Beneficial Ownership tax filing now required under penalty?

[ultrarunner]

New Tax Filing Required?

Beneficial Ownership Information Report deadline is January 1st, 2025. Failure to file before this deadline will result in penalties of up to $500 per day.

Is this legit?

 

[grsthegreat]

Never heard of this…..whos it benifiting

 

[ultrarunner]

Never heard of this…..whos it benifiting

It’s a new law requiring filing picture identification if you own a company under certain structures like a LLC.

I know a few that own say a small LLC farm or one duplex or a 4 unit rental under a LLC and with the deadline fast approaching it’s the subject of talk as exactly who is required to file.

Just wondering if other TBN members can shed some light…

 

[MtnViewRanch]

You might want to google it. It looks like there is plenty to check out.

 

[airbiscuit]

Sounds like they are trying to shed light on money laundering or shell corporations.

 

[ultrarunner]

Something to do with that is my guess…

The penalties are no joke and government photo id required and must be updated when renewed…

I know seniors with no passport or drivers license…

Seems like over reach but what do I know?

 

[Citydude]

No voter ID requirement in some states but a small business owner flipping burgers has to. Sounds logical...

 

[airbiscuit]

Gotta find those Russian Olegarchs

 

[AnotherBueller]

New Tax Filing Required?

Beneficial Ownership Information Report deadline is January 1st, 2025. Failure to file before this deadline will result in penalties of up to $500 per day.

Is this legit?

huh?

 

[fatjay]

Is this a california thing?

 

[ultrarunner]

Is this a california thing?

Totally Federal and nationwide...

https://home.treasury.gov/news/press-releases/jy2015#:~:text=Beneficial%20ownership%20information%20reporting%20is,document%20must%20also%20be%20submitted.

 

[WinterDeere]

New Tax Filing Required?

Beneficial Ownership Information Report deadline is January 1st, 2025. Failure to file before this deadline will result in penalties of up to $500 per day.

Is this legit?

Yes, legit. My accountant hit me up on this a few months back. Existing businesses have until Jan.1 to file.

Is this a california thing?

Nope. Federal.

 

[Tpondel]

My attorney notified me of this, took 3 minutes to fill out as small biz owner. Bark much worse than the bite.

 

[WinterDeere]

Bark much worse than the bite.

I think similar claims have been made about every Federal registry for, well... anything. Usually comes back to bite us in the ass, down the road.

 

[5030]

If our accountant says we need to, we will but until that juncture, it's forgotten about. I pay him to worry about such items of concern.

 

[WinterDeere]

If our accountant says we need to, we will but until that juncture, it's forgotten about. I pay him to worry about such items of concern.

Accountants screw up and miss things, everyday. Might be worth shooting them an email to inquire, just make sure it didn't fall thru the cracks.

 

[LouNY]

Just another bureaucratic office of nosiness.
More and more federal regulation to pester people about and with. The only ones that will get and pay the fines are small legitimate businesses.

 

[5030]

Accountants screw up and miss things, everyday. Might be worth shooting them an email to inquire, just make sure it didn't fall thru the cracks.

That got handled over 30 days ago actually.

 

[2manyrocks]

I could see how an accountant might not know about this. It's not the IRS. It's FinCEN.gov.

Beneficial Ownership Information Reporting | FinCEN.gov

www.fincen.gov

Does the gov require similar proof of ID at the border?

 

[ultrarunner]

That’s what has tripped up a few as it’s not IRS or State or Local.

The second part is keeping the ID on file current so if a passport or drivers license used you will need to update upon renewal…

Still many in my state without Real ID drivers license… I spent hours at the DMV when the line with appointments went out the door… when my turn came I was denied because my social security card showed its age…

Told to get a new one and come back and never did.