Warning about your personal LLC's and corporations

[CAJUNLAWYER]

I just found out from my accountant that I have to do a BOI statement (Beneficial Ownership Information) by the end of the year or face severe penalties. Apparently this has been around for a bit but I was unaware as I am sure many of you are. It is easy to do and I post a link for any of you that need to do it.
Beneficial Ownership Information Reporting | FinCEN.gov
I know, I know a pain in the backside and one more unwanted gov intrusion, however let's get it done and fugettaboutit.
It's for the children!

 

[45Smashemflat]

Hmmm, more reading for me…

 

[WR Moore]

Interesting and thanks. BTW, is this yet another yearly report that has to be done? Wasn't clear from the short video.

 

[bullmack]

The CPA firm I use sent out a heads up to all their clients on this a month ago. Mine has been submitted.

It's my understanding that FINCEN was created to combat money laundering. I sold some Canadian real estate 2 years ago and the FINCEN reporting for that transaction was extensive.

Caj - Thanks for sharing this info.

 

[ditrina]

Got it done about a month ago..
Thanks Caj.

 

[delcrossv]

Didn't someone file suit against finCEN to stop implementation of that rule?

 

[Tom S.]

Just out of curiosity I typed in the name "Cajun Lawyer LLC" and before I could tab to the next field, sirens started blaring and these letters started flashing on the screen:

R E J E C T E D !!!

 

[delcrossv]

Didn't someone file suit against finCEN to stop implementation of that rule?

Yep. A victory for Liberty. Rule is preliminarily enjoined.

ABA Banking Journal

 

[Wyo]

Yup, the rule is on hold. https://news.bloomberglaw.com/daily...parency-act-blocked-nationwide-by-texas-court

 

[MetalMan]

I was also advised that I have to do this as a Board member of our HOA.

 

[sjmjax]

Yup, the rule is on hold. https://news.bloomberglaw.com/daily...parency-act-blocked-nationwide-by-texas-court

This leaves me in a quandary.
I've been putting off filing. Find it very intrusive. But on the other hand, penalties are severe.
Don't know now if I should go ahead and do it or put it off?

 

[delcrossv]

This leaves me in a quandary.
I've been putting off filing. Find it very intrusive. But on the other hand, penalties are severe.
Don't know now if I should go ahead and do it or put it off?

Dunno, but there's serious 4th Amendment issues with the rule. Additionally, now that Chevron is gone, I doubt finCEN can impose penalties without Congressional action.

(This does NOT constitute legal advice)

 

[DWalt]

If you have only individual stock and bond type investments and/or assets held in a revocable trust, reporting is not required, except under unusual circumstances.

 

[ladder13]

Part of the big bucks my Fidelity guy makes.

 

[Buford57]

Thanks, Caj. The Secretary of State notified me of this when I filed my annual report. In my case since the beneficial owners = the members, who are already on file with SOS, no cats are leaving the bag, but this is a good reminder that I still need to collect a DL image.

 

[45Smashemflat]

I wish it was clearer if the ruling had been put on hold - I'd like to see it posted on something from .gov.

It's not much for me, but it is one more place with detailed information that can get hacked.

 

[kozmic]

It's been the talk of my circle of business owner friends for a few months. My accountant filed for me for a small fee. That said, what a waste of time and money written by some bureaucrat trying to justify their existence. The gov can access all that info in any number of existing filings and business documents. DOGE needs to put this on their "hitlist" of wasteful government.

Good PSA Caje. Thanks!

 

[03hemi]

Just noting this so I can come back.

 

[Model52guy]

Thanks Caj. I just signed up.

 

[SMSgt]

Just found this on YT regarding the BOI. Take it for what it's worth.

https://youtu.be/QxkS7un5VUA?si=v07dNf_aN4kAZi4x