Gee, I can’t understand why people hate the federal government so much!
Have you heard about the new Beneficial Ownership Information (BOI) requirements? This is a new mandate by the feds to try and stop money laundering and financial fraud. If you are a “beneficial owner” of a corporation, limited liability company or any type of corporate entity that is registered with the Secretary of State of your state, you are required to file a BOI report with the Financial Crimes Enforcement Network (FinCen). If you just own just 1% of an LLC, under the rules, you may be a beneficial owner. Your LLC, Sub-S, C-Corp, plus a number of other entities are all required to file a BOI, and if it doesn’t do so before January 1, 2025, the feds can fine your entity $500 per day and put you in jail for two years. Making this even more fun, it is a giant pain in the ass to file the report.
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