Author Topic: Beneficial Ownership Information potential fines $591/day  (Read 576 times)

Gregg Bell

Beneficial Ownership Information potential fines $591/day
« on: December 20, 2024, 06:40:44 AM »
I haven't completely researched it but if you take payment as a corporation this sounds pretty important.

 

LilyBLily

Re: Beneficial Ownership Information potential fines $591/day
« Reply #1 on: December 20, 2024, 01:29:32 PM »
It actually doesn't affect most of us. I've seen it discussed elsewhere. I can't quote the exact sources because these were from private communications within a group:

1. Recent update:

On Dec. 3, a federal court in Texas ruled to halt the implementation of the beneficial ownership information (BOI) filing requirement that was part of the Corporate Transparency Act (CTA).

The court said that the CTA is likely unconstitutional and issued a preliminary injunction barring enforcement of the CTA and its reporting requirements. The ruling states that "reporting companies need not comply with the CTA's January 1, 2025, BOI reporting deadline pending further order of the Court."

Businesses that have not filed their BOI reports prior to this decision may still wish to gather information for their report, in order to be ready to file if the ruling is reversed.

2. My agent sent out an email earlier this year about filing.
If your personal business is incorporated, you were supposed to file a BOI. Even if it
is an LLC. The government wanted to know who is financially benefiting from these businesses to
crack down on fraud. I did file. It wasn't difficult.

But if you haven't done so yet, you can wait and see what the courts decide as already advised here.
 
 
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Gregg Bell

Re: Beneficial Ownership Information potential fines $591/day
« Reply #2 on: December 20, 2024, 01:36:47 PM »
It actually doesn't affect most of us. I've seen it discussed elsewhere. I can't quote the exact sources because these were from private communications within a group:

1. Recent update:

On Dec. 3, a federal court in Texas ruled to halt the implementation of the beneficial ownership information (BOI) filing requirement that was part of the Corporate Transparency Act (CTA).

The court said that the CTA is likely unconstitutional and issued a preliminary injunction barring enforcement of the CTA and its reporting requirements. The ruling states that "reporting companies need not comply with the CTA's January 1, 2025, BOI reporting deadline pending further order of the Court."

Businesses that have not filed their BOI reports prior to this decision may still wish to gather information for their report, in order to be ready to file if the ruling is reversed.

2. My agent sent out an email earlier this year about filing.
If your personal business is incorporated, you were supposed to file a BOI. Even if it
is an LLC. The government wanted to know who is financially benefiting from these businesses to
crack down on fraud. I did file. It wasn't difficult.

But if you haven't done so yet, you can wait and see what the courts decide as already advised here.

Thanks, Lily. Amazon was asking me all these questions a couple of weeks ago about who controlled my account etc. I bet you that was part of it. I'm going to ask them just to make sure I'm okay. It seems BOI is more aimed at off-shore account monkey business.
 

Hopscotch

Re: Beneficial Ownership Information potential fines $591/day
« Reply #3 on: December 28, 2024, 06:31:51 AM »
From nfib.com:

Fifth Circuit Reverses Course, Blocks Government Enforcement of Burdensome Beneficial Ownership Reporting For Small Businesses

Press Release
WASHINGTON, D.C. (Dec. 27, 2024) ? The National Federation of Independent Business (NFIB) applauds the new decision by the U.S. Court of Appeals for the Fifth Circuit in NFIB?s lawsuit challenging the Corporate Transparency Act (CTA), Texas Top Cop Shop, Inc., et al. v. Garland, et al. The court?s latest decision reinstates the nationwide injunction, blocking the burdensome beneficial ownership information (BOI) reporting requirements for small businesses while the court fully considers the government?s appeal. It also nullifies a previous Fifth Circuit order that allowed the government to begin enforcing the CTA and BOI reporting requirements again. 

?The court?s reinstatement of the nationwide injunction is a welcome sigh of relief for small businesses,? said Rob Smith, Senior Attorney of NFIB?s Small Business Legal Center. ?Since being told earlier this week that they must urgently submit their BOI reports, our nation?s small businesses have experienced enormous chaos and confusion. Thankfully, the court?s latest decision recognizes that the CTA and BOI reporting requirements pose serious constitutional questions. It also provides Main Streets across the country with a reprieve from this harmful mandate while our lawsuit proceeds.?...
. .

Fiction & pizza recipes @ stevenhardesty.com + nonfiction @ forgottenwarstories.com
 
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Gregg Bell

Re: Beneficial Ownership Information potential fines $591/day
« Reply #4 on: December 28, 2024, 11:45:51 AM »
Well, that's good news!
 

Hopscotch

Re: Beneficial Ownership Information potential fines $591/day
« Reply #5 on: January 05, 2025, 01:18:34 AM »
DOJ asks Supreme Court to block injunction on BOI reporting
Jan. 10 deadline set for plaintiffs to respond

The Justice Department (DOJ) filed an emergency application with the Supreme Court asking it to stay the district court injunction that is preventing the government from enforcing the Corporate Transparency Act and its requirements to report beneficial ownership information (BOI).

In its request, filed Tuesday, the DOJ said the government is likely to succeed in its case. "The Act's reporting requirements are important to the government in preventing, detecting, and prosecuting crimes such as money laundering, tax fraud, and the financing of terrorism,"?the Supreme Court set a deadline of Jan. 10 at 4 p.m. ET for the plaintiffs in the case to respond to the DOJ request?.

The Financial Crimes Enforcement Network (FinCEN), which enforces the CTA, has estimated that over 32 million reporting companies will be required to file BOI reports....

https://www.journalofaccountancy.com/news/2025/jan/doj-asks-supreme-court-to-block-injunction-on-boi-reporting.html
. .

Fiction & pizza recipes @ stevenhardesty.com + nonfiction @ forgottenwarstories.com
 
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Gregg Bell

Re: Beneficial Ownership Information potential fines $591/day
« Reply #6 on: January 06, 2025, 05:17:50 AM »
Thanks for staying on top of it and keeping us informed.
 

Hopscotch

Re: Beneficial Ownership Information potential fines $591/day
« Reply #7 on: January 16, 2025, 02:37:45 PM »
Key Legal Developments on Enforcement of the Corporate Transparency Act
The National Law Review   January 14, 2025

"...ongoing legal challenges have left the status of the BOI [Beneficial Ownership Information] reporting requirement in flux. For the time being, unless the Supreme Court intervenes, the nationwide injunction is likely to remain in place through at least March 25, 2025, the scheduled date for oral arguments before the Fifth Circuit....If the injunction is lifted, or if the Supreme Court grants a stay, reporting companies may be required to submit their beneficial ownership information promptly, subject to any deadline extensions provided by FinCEN....The next few months could prove critical for the future of the CTA and its enforcement."

https://natlawreview.com/article/key-legal-developments-enforcement-corporate-transparency-act
. .

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Hopscotch

Re: Beneficial Ownership Information potential fines $591/day
« Reply #8 on: January 24, 2025, 09:24:51 AM »
Supreme Court clears way for corporate transparency law to take effect
Washington Post   January 23, 2025

"The Supreme Court cleared the way...for a major corporate transparency law that requires millions of business to make new ownership disclosures in an effort to combat financial crimes.

"The high court lifted a block on the enforcement of the Corporate Transparency Act while a federal Circuit Court of Appeals based in New Orleans weighs the law's constitutionality.  The Supreme Court did not give a reason it was lifting the injunction...."
. .

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Gregg Bell

Re: Beneficial Ownership Information potential fines $591/day
« Reply #9 on: January 25, 2025, 06:39:58 AM »
Uh oh. Thanks for the update.
 

Post-Crisis D

Re: Beneficial Ownership Information potential fines $591/day
« Reply #10 on: January 25, 2025, 06:46:11 AM »
Warren Davidson re-introduced legislation to repeal the CTA.

https://x.com/Rep_Davidson/status/1879561451674759549
Mulder: "If you're distracted by fear of those around you, it keeps you from seeing the actions of those above."
The X-Files: "Blood"
 
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Hopscotch

Re: Beneficial Ownership Information potential fines $591/day
« Reply #11 on: February 01, 2025, 08:52:00 AM »
Small Businesses Ask Court to Reject Corporate Transparency Act in Amicus Brief
The case challenges the beneficial ownership reporting requirements for small businesses
NFIB   January 30, 2025

The National Federation of Independent Business argues for Congress?s passage of "the Repealing Big Brother Overreach Act, legislation that would repeal the CTA and permanently relieve small businesses of the beneficial ownership information reporting requirements."

https://www.nfib.com/news-article/small-businesses-ask-court-to-reject-corporate-transparency-act-in-amicus-brief/
. .

Fiction & pizza recipes @ stevenhardesty.com + nonfiction @ forgottenwarstories.com
 
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Hopscotch

Re: Beneficial Ownership Information potential fines $591/day
« Reply #12 on: February 07, 2025, 11:52:28 PM »
FinCEN hints at BOI reporting changes in court filing
Journal of Accountancy   February 6, 2025

"The Financial Crimes Enforcement Network (FinCEN) will consider changes to the beneficial ownership information (BOI) reporting requirements if a court grants the government's request for a stay of a nationwide injunction in a Texas case...if the stay is granted, FinCEN will extend BOI filing deadlines for 30 days..."During that period, FinCEN will assess whether it is appropriate to modify the [Corporate Transparency Act's (CTA's)] reporting requirements to alleviate the burden on low-risk entities while prioritizing enforcement to address the most significant risks to U.S. national security...." said the request from the Department of Justice...In the meantime, reporting companies are not required to file BOI reports...FinCEN estimates that the CTA,...which includes the BOI reporting requirements, covers 32 million small businesses.  The Texas Public Policy Foundation, which represents the plaintiffs in the Smith case, will oppose the government?s request for a stay..."

https://www.journalofaccountancy.com/news/2025/feb/boi-smith-case-fincen-motion-to-stay.html
. .

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LilyBLily

Re: Beneficial Ownership Information potential fines $591/day
« Reply #13 on: February 08, 2025, 06:31:08 AM »
Thanks for keeping us up on this insane plan. Very Big Brother and a huge task to oversee--by what government employees? They're all being fired, right? (It's a joke. I'm not being political Timothy.)
 
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She-la-te-da

Re: Beneficial Ownership Information potential fines $591/day
« Reply #14 on: February 11, 2025, 06:34:09 AM »
There's no one to enforce it now. So, maybe it's dead. A moot point. At any rate, I'm not a company, and such laws are a big reason I'm not rushing to form an LLC, plus it's just a pain and another expense.
I write various flavors of speculative fiction. This is my main pen name.

 
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