Updates to Beneficial Ownership Information Reporting Deadlines Beneficial Ownership Information Reporting Requirements Now in Effect, with Deadline Extensions

In light of a December 23, 2024, Federal Court of Appeals decision, reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN.

However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, we have extended the reporting deadline as follows:

Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)

I'm thinking this ends hope that the new admin would kill this thing. The new deadline is a week before his inauguration so barring an emergency stay from SCOTUS I think we're stuck here.

Am I wrong here?

What is this? Does this include sole proprietorships under 5 people?

My CPA filed this for me. No idea what he charged me. Should I expect reimbursement from the Feds?

It took me like 5 minutes. I didn't even ask what the CPA was going to charge.

I do not know if it applies to "sole sole proprietorships" since the intent appears to be for small businesses.

https://fincen.gov/boi-faqs

More discussion here:

https://texags.com/forums/16/topics/3508197/replies/69209246

This does not apply to sole proprietors. It does however apply to single member llcs that are registered with the state.

What could possibly go wrong when our Feds have even more information on us?

Half the bad guys get off anyway and like buying guns through legal channels, uh, pretty sure the cartels won't be signing up on this either.

I haven't done it yet, but curious if there's a box to check for 'Democrat' or 'Republican'? Don't think it wasn't considered by at least a handful of them.

Hondo. said:

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What is this? Does this include sole proprietorships under 5 people?

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A sole proprietorship is not a legal entity, so no. Also there's no such thing as a sole proprietorship with multiple people.

This is an insane invasion of privacy and hopefully it's overturned.

Build It said:

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My CPA filed this for me. No idea what he charged me. Should I expect reimbursement from the Feds?

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If he charged you for more than 15 minutes than you got ripped off. This took no time at all to complete.

Yes, this isn't a big deal. It's the same information you have to give to a bank when opening an account or LOC for a business. If anything, it's redundant to information they already have, but that is typical of the government.

Max Stonetrail said:

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Yes, this isn't a big deal. It's the same information you have to give to a bank when opening an account or LOC for a business. If anything, it's redundant to information they already have, but that is typical of the government.

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You are making some assumptions there. In order to comply with this idiotic requirement for my family's LLC, I had to take my 96 year old father down to the DPS office to get a photo ID since he no longer has a valid driver's license. So, it took for than 15 minutes for us.

twk said:

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Max Stonetrail said:

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Yes, this isn't a big deal. It's the same information you have to give to a bank when opening an account or LOC for a business. If anything, it's redundant to information they already have, but that is typical of the government.

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You are making some assumptions there. In order to comply with this idiotic requirement for my family's LLC, I had to take my 96 year old father down to the DPS office to get a photo ID since he no longer has a valid driver's license. So, it took for than 15 minutes for us.

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Passports work it says, not sure if a birth certificate might work too? Getting ids from everyone when its not a family but a business llc with friends is a pita too.

AgPrognosticator said:

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Max Stonetrail said:

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Yes, this isn't a big deal. It's the same information you have to give to a bank when opening an account or LOC for a business. If anything, it's redundant to information they already have, but that is typical of the government.

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Your bank is a private company whom you choose to do business with.

The federal government and your bank are not the same….

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Lol. The federal government (or, the Fed) directly supervises, regulates and oversees the operations of all US banks. Who do you think the banks gather the data for?

Yea, this stinks. I had written it off for this year after the injunction. I am vehemently opposed to creating ANOTHER government bureaucracy that is essentially creating another (likely poorly secured) database that will be hacked.

They are hammering down on crime monitoring companies. Course if your company grosses 5MM + you are exempt.

lol

eff me.

It not hard if you have the information. We have funds where people are just ignoring our request for this information. Puts you in a pretty big pickle.

If they want this info on new LLC's, it won't be hard to get. But doing this after the fact has proved very difficult. One class B member has died, and they haven't even probated his will. Whose ID do they want for that shareholder? The gentleman who bought in, his daughter that's in charge of the estate, or everyone in the estate?