Just a heads up that this is due by Jan 1, 2025 for businesses created before Jan 1, 2024. It's due within 90 days of creation for businesses after Jan 1, 2024. The fines are pretty hefty. You can file online. It took me around 15 minutes.
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It kinda figures that I finally do something before the deadline for a change and then this happens.Comment
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My accountant told me this is for corporations and single owners do not have to do it...Comment
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I’ve had it on the back burner.Comment
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It’s for all LLC’s. I have 2 LLC’s and I’ve been putting it off. Does this mean we don’t have to do it??Comment
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Not for now. I'm glad I'm done with, it doesn't really ask for more information than they already have in my opinion. It's the government so go figure.Originally posted by DallasCoon12 View PostComment
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If you dont do it, whos gonna enforce it? Whos gonna fine me $500 a day or lock me up for a few years for not obeying?Comment
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I read something where it has been deemed unconstitutional in a court somewhere and may shut the need to report down. I reported earlier this weekComment
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I know that a Texas and Alabama court has already declared it unconstitutional.Originally posted by jmoore2006 View PostComment
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Your accountant was wrong. All LLC's were included. Your attorney has to file. But, thankfully it is likely unconstitutional and the injunction will likely become permanent.Originally posted by Johnny Dangerr View PostComment
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I've been holding off on this and was so glad to see yesterday's news. There are a lot of problems with how this is set up and a lack of clarity on how to navigate a ton of issues for various businesses. The defiant side of me really didn't want to do another thing because the government was threatening to fine me.Comment
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On the advice of our attorney, we went ahead and completed the process last week. Now I wish I’d put it off.
The whole idea of the Corporate Transparency Act is galling! I was spitting nails during the after each submission. Grrr..!
The purpose of the CTA is to “subvert money laundering and to curb funding for terrorist organizations.” To help our government accomplish this, most business organizations must submit a Beneficial Ownership Information Report (BOIR) to include the name, DOB, address, and driver’s license number (or other form of approved ID) of everyone who has a greater than 25% interest in your company. And if this isn’t offensive enough, they require a picture of the actual license or document!
It’s not as if the IRS doesn’t already have all of this information, and no doubt even more. But, d amnit! I hate being told I have to sacrifice my right to privacy because it’s for my own good!Comment
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