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?