Also, that sounds terrible so I have to report and then I go over $5 million and 20 employees then what? My info gets magically deleted…

@strohmeyerlawpllc

Жыл бұрын

No, the reports will still be there. The idea behind the exemptions is that entities that qualify for the exemption already have a level of oversight from other government entities (IRS, SEC, etc) that they are not likely to be used for illicit activities.

Sounds like a law that was passed by big business that doesn’t apply to them. What a surprise

@strohmeyerlawpllc

27 күн бұрын

The exceptions are generally granted to businesses that have some sort of government license. So while it’s possible big businesses didn’t want this to apply to them, the reality is that they are already subject too much higher scrutiny that the CTA would duplicate.

I have llc in Nevada, it’s 1.5 years old, should I have to report BOI !!?? It’s a single member llc

@strohmeyerlawpllc

6 ай бұрын

Talk to your own advisors about your specific circumstances, and unless an exception applies yes you will need to report the beneficial owners for that entity.

What if you have volunteers (tenants association) who run a not-for-profit (501c3) organization? We (the entity) file taxes each year. We are board members who conducted the business. We don't add this info to our personal taxes so do we need to file BOI? No one person is 20% in control.

@strohmeyerlawpllc

8 ай бұрын

501(c)(3) organizations are specifically exempted from reporting beneficial ownership information.

Great, lets go after the small guy

@strohmeyerlawpllc

6 ай бұрын

How so?

@BisramAntoo

6 ай бұрын

Compliance costs: Small businesses might incur additional costs to comply with the CTA, including legal fees, software purchases, and staff time for gathering and reporting ownership information. These costs could be particularly burdensome for businesses with limited resources. Privacy concerns: Some small business owners might be concerned about the privacy implications of the CTA, particularly if they believe the ownership information could fall into the wrong hands."Government" Administrative burden: Gathering and reporting ownership information could be an additional administrative burden for small businesses, especially those with complex ownership structures or multiple investors. The process could be time-consuming and require expertise in legal and financial matters. These costs will hurt small business @@strohmeyerlawpllc

The recent lawsuit has stop it for one small buisness alliance. They are moving forward to expand the win. Id wait to the end of the year and see if this over reach is tossed out

@strohmeyerlawpllc

Ай бұрын

I understand the sentiment, but we’re unlikely to get a decision from the Supreme Court by the end of the year. Even if held unconstitutional, the banks and financial institutions will likely be requiring the documents to be submitted to open an entity account.

Do I need to file if I dissolved LLC in June? Would it qualify as an inactive entity?

@strohmeyerlawpllc

6 ай бұрын

Entities that terminated before January 1, 2024 probably do not have to report, but there has not been specific guidance on that. You’ll need to consult with your own advisors about your situation.

@garrettodion1972

6 ай бұрын

@@strohmeyerlawpllc thank you. It’s been a lot of misleading information. Will they even accept BOI reports from dissolved llcs?

@strohmeyerlawpllc

6 ай бұрын

I don't see why they wouldn't accept it. As a risk-averse pessimist, I'd rather over report than take a chance. You and your own advisor may come to a different conclusion. @@garrettodion1972

What if your LLC has a revoked status ??

@strohmeyerlawpllc

7 ай бұрын

Make sure you consult with your own advisor about your circumstances. It appears that entities that don't legally exist do not have an obligation to report because they *don't exist*.

What are the other exemptions?

@strohmeyerlawpllc

6 ай бұрын

There are 23 total exemptions. We've got a video coming on this.

What about DBA’s and sole proprietorship? Do they have to report

@strohmeyerlawpllc

4 ай бұрын

The reporting is only triggered by forming an entity with the State by filing a document with the Secretary of State. DBA’s generally don’t need to file. Talk to your own advisor about your specific circumstances.

What if the LLC is 'admin dissolution' by state with an inactive status?

@strohmeyerlawpllc

6 ай бұрын

You'll need to talk to your own advisor about your situation. There isn't specific guidance on administratively dissolved entities, and my assumption is that it would follow other entities that are no longer in existence: if its existence terminated before January 1, 2024, it should not be an existing entity that is subject to reporting. Again, consult with your own advisor about your specific circumstances.

I started my LLC last month, it is active only in name so far, zero revenue or activity. No EIN number yet either. Still have to file? Next year some time i should become active and get an EIN. File then? Seems like it was a good idea to start early so i have until the end of next year to settle this out.

@strohmeyerlawpllc

7 ай бұрын

After confirming your situation with your own advisors, it looks like you’ll need to file.

@desmenkenlock

Ай бұрын

Im in the same situation and I was unaware about any of this until now. I filed my LLC in January and now they are going to probably screw me in fines because I have not done this yet. My company is not currently active nor am I making any revenue yet.

I have LLC in Florida and I’m selling on Amazon But I don’t live in the USA do you think I have to report boi?

@strohmeyerlawpllc

6 ай бұрын

If the entity is formed or registered to do business in the United States, then it will need to report BOI unless an exemption applies. Even if you are not US person or live her, the requirement applies based on the entity being formed or registered to do business in the United States.

@saqlainamjad6052

6 ай бұрын

@@strohmeyerlawpllc Thank you very much

Do companies formed Before Jan 1, have to file?

@strohmeyerlawpllc

4 ай бұрын

Unless an exception applies, yes, a report will need to be filed. Note that a District Court in Alabama declared the CTA unconstitutional on 3/1/24, and I’ve got a video explaining how things change based on that.

@patchofdust

4 ай бұрын

@@strohmeyerlawpllc what does CTA mean?

@strohmeyerlawpllc

4 ай бұрын

@@patchofdustCorporate Transparency Act

@strohmeyerlawpllc

4 ай бұрын

@@patchofdustCorporate Transparency Act