US LLCs must file new report with Treasury FinCEN or risk prison
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Re: US LLCs must file new report with Treasury FinCEN or risk prison
#2A Texas court just enacted a nationwide injunction on this.
https://www.texasattorneygeneral.gov/news/releases/nationwid...
Re: US LLCs must file new report with Treasury FinCEN or risk prison
#3A 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.
Re: US LLCs must file new report with Treasury FinCEN or risk prison
#4A Texas court just enacted a nationwide injunction on this. https://www.texasattorneygeneral.gov/news/releases/nationwid...
Ken Paxton brings lawsuits against everything, though. Does this one have any merit?
Re: US LLCs must file new report with Treasury FinCEN or risk prison
#5A 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.
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 the dire warnings from an obscure federal agency. If they happen to check the Yahoo or Hotmail accounts they use for their business (often their personal communications too) they are just as likely to ignore it as spam.
That leaves it up to local accountants to fill the gap. Many don't know, or aren't keeping track of this because it's not a tax thing. When I asked my accountant about it she didn't answer for more than a month, and then sent out an explanation to all of her clients along with the following message:
If you want to engage us to prepare the BOI, our hourly rate is $250 will apply, with a one hour minimum. To minimize your fee, it is imperative for you to provide us with all the information required at once. Please contact our office if you wish us to prepare the BOI and we will send an engagement letter that will need to be signed and a list of documents we will need to prepare the BOI.
Ignoring the $500 per day fines and threat of prison time, can you see how dealing with this is a non-starter for a lot of small businesses?
Re: US LLCs must file new report with Treasury FinCEN or risk prison
#6Earlier 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…
> There are millions of businesses which still operate largely on paper invoices and registers
I don't remember, but there's only like at most 10 screens and each is relatively short.
Re: US LLCs must file new report with Treasury FinCEN or risk prison
#7Earlier 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…
I just filled out the form. It’s very straightforward and doesn’t require registering for login.com.
The bigger issue is knowing that it’s needed. I wouldn’t have known about it without seeing this post on HN.
Re: US LLCs must file new report with Treasury FinCEN or risk prison
#8A 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 great burden.)
Re: US LLCs must file new report with Treasury FinCEN or risk prison
#9A Texas court just enacted a nationwide injunction on this. https://www.texasattorneygeneral.gov/news/releases/nationwid...
Ken Paxton brings lawsuits against everything, though. Does this one have any merit?
This lawsuit was filed by a bunch of small entities, most importantly the Libertarian Part of Mississippi, but not including Ken Paxton, and a judge already granted the injunction, so at least he thinks it has merit. By the letter of the law, it's pretty clearly unconstitutional, but under the last hundred years of precedence of allowing almost anything under the commerce clause, it's less clear. The biggest issue with the CTA is definitely that it affects some non-profits. Arguing that requiring local non-profits to report their managers to the feds is "regulating interstate commerce" is a stretch for even the most liberal courts.
Re: US LLCs must file new report with Treasury FinCEN or risk prison
#10A 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…
It's not a state court. It was a federal judge in the Eastern Texas district: https://polsinelli.gjassets.com/content/uploads/2024/12/cta-...