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US LLCs must file new report with Treasury FinCEN or risk prison

fincen.gov

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Re: US LLCs must file new report with Treasury FinCEN or risk prison

#21

Post by cyanydeez »

ilamont wrote: post #5
insane_dreamer wrote: post #3

Earlier quoted context omitted.

I'm not big on reporting, but arguing that the report is burdensome for small businesses is laughable. The BFOI takes 5-10 min to complete.

For you and I and everyone else on HN, the report is indeed trivial. For many other small businesses, it is not. There are millions of businesses which still operate largely on paper invoices and registers. Owners can't understand the text of the BOI website or the technical requirements, which includes registering for Login.gov. Others are completely engrossed in their day to day operations and won't even hear about…

Its burdensome for shell games and transparenct

Re: US LLCs must file new report with Treasury FinCEN or risk prison

#22

Post by encoderer »

insane_dreamer wrote: post #3
ptliddle wrote: post #2

A Texas court just enacted a nationwide injunction on this. https://www.texasattorneygeneral.gov/news/releases/nationwid...

I'm not big on reporting, but arguing that the report is burdensome for small businesses is laughable. The BFOI takes 5-10 min to complete.

Yes it was not hard.

But why are we adding draconian punishments for new business paperwork?

Why are you ok with that part?

Why shouldn’t this just be a fine?

We really should not be ok with this if you wouldn’t personally be ok with a friend going to jail who failed to file. I, for one, am definitely not.

Re: US LLCs must file new report with Treasury FinCEN or risk prison

#24

Post by immibis »

encoderer wrote: post #22
insane_dreamer wrote: post #3

Earlier quoted context omitted.

I'm not big on reporting, but arguing that the report is burdensome for small businesses is laughable. The BFOI takes 5-10 min to complete.

Yes it was not hard. But why are we adding draconian punishments for new business paperwork? Why are you ok with that part? Why shouldn’t this just be a fine? We really should not be ok with this if you wouldn’t personally be ok with a friend going to jail who failed to file. I, for one, am definitely not.

A fine is just a cost of doing business, and the kinds of entities that this targets would happily just pay the fine to continue being anonymous.

Re: US LLCs must file new report with Treasury FinCEN or risk prison

#25

Post by sieabahlpark »

LorenPechtel wrote: post #8
ptliddle wrote: post #2

A Texas court just enacted a nationwide injunction on this. https://www.texasattorneygeneral.gov/news/releases/nationwid...

It doesn't make sense to me that a state court should be able to issue a nationwide injunction. And what's burdensome about it? (Now, a case could definitely be made for it being stupid duplicated effort. Every year I'm annoyed with FinCen over having to file a form about foreign accounts--almost all of the information also appears on our tax return. However, it's a minute or two of cut and paste once a year, no grea…

[dead]

Re: US LLCs must file new report with Treasury FinCEN or risk prison

#26

Post by notenoughhorses »

insane_dreamer wrote: post #11
ilamont wrote: post #5

Earlier quoted context omitted.

For you and I and everyone else on HN, the report is indeed trivial. For many other small businesses, it is not. There are millions of businesses which still operate largely on paper invoices and registers. Owners can't understand the text of the BOI website or the technical requirements, which includes registering for Login.gov. Others are completely engrossed in their day to day operations and won't even hear about…

Do you know what the BFOI requires? I just filled one out this morning. It's literally just the names and govID numbers of the beneficial owners. All the info you need is a picture of the driver's license for each owner. That's it. Not a single figure. No percentage of ownership or shares etc. Requires absolutely zero accounting. Also, the website requires no login, lessening the burden. (Actually for a gov website I…

Many accountants are worried about the risk of filing for their clients and won’t do it at all. Determination of ownership is not as straightforward as one might assume in many cases.

Re: US LLCs must file new report with Treasury FinCEN or risk prison

#27

Post by moralestapia »

insane_dreamer wrote: post #3
ptliddle wrote: post #2

A Texas court just enacted a nationwide injunction on this. https://www.texasattorneygeneral.gov/news/releases/nationwid...

I'm not big on reporting, but arguing that the report is burdensome for small businesses is laughable. The BFOI takes 5-10 min to complete.

Hey, I think I may have to file this report but have zero idea on how/where to do it.

Could you share a source for that?

My accountant wants $160 to do that for me. If I could do it in 5-10 minutes I would definitely do it myself.

The problem that I have (and many other LLCs I'd guess) it's not that the report is complicated, it's that I (we) don't even know where to start ...

Re: US LLCs must file new report with Treasury FinCEN or risk prison

#28

Post by cbanek »

moralestapia wrote: post #27
insane_dreamer wrote: post #3

Earlier quoted context omitted.

I'm not big on reporting, but arguing that the report is burdensome for small businesses is laughable. The BFOI takes 5-10 min to complete.

Hey, I think I may have to file this report but have zero idea on how/where to do it. Could you share a source for that? My accountant wants $160 to do that for me. If I could do it in 5-10 minutes I would definitely do it myself. The problem that I have (and many other LLCs I'd guess) it's not that the report is complicated, it's that I (we) don't even know where to start ...

https://fincen.gov/boi you go here and follow the instructions. One of the easiest things to do, I did it myself.

Re: US LLCs must file new report with Treasury FinCEN or risk prison

#29

Post by moralestapia »

cbanek wrote: post #28
moralestapia wrote: post #27

Earlier quoted context omitted.

Hey, I think I may have to file this report but have zero idea on how/where to do it. Could you share a source for that? My accountant wants $160 to do that for me. If I could do it in 5-10 minutes I would definitely do it myself. The problem that I have (and many other LLCs I'd guess) it's not that the report is complicated, it's that I (we) don't even know where to start ...

https://fincen.gov/boi you go here and follow the instructions. One of the easiest things to do, I did it myself.

Thanks!

Re: US LLCs must file new report with Treasury FinCEN or risk prison

#30

Post by MaintenanceMode »

ilamont wrote: post #5
insane_dreamer wrote: post #3

Earlier quoted context omitted.

I'm not big on reporting, but arguing that the report is burdensome for small businesses is laughable. The BFOI takes 5-10 min to complete.

For you and I and everyone else on HN, the report is indeed trivial. For many other small businesses, it is not. There are millions of businesses which still operate largely on paper invoices and registers. Owners can't understand the text of the BOI website or the technical requirements, which includes registering for Login.gov. Others are completely engrossed in their day to day operations and won't even hear about…

You are exactly correct. I'm seeing this already as a relative of mine is exactly that, a small local accountant. He's struggling to inform the many small businesses that he supports. Most can barely use a computer, believe it or not. Some don't have smart phones. He's referring them to a service that is charging a couple of hundred bucks to do the filing.

I also run a small business, I had never heard of this. No one reached out to me, I was not notified in any way. For something that can threaten my freedom, it's a real shocker, the only way I heard about this is because this guy told me. Oh yeah, I also got some random text messages that seemed like spam, probably from one of these parasites trying to charge $300 to fill out a form.

You're absolutely right in your analysis.

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