Hello everyone. I know we all want to keep big brother and Uncle Sam out of our business. But we all know how crazy business can get so I just wanted to spread a friendly reminder that most small businesses now need to file with FINCEN and report your BOI. Fines seem pretty serious if not completed. I didn’t know it was something we had to do until a few weeks ago, so I just wanted to create a post in case people didn’t know.
1 Like
only for companies formed after 1/1/24 not before
@Ikii Not true, I just got on the FinCEN site, you have until Jan 1 2025 to report BOI if you have a company created before 1-1-24.
Thanks for the heads up on this, my CPA just got wind and said I have to file myself, she can’t do it.
I just got through filing, it asks for a picture of your drivers license or passport so be aware. It also repeatedly asks for your information which is a PITA.
I don’t understand why we weren’t notified of this somehow.
1 Like
From my understanding all companies have to report unless you meet a certain criteria ( which most companies won’t qualify for) if you were in business before 1-1-24 you have until 2025 to file. If your a new business you have 30 or 90 days. I did it already it was pretty simple.
@dcbrock …Thats why I wanted to let everyone know, they are imposing serious fines if you don’t comply but yet they aren’t really doing a good job notifying people that they need to do it. Like I said I just found out about it a few weeks ago
1 Like
Here is a link to the guide.
Start reading this BS and you will see this is data collection at its finest by the U.S. government. They will share your information and every politician will have access to it. Just went into effect this year. The most likely culprits of money laundering and funneling of funds to terrorist organizations are all the financial industry institutions that are exempt from filing. Not to mention all the shell corps that use fake owners with fake addresses. Only punishes the honest people.
Maybe the ACLU will get involved and sue the government to stop this.
1 Like
Yup it’s ridiculous. Like the shell companies and the people lying to launder money aren’t going to lie on forms like this, or just not comply. The honest always get punished.
I saw this and called my CPA, it’s the federal government so is/will be a mess. Companies/entities that aren’t associated with a name are a concern for the feds because they don’t know exactly who owns them or has a financial interest in the entity. He said many tax people will be reluctant to advise on this as it’s more a legal matter than a tax matter. I was told the owner of his firm went online and registered first of the year without any real issues. Apparently the process is simple, you need to be able to scan and download a picture ID. FYI I haven’t done it yet so have no personal insight on the process. Companies formed in 2024 have as I recall 60 days to file, companies formed before 1/1/2024 have till the end of the year.
1 Like
From what I can tell its the Gov asking for Gov issued IDs. I’m guessing there will be some sort of “fee” to file it too.
New Jersey has us file an annual report that lists the owners and addresses of the business. $75 fee every year. With 861,000 business entities in NJ, that’s an easy $65.5 Million in the state’s pocket for basically zero work. Total ripoff.
There’s even scam companies that send official looking Annual Report letters from a Trenton address and tack $200 on to that $75 for something that takes 5 minutes.
2 Likes
They need you to register so they know who owns the business. But if you don’t register, they will fine the person that owns the business. Sounds about right.
5 Likes
No need to scan anything, take a picture with your phone and follow the instructions.
First I’ve heard of this. Thanks for the heads up.
I just discovered there is a lawsuit pending to stop this, maybe I should have waited.
I’ve read through all the FAQ on the fincen website, and they specifically use the term “willfully” multiple times. As in, “individuals who willfully fail to file, or willfully file false information may be subject to penalties.” (page 26 SectionK2)
so I’m really curious how they would Prove an individual WILLFULLY did not file, or filed false information?
if anyone gets into any heat with this document, just play dumb and use their key term willfully. 
2 Likes
They would look at online forums where people commented on the issue. 
1 Like
The age of AI. We’re all in for it.
That’s exactly how the EPA got started on their diesel performance crackdown. Literally had agents reading the forums to bust offenders.
1 Like
They have my address. When they willfully send me a letter requesting the information I will willfully provide it.
The Gov can’t just invent something new and expect people to automatically know about it. I’ve only heard about this program here.
4 Likes
Sheesh!
Yep. Never underestimate the lengths the government will go to in order to separate you from your money.
2 Likes
My thoughts exactly… I’m keeping an eye on it to see if it gets squashed before years end/deadline to file or until my business is notified that it is required.
