maybe right but we'll see
 
T
#27 ·
Absolutely have to file if sole proprietor. Says accountant and email to them.

Now bank is asking for original trade name documentation.

It's all connected. Probably because cameltoe plan for small business was to provide loans and they were going DEI cherry pick who. Wtfks. Maybe Trump slashes it and goes after the exempt big guys..
 

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#30 ·
#32 ·
Yes, procrastination pays off again!

That whole things stinks to high heaven and is singling out small business. I was hoping it wouldn't get far but figured the election would really be the deciding factor. Nice to see they found the constitution, crazy it took 4 years to find.:)
 
#33 ·
The thing is the big corps are the ones that can hide millions and they get exempt. This is just another thing to try to squash the small businesses and push them into large corps that can be controlled by a single CEO instead of having all these single minds controlling small amounts of people. Govt wants a one size fits all solution so they can easily monitor and control large swaths of people using the smallest amount of people.

Broad over reach
 
T
#34 ·
The Fincen website ststes filing is not necessary right now due to the courts ruling.

FinCEN.gov

Beneficial ownership information reporting requirements are now back in effect, with a new deadline of March 21, 2025, for most companies. Prior to March 21, 2025, FinCEN will assess its options for further modifying deadlines. For more information, see our website https://fincen.gov/boi.
www.fincen.gov www.fincen.gov

Tom
 
#35 ·
I couldn't find it. I found the vs Yellen thing but that has a date of March 2024
 
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