For those of you with a bona-fide business, FINCEN registration starts Jan 1, 2024

[bcr229]

FINCEN Beneficial Ownership Information - https://www.fincen.gov/boi

Failing to file an existing business by 12/31/2024 includes steep fines and potential federal charges with up to two years of jail time.

https://www.mondaq.com/unitedstates...rting-rule-ahead-of-jan-1-2024-effective-date

 

[bcr229]

Bump - it's kind of a PITA but no worse really than your annual filing with the Secretary of State. At least it's free... for now.

 

[bcr229]

It's BACK! The courts had put a stay on it but that has been removed. New deadline is March 21, 2025.

BOI E-FILING

boiefiling.fincen.gov

 

[Randall Turner]

So a person that has a hobby they occasionally make income off of has to file this?

 

[bcr229]

No, it applies if you have an LLC or corp.

Also enforcement has been suspended for domestic companies and it looks like the Treasury Department has been instructed to apply it to foreign companies.
https://home.treasury.gov/news/press-releases/sb0038

 

[Randall Turner]

Thanks for clarity. Couldn't make heads nor tails (never try to understand something when you're sick lol).