User Panel
User Panel
User Panel
WA, USA
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Posted: 1/9/2024 9:10:16 PM EDT
[Last Edit: Scollins]
As a Sole Proprietor, I'm exempt from these requirements. But not all Sole Proprietors are exempt. The FAQ states "No, unless a sole proprietorship was created (or, if a foreign sole proprietorship, registered to do business) in the United States by filing a document with a secretary of state or similar office."
My wife (small business CPA) was telling me about the requirements that impact many of her clients, and in her words "it will be a clusterfuck nightmare." The reporting window just opened on 1/1/2024, and existing companies have until 12/31/2024 to report. New companies formed in 2024 have to report within If your FFL is an LLC, partnership, S-Corp or C-Corp, it is almost 100% likely you need to report to FinCEN based on CTA-2021. Lots of information here in the FAQ: https://www.fincen.gov/boi-faqs |
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Posted: 1/21/2024 1:47:37 AM EDT
[#1]
Thought companies formed in 2024 had 90 days to report?
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Posted: 1/21/2024 8:59:04 AM EDT
[#2]
Quote HistoryOriginally Posted By backbencher: Thought companies formed in 2024 had 90 days to report? https://www.fincen.gov/boi-faqs#G_1 Yes if the company is formed between Jan 1, 2024 and Dec 31, 2024. The deadline is 30 days for companies formed on or after Jan 1, 2025. |
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OH, USA
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Posted: 2/9/2024 9:57:16 PM EDT
[#3]
Just had my inspection yesterday and the agent mentioned this and told me to stay sole proprietor.
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Posted: 2/9/2024 10:11:30 PM EDT
[#4]
Quote HistoryOriginally Posted By Chowser: Just had my inspection yesterday and the agent mentioned this and told me to stay sole proprietor. IOI's are not agents they are auditors. They are also not attorneys and there are many reasons when an LLC is superior to a sole proprietor. |
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Posted: 3/6/2024 1:27:51 PM EDT
[#5]
Thanks for the heads up. I had never heard of this and without this post I doubt I would have. I just finished my filling and it only took 5 minutes to get it done.
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Posted: 3/6/2024 2:50:35 PM EDT
[#6]
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Posted: 3/6/2024 3:11:37 PM EDT
[#7]
Quote HistoryOriginally Posted By IHTFP08: seems like its only for companies created after jan 1 2024. or im reading it wrong? You are reading it wrong. It's for all corporations and LLC's that don't meet one of the 23 exemptions.  Attached File |
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Posted: 3/6/2024 6:20:48 PM EDT
[#8]
I filed as well - took about 15 mins for all my LLC's. Last thing I need is for my LLC that holds my NFA items to be revoked, cancelled, etc...
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WA, USA
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Posted: 3/6/2024 8:22:25 PM EDT
[#9]
Quote HistoryOriginally Posted By IHTFP08: seems like its only for companies created after jan 1 2024. or im reading it wrong? https://www.ar15.com/media/mediaFiles/213456/company_PNG-3151104.JPG Quote HistoryOriginally Posted By IHTFP08: seems like its only for companies created after jan 1 2024. or im reading it wrong? https://www.ar15.com/media/mediaFiles/213456/company_PNG-3151104.JPG A "company applicant" is different than BOI's for a company. E. 1. Who is a company applicant of a reporting company? Only reporting companies created or registered on or after January 1, 2024, will need to report their company applicants. A company that must report its company applicants will have only up to two individuals who could qualify as company applicants: The individual who directly files the document that creates or registers the company; and If more than one person is involved in the filing, the individual who is primarily responsible for directing or controlling the filing. Basically it is saying for companies formed after 1/1/2024, not only do companies have to report their BOIs, they also have to report/designate the individual who is completing the form (i.e. the person responsible for filling it out.) |
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Posted: 3/8/2024 5:36:22 PM EDT
[#10]
Tag.
How are we supposed to find out about these things? This is the first I have heard of any of this and apparently this was from 2021? Thanks for the heads up. Looks like I have research to do. |
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Posted: 3/18/2024 8:25:55 AM EDT
[#11]
Thanks,
Just did it. Needed a copy of my DL for documentation, EIN, etc. Took maybe 5 mins since I already had scanned copies of that info. |
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Posted: 3/18/2024 8:36:25 AM EDT
[#12]
Just more BS to stifle small business owners...
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WA, USA
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Posted: 3/18/2024 11:56:27 PM EDT
[#13]
More news.... Seems the government is losing in court on this issue. Still somewhat of a hassle, as only "members as of 3/1/2024 of the National Small Business Association" are covered at the moment.
https://www.cohencpa.com/knowledge-center/insights/march-2024/court-decision-suspends-boi-reporting-for-some-not-all |
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