Posted on 12/14/2023 8:31:16 AM PST by mikelets456
On January 1, 2024, the new requirement to file a beneficial ownership information (BOI) report with the Financial Crimes Enforcement Network (FinCEN) goes into effect. More than 32 million entities – mostly small businesses – will have to file this report, which is required by a federal law called the Corporate Transparency Act. Violations of this law can result in a civil penalty of $500 per day the violation continues and criminal penalties of up to $10,000 and two years in prison.
January 1 is fast approaching. Now is the time for all small business owners to start preparing. Below is a checklist of steps they should be taking now.
(Excerpt) Read more at wolterskluwer.com ...
With all the rules, does anyone have time to run their business?
https://cdn.mises.org/the_vampire_economy_20201022.pdf
The totalitarian state has fundamentally changed
conditions of business life. In this book an attempt has
been made to describe the experiences and to explain
the anxieties of a businessman in a totalitarian State.
We shall accompany him to various Party and State
institutions. “\Ve shall try not merely to show how a
private enterprise must be conducted in a State-regimented economy, but also how the fascist businessman
is affected as a human being. We shall deal with the
complexity of trends resulting from the existence of
private economy side by side with State economy. In
conclusion, we shall endeavor to arrive at an understanding of the new social position of the private
capitalist in a totalitarian State and to give an evaluation of the historical role of the authoritarian bureaucracy.
The old type of capitalist who adheres to the traditional concepts of property rights is doomed to failure under fascism.
Thanks. Didn’t even know about this.
I have stakes in a few corps that do small amounts of business (<$10K/year) with very little profit. Just one more thing to make dealing with those a pain in the ...
What the...????
Where did this shiite come from???
I’ve been talking to clients about this and most are, to put it nicely, rather unhappy.
My big concerns are with divorcees that might not even think that they are or have been included in an LLC or Corporation filing. There are also TONS of people that have rental properties in LLCs that probably won’t be aware of this requirement.
FinCEN and the government as a whole has done next to nothing to publicize this requirement and it’s a fair bet that various agencies will be going through SecState records to figure out who they want to contact. I see much trauma in a lot of lives beginning in 2025 for all the people that just never knew this was a requirement.
I’m trying to figure out, besides it being a registration for workers, what exactly will this do? Do they have to pay extra doing this? Why is it even in place?
“FinCEN and the government as a whole has done next to nothing to publicize this requirement”.
Up until a few days ago I had never heard of FinCEN.
Notice this seems to be directed at small businesses. Who helped write the bill, the nation’s largest companies??
So they have figure out who to tax and to pierce the veil on shell companies that hold large assets like real estate.
According to the article, if it affects you (and it does appear that it affects me, thanks for posting) you have until Jan. 2025 to file. No need to freak out immediately and ruin your December.
Ostensibly, this is about combating money laundering and it's not about registering workers but, rather, business owners.
My best guess as to the purpose of this is to get a list of anyone that owns a business and then, using potential money laundering as predication, gathering all the bank information on those people. I suspect that this is, as much as anything else, a back door to get all the bank information they were talking about last year or the year before when they wanted all the bank information for every account that had more than $600 go through it.
This was part of the 2020 NDAA which Trump vetoed and congress overruled the veto.
Just another form of government abuse.
The first thing I noticed clicking the link... (And comeon.... You all did too)
The board table has a white man surrounded by four beautiful white women. HOW is that possible???
Just this past month I have learned...
Business insurance nearly doubled
Landlord just emailed and rent up 50%
Crapbamacare (the only insurance you can get in this county) is up $250 per month.
Materials still double what they were pre chomo Joe.
Did my business increase as much as my expenses??? NOPE.
I don’t have an easy answer for you but read the following, it might help you understand the situation you are in. knowing that, maybe there is an idea. I am retired, with rental property. Freedom is relative, so far less govt in rental because our politicians used to own real estate.
The new fashion with politicians is non profits. Maybe there is your answer.
https://cdn.mises.org/the_vampire_economy_20201022.pdf
The old type of capitalist who adheres to the traditional concepts of property rights is doomed to faÜure under fascism. The Voelkischer Beobachter predicts that “a new type of individual will arise in the
economic field who will enjoy living dangerously and
who by his individual efficiency will create freedom of
economic action for himself.” We shall have to find out
what this “new type” of capitalist is like.
from the book.
This came to my attention earlier this week.
Pretty stunning requirement. Reasoning is bizarre, or even more weird than that.
2024 will be an interesting year.
Preaching to the choir
Seems the “progressives” believe they will benefit from the grift
<$5M? Easy Peasy. Paging Atlas.
This has been publicized for a while. Just not reported on the local news.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.