The Biggest Change to LLC Requirements in Our Lifetime: Corporate Transparency Act

Рет қаралды 92,180

Mat Sorensen - Wealth Lawyer & Entrepreneur

7 ай бұрын

Important Update for LLC Owners! Starting January 1st, 2024, there's a game-changing requirement for LLCs - Federal filing with the "BOI Report" (Beneficial Ownership Information Report).
- Non-compliance can lead to a $500/day penalty and criminal charges, so you don't want to miss this! As a lawyer with over 15 years of experience, I consider this the most significant change for LLCs in my career.
- I delve into the details: who needs to file, when to file, what to file, and even exceptions. From beneficial ownership to disclosure requirements, I cover it all. Remember, the deadline for existing LLCs is by December 31st, 2024.
- For new entities starting January 1st, 2024, you'll have 90 days post-state approval to submit the BOI Report. Don't worry; I've got you covered with valuable insights and solutions.
- Ready to take the hassle out of compliance? Check out our services at Main Street Business Services, where we handle everything, including the BOI Report, as part of our comprehensive compliance service. - mainstreetbusiness.com
Subscribe to my channel for regular updates on the Corporate Transparency Act, tax planning, asset protection, retirement strategies, and wealth-building. Let's navigate these changes together!
----
Schedule a Free 15-minute new account phone appointment with one of our experienced Senior Account Executives regarding what type of account is best for you. directedira.com/appointment
----
To submit your questions, listen, search for prior episodes, or sign up for their Weekly Free Newsletter, visit directedira.com/podcast
----
Learn how to take control of your retirement - directedira.com/
Self-directed IRA Podcast - matsorensen.com/podcast/
Shop my products - shop.matsorensen.com/
Blog & Articles - matsorensen.com/blog/
----
Connect with Mat online:
- Instagram: / matsorensen
- Facebook: / mat.sorensen.1
- LinkedIn: / matsorensen

Пікірлер: 316

@user-lg7ip4yi5x 6 ай бұрын

Direct attack on small businesses. LLC’s with 20+ employees and $5,000,000 in revenue are exempt. So every small business trying to grow their company is going to be catalogued and squeezed for every penny they have. As if a 21% flat LLC tax coupled with respective state tax isn’t enough. This administration has hammered insurance requirements for small businesses already and intends to collect every penny they can leach from them. Tax and insurance requirements plus building rent or mortgage account for roughly 75% of profits. 30% goes to employees. You are literally 5% in the hole after year 1 of starting a new business. It’s becoming impossible to start and be successful in new businesses today. The old model of starting in a garage and growing to a warehouse is dying. Profits are vultured from every angle. My business did $240,000 gross in its first year with zero employees. 3 owner operators worked to the bone and saw 5% profits. Completely raped by taxes and regulations. Someone needs to explain why the criteria for high risk flood insurance went from a 18% chance to a 2% chance in one year. Risk of a 100 year flood affecting my building requires max high risk flood insurance even though record high floods have never affected my building. Also the flood plane lines were redrawn for no reason. My building got put in the flood plane while the federal post office directly across the street was exempt. The post office is much closer to the water than me. This slow trickle of adjusted regulations and requirements in a direct attack on businesses. I’m sick of it.

@cindyabreu7 5 ай бұрын

100% Amen. Its out of control.

@karyjimenez2472 5 ай бұрын

thief republicans in Congress passed this act making sure to exclude their sponsors rich "Trump" and clan 1% riches

@The_Superyacht_Paint_Expert 5 ай бұрын

FJB! This is BS! God, November cannot get here soon enough! They’ve got to go!

@ludwig6332 5 ай бұрын

Yeah but that might not help us, I mean who knows, laws on books can hardly ever be changed. Its an attack by our rogue wok communist led democratic and rino party. @@The_Superyacht_Paint_Expert

@ludwig6332 5 ай бұрын

The flood control boundaries are sinmply stupid without educatiopn or analysis. Its affirmative action. These people are being played by the Federal gov for a paycheck.

@ArleneWilliamsInvestor 5 ай бұрын

My question is... How is it that existing LLC or other entities have NOT received anything regarding this besides info on social media. 🤔 😐 😕

@77Tadams 4 ай бұрын

Third parties are going to clean up on this. I just filed and I was emailed by my CPA that they would do each LLC filing for 200 dollars a pop. They provided the website but not the exact page where you have to file. I had to read through tons of crap. They also provided the gov page on it, and the exact page was no where to be found through all the garbage....you couldn't even find it on the searches of the pages!!!! Finally I googled where to find the exact page. I did finally find it! Then it took me a good 3 hours with their clunky filing pages to get it all right and filled out. It is free to file, but the government loves third party filers because they create jobs for the jobs report. This is just government getting bigger. There are third party filings for tons of things State and Local. Think about how many jobs are created just because people don't have the time or bandwidth to jump through hoops. It is false job creation created by your government passed on to busy people who don't have time to deal with reading through all their crap websites. Also no one answers the phone at these government places and the third party people have a direct line to reach someone. That is my theory anyway.

@MrNerdHair 5 ай бұрын

How in heck was I supposed to find out about this? Getting forwarded a KZfaq link by my dad isn't a comforting way to find out I might have ended up subject to federal criminal penalties.

@loriebaez4861 5 ай бұрын

right?!?

@billbradleymusic 4 ай бұрын

This is how you know it's complete bullshit. There's been no mention of this outside of KZfaq. They're making a play for people who don't believe in the government narrative. To hell with all you commie's. You know whom you are.

@gaiustacitus4242 4 ай бұрын

I know. I stumbled upon a different KZfaq video and then performed the research to verify the requirements. None of the videos (including this one) properly explain the reporting requirements.

@19LondBuch72 2 ай бұрын

They don't want you to know in advance - otherwise they cannot levy massive penalties on you.

@Christaldz 2 ай бұрын

Yes, and just try to get any information from the government.....they don't respond except by canned email responses that don't help when you are having trouble filing. My personal experience. I had to figure it out for myself. Good luck.

@77Tadams 4 ай бұрын

Just did the form. Third parties are going to make a killing off of filling out the forms. I got an Email from my CPA and he was charging 200 dollars per BOI filed. He didn't put the exact place to go fill it out in the email. He sent you to an information page to a government site that was so confusing! I googled "what is the website page to file BOI" It took a few searches and I found it. It was also confusing as hell! Maybe I should tell people I will file for them for 100 bucks a pop. This is how government creates more jobs. They make it to where you cannot file anything yourself without extensive research and trial and error. Not kidding. Government job creation. I would have been out 600 dollars if I let them do it, I did it for free...took me 3 hours to do it, but I am not paying my CPA to file them.

@MatSorensen 3 ай бұрын

A lot of companies will bank off this if it goes through, an Alabama court is trying to turn the tide. You can watch my most recent live, I talk about how this may be ruled unconstitutional.

@BM-if9zn 5 ай бұрын

But government officials have been doing what this law is suppose to prevent. Make it make sense. And our privacy keeps getting exposed. What will prevent hackers from accessing their website?

@realestateeric 6 ай бұрын

The middle class has no more room to be taxed. They are living month to month. The high income W2's (Doctors, executives, etc) are already being taxed at 45%-55% of their income (after Federal and State taxes. Thus going after the small sole proprietors or family owned business is next. Watch them argue that only small businesses with 10 or 20+ employees deserve LLC tax breaks because only these business with 10 or 20+ people are actually "small businesses" and "benefiting" the economy. Watch them strip the tax breaks away from the little guys.

@lazertroll702 5 ай бұрын

Welcome to the _communist revolution_ in the US .. 🤬

@amandarussell8185 4 ай бұрын

this requirement isn't going after small businesses - it's going after high net fraudulent activity, which are hiding among small businesses by making tons of "shell" companies (businesses that own businesses that own businesses that run certain activity through each business)

@amandarussell8185 4 ай бұрын

high net income W-2s do not pay anything over 40% effectively EVER... you don't understand how marginal rates work!

@youreyesarebleeding1368 4 ай бұрын

@@amandarussell8185Are you out of your mind? Yes they do lmao. The top tax rate is 37% federal... then there is FICA, state, and local on top of that. The more you earn, the more your effective rate approaches 37% for federal taxes at the top level

@gaiustacitus4242 4 ай бұрын

@@amandarussell8185 You're only looking at federal income taxes as assessed by the Internal Revenue Code. There are other taxes which are due and paid, both at the federal and State levels. In some States many high wage earners already pay more than 50% of their total income in federal, State, and local taxes.

@MelloYello187 7 ай бұрын

So they’re not worried about the companies making millions? Make that make sense

@strohmeyerlawpllc 6 ай бұрын

Generally speaking, the exemptions go to entities that have already disclosed their ownership and control structure to another government entity or have some higher level of government agency scrutiny, such as the Securities and Exchange Commission (SEC), the Federal Reserve, the IRS, and the Office of the Comptroller of the Currency (OCC). These regulatory bodies have stringent requirements for entites, including the regular filing of detailed financial reports and undergoing comprehensive audits. Because of this existing level of scrutiny and transparency, the beneficial ownership information is often already available through other means. Therefore, requiring a separate Beneficial Ownership Information Form is generally considered redundant. Of course, the money launderers they're going after with this could still set up an exempt entity to get around this, but that doesn't seem like an easy path.

@EndNuclearAgenda21 5 ай бұрын

The banks will always protect the ones who are feeding them the most. Plus, those are the ones who support all those criminal career politicians, and all those cocaine lunatics need a bunch of money sent to Ukraine, we all know what’s happening here.

@BBoyBFit 5 ай бұрын

Hunter "Be Bribing" Biden, and old Joe getting their 10%. Wonder if they'll be filing a BOI?

@billbradleymusic 4 ай бұрын

@@strohmeyerlawpllcwhatever happened to old fashioned detective work? You catch criminals by doing work not being treating everyone as a criminal. This IS criminal.

@strohmeyerlawpllc 4 ай бұрын

@@billbradleymusic Can you explain what you mean by this being criminal? I'm not sure I follow your point.

@chrisdixonstudios 6 ай бұрын

So to crawl out of poverty a small poor single member LLC can get bankrupted and jailed unless they hire lawyers, accountants, tax preparers at yet another expense. Poor people can not even afford a day off to comply. 😢

@robertham3746 16 күн бұрын

Filing the report is simple. There is no need for a lawyer. It is just giving the basic information that is also info given when setting up the LLC. It took 10 minutes to fill out.

@chrisdixonstudios 16 күн бұрын

@@robertham3746 so the government already has this ibformation, but will now fine and throw innocent people in jail for not filling out unnecessary documents. How unAmerican that is!

@swish1onu 5 ай бұрын

This is idiocy at its finest... if a criminal entity is utilizing LLC's... why would they disclose the names of beneficial owners who could trigger red flags? Its too easy to lie and never be caught.... i think this has NOTHING to do with finding criminals. And more to do with ensuring the government is getting all the taxes they feel they are owed

@vivitheberrypicker524 3 ай бұрын

AND a 30 day accurate LIST of the entire middle class. No governors can protect their business owners any more. Big Gov bypassed.

@ceciliagandolfo961 6 ай бұрын

I thought a big part of starting an LLC was to keep personal information confidential to eliminate personal liability. How does the BOI impact this?

@davebrown7009 4 ай бұрын

This one is particularly concerning. They already written the law so that the extremely wealthy can continue to pillage.

@amandarussell8185 4 ай бұрын

No - you register your information with the state. It's not confidential - it's public knowledge. The businesses they're going after create tons of shell companies business that owns business that owns business that owns business.

@user-xd7zr5zy8k 4 ай бұрын

@@amandarussell8185 sounds like the Bidets

@gaiustacitus4242 4 ай бұрын

@@amandarussell8185 Incorrect. Not every State requires the identity of the owners or managers who control the business be provided. In fact, most States permit this information to remain private and that is the reason for Congress enacting a law to require the BOI be provided to FinCEN.

@salvenezia1817 3 ай бұрын

@@amandarussell8185that is what you think they want. But this is solely for the purpose to pull money from mainstream to Wall Street. This is control and to move wealth to the elites.

@davebrown7009 4 ай бұрын

This opens people up to frivolous lawsuits. It’s a deliberate attack on small business

@JosephJozwik 5 ай бұрын

They are not even notifying businesses, sending out letters, emails. They brought it up in our tax continue education training. I haven't spoke with any LLC that has heard of this yet.

@sknparrisful Ай бұрын

I was notified via email check your spam if you didnt get it.

@JosephJozwik Ай бұрын

@@sknparrisful By who? FINCEN?

@bibibachmd9995 5 ай бұрын

Thank you for the info. My CPA recently informed me of this. I read the reporting requirements and if the LLC holds any asset, it is not exempt: "and (F) does not otherwise hold any kind or type of assets, whether in the United States or abroad, including any ownership interest in any corporation, limited liability company, or other similar entity." So if the home or car is held by the LLC it must report.

@billbradleymusic 4 ай бұрын

So open a trust.

@pleasurefairy6903 6 ай бұрын

I feel like this is just another way to hurt new business owners or people just starting out.

@ludwig6332 5 ай бұрын

More than that, our sold out elected officials are going after all the money. The Democrats (Biden) that it affected the entire country's economy. Obama said "everyone in America is wealthy and we owe the world whatever we can give them".

@christiansantiagophotography 6 ай бұрын

I don’t understand the point of this? Isn’t all of this information already available when you file your taxes ?

@chrisdixonstudios 6 ай бұрын

Exactly! Two minutes of programming the IRS and bank data to whatever 3 letter agency wpuld do this..and don't even believe Homeland Security doesn't already have the protocol!

@billybob6874 6 ай бұрын

The point is to attack small businesses and make it harder and harder for people to start small businesses and grow. They’ll squeeze every penny they can get from business owners

@jamesstewart1746 5 ай бұрын

That's what I said

@AscDrew 5 ай бұрын

Yes but DOJ doesn’t control IRS data, so they want to hold the info. And of course you can trust DOJ with it. 😂

@Mentaloow 3 ай бұрын

Thank god I found your channel - thank you very much. Northwest Registered Agent did not notify me - it's making me consider switching over to you guys...!

@MatSorensen 3 ай бұрын

Very happy to have you in the community! Let me know how we can help!

@TheLazyDrone Ай бұрын

Thanks for this info - I wasn't aware of the requirement. Luckily it was pretty simple. Submitted online in about 5 mins.

@MatSorensen Ай бұрын

Glad it helped!

@ubersun 6 ай бұрын

Super helpful, thank you!!

@agaan1897 6 ай бұрын

this is the beginning of something.......

@realestateeric 6 ай бұрын

First they collect info, then they attack.

@ludwig6332 5 ай бұрын

Yeah if they roll out the digitall dollar this sept., no more cash will be used, then the forein entities will take what americans own. Nothing we can do about it

@kinvert Ай бұрын

100%. Fuck the government.

@abnercricket 5 ай бұрын

👏 down to earth thank you

@gaiustacitus4242 4 ай бұрын

Even if every member of an LLC or corporation owns less than the 25% threshold, the manager(s) or officer(s) who control the entity must be identified. While this law by itself "is not that bad," when taken as a whole with other changes in the tax code it makes owning and successfully operating a small technology business within these United States nearly impossible. The tax code changes are almost certain to drive a small technology company into bankruptcy, especially those in the startup phase. This is due to having to amortize research and development of products over 5 years for efforts performed within these United States or for 15 years for efforts performed in Foreign States.

@alexandermichaels4216 5 ай бұрын

US Treasury Dept: You bought us all these cool guns and tons of ammunition..... WE WANNA HAVE SOME FUN DOING RAIDS!!!! White House: So who's stopping you? US Treasury Dept: Well how can we do all these fun raids without the names and addresses of small fish we can get away with beating up on? We already have the names and addresses of the Sharks; but those guys will SUE US!! 😢

@davidrounds3245 3 ай бұрын

And nobody who has an LLC has not been notified about this. That way the government can nail political opponents anytime they want to.

@vee4029 4 ай бұрын

Thank you so much for this vid.

@MatSorensen 4 ай бұрын

My pleasure!

@OliverMuellerOM 7 ай бұрын

Thanks. This will be a scammer and cold caller's dream to have all this info.

@MatSorensen 7 ай бұрын

This information will not be available outside of FINcen.

@kevkev6706 6 ай бұрын

So they say. Until they decide to sell it.@@MatSorensen

@kinvert Ай бұрын

@@MatSorensen This guy is so blue pilled. No wonder our country sucks now.

@chrisguli2865 20 күн бұрын

@@MatSorensen Yeah but they use these laws to threaten people with false fines and arrests. They've already done this with IRS scams using Indian call centers - youtube has dozens of videos like this. They are funny too! Several years ago I got a voicemail (with a heavy Indian accent) which addressed me personally, and said the NYS police were coming to get me if I didn't pay the $5000 tax I owed.🤣 So, now substitute IRS with FINCEN and now you have all new call scripts they can use. "You didn't file your BOI report on time and owe us $10,000."

@angiejefferys5779 5 ай бұрын

Law strikes again with a wave of a wand. Power of the pen indeed!

@edshuman3137 5 ай бұрын

Thx for this info

@KidLogicLTD 5 күн бұрын

Great info! So I have a weird situation, just wondering your thoughts on. I have an old LLC I never ended up using, never had an EIN number issued, to the IRS the business is inactive, but to the state I just found out it is still an active business apparently, I'm going to start the process of doing a dissolution, but I think I still need to report to FinCen, however I can't get beyond the first page of the application without an EIN. Do I request an EIN now just to file the BOI? Any tips would be much appreciated, thanks!

@Chirael 7 ай бұрын

Great video Mat, thanks for sharing this important info! 🙏

@ga6257 5 ай бұрын

I feel like they are gonna use the info they get from this against small business owners.

@ludwig6332 5 ай бұрын

Of course, this is just the tip of the ice berg, its going to grow, why on earth would they want to know who your beneficuarys are? Its non of their business.

@knightice69 6 ай бұрын

So my suspended llc in California from 2008 is exempt?

@closewithcollin 7 ай бұрын

Mat, such great info, thanks for the breakdown! One quick question, if I had KKOS do the LLC that holds my rental in NY, will you guys reach out to file this, or should I reach out and get this squared away? 🤔

@MatSorensen 4 ай бұрын

Great question. Please head to matsorensen.com/ and click “Ask Mat,” on the left sidebar of my website. I will be answering questions submitted on my next livestream.

@m.weston7114 3 ай бұрын

When dissolving any businesses, Corp, LLC, owner proprietor DBA checking account, etc, make sure you keep all documentation of sending legal documentation closing all of your bank accounts, dissolving corporation accounts, accounts with stores, businesses, etc. Send letters to the owners of these companies that do business with you in any business name, other than your personal name. Make sure you get a reply from these companies acknowledging the closing of your business name accounts. If you are no longer doing business in a business name, then officially end all business activities in that name and document it. If all of your business cease before the end of 2024, then why would anyone file to the BOI if all activity ceased?

@MatSorensen 3 ай бұрын

That's our advice, for companies with no activity or that you no longer need, wind it down and dissolve with the state (and notify IRS of EIN, letter). Then, no need to file BOI to FinCEN. I wrote an article on this here, matsorensen.com/dissolution-llcs-avoid-fincen-boi-report-asset-protection-consideration/

@gaa535g 5 ай бұрын

Thanks

@chrisg4433 5 ай бұрын

So this makes it easier to pierce the corporate veil during a lawsuit due to full ownership disclosure ?

@perseuswong6864 5 ай бұрын

This is NOT the way to catch or prevent international money laundering rackets. The bad actors will always find loopholes while upstanding citizens and their economic pursuits are effectively placed under a cloud of suspicion and presumed guilt. I will file my BOI to go through the motion but it's time Americans stop rationalizing anything that a few unelected autocrats as "well, that kinda' makes sense" or "well its for some greater good". Is this still a constitutional republic or do live by the whims and arbitrary edicts of the few?

@jmoney6652 6 ай бұрын

Our government is getting out of control

@Savingusnow 6 ай бұрын

You’re 25 years too late.

@TimeCreature62 6 ай бұрын

Got to keep workers working

@7cupertino77 5 ай бұрын

Hi there. New to the channel. Can anyone tell me is the new regulation also for self directed IRA LLC?

@user-pu5os3xv3n 3 ай бұрын

what about forenginers that they have to use some address offered by companies like incautority or incfile ? is there any effect on them because most of us using a virtual addresses of companies like shipito

@user-ki2ej7cx9r 3 ай бұрын

I amended my first LLC but the only changes made were removing the lower hashtags on the bottom of the name. But that was last year 2023 so a couple weeks ago I did fill my boi. So am I safe?

@Ropuch7 4 ай бұрын

Hi, FinCEN requires US company address and tell me not to use virtual office. I am a non-resident and used Northwest Registered Agent address for incorporating and obtaining EIN. What address should I use for BOI?

@patmazzucca3926 5 ай бұрын

What about off shore LLC and LLC in a Trust off shore ?

@rmbd2b12 10 күн бұрын

Any idea if the home address will be visible with a FOIA request? or is this data non-public?

@Daniel-lk3sy 4 ай бұрын

What if the LLC only has four people total, and the reason for the LLC was to protect an inventor on patent on possible liability issues ?

@MatSorensen 4 ай бұрын

Great question. Please head to matsorensen.com/ and click “Ask Mat,” on the left sidebar of my website. I will be answering questions submitted on my next livestream.

@gto9073 4 ай бұрын

Question for Matt: If you buy property in Panama, and setup a Panama LLC, governed by their laws, but still live in the US, are you still required to file the BOI?

@jamieanderson5061 5 ай бұрын

I may be small minded here but, my intuition is telling me they want this info so they can go after all those who frauded the ppp loans and other money's etc during the pandemic.

@ludwig6332 5 ай бұрын

They claim it is to stop money laudering and terrorist. But how many US citizens with small businesses or LLCs launder money or plan terrorist attcks? Must be huge ofr the Democrats and Rinos to protect us. Not !

@ludwig6332 5 ай бұрын

This is how the Federal Government stole thousands of Farms in the USA from USA families.

@bisjoanna 7 ай бұрын

does this apply to SD-IRA LLCs?

@beatmasterflex 4 ай бұрын

what if it is an owner operated proprietorship?

@brichard9485 5 ай бұрын

More government overreach! They just want to make sure you understand 10% for the big guy! Let's go brandon!

@user-rl4hl3pv3x 6 ай бұрын

Does this apply to sole proprietor llc for a small business? or general partnership llc? The info I'm finding on those isn't clear

@ludwig6332 5 ай бұрын

If you go through the Secretary of State to establish a business for income reporting. It expands the Federal Government mingling into State Laws.

@AscDrew 5 ай бұрын

Short answer, yes

@DavidC_AZ 4 ай бұрын

Of course the big, multi-m/billion dollar companies are exempt. Blackrock, State Street and Vanguard owners stay hidden and so does the real human owner of 2 rental houses near me. The property owner is something like 'GHK 2017-1 BORROWER LCC' who apparently owns dozens of properties in my city and keeps rental prices out of reach for the average income people and so the other rent-seekers jack up their prices because they can and so my rent is at 45% of my income! Trying to track down who owns this company is...wait for it...another company who's principal agent is...another company, who's state of registration is of course, Delaware. Yeah, keep them exempt!

@JulissaaBarrientos 6 ай бұрын

I’m a barber with an LLC, should be easy for me right?

@owenjamesk 5 ай бұрын

safety or freedom. can’t have both.

@shawn7171 6 ай бұрын

This is only on LLC’s not for any EIN’s

@terryr.5093 4 ай бұрын

What if there are four equal partners, each holding 25%, yet there is no manager? Does each partner have to file a form or is there just one form for just the LLC itself? There no employees and frankly very little revenue.

@MatSorensen 4 ай бұрын

Great question. Please head to matsorensen.com/ and click “Ask Mat,” on the left sidebar of my website. I will be answering questions submitted on my next livestream.

@kaycedilla2072 4 ай бұрын

Do I need to do this for an expired LLC? Thank you for your help.

@MatSorensen 3 ай бұрын

No, as long as it hasn't done any sales or change of ownership in the last year. I would recommend dissolving that LLC though if you aren't using it.

@moozzzzz 5 ай бұрын

Do foreign LLC owners (non US residents) have to file this also?

@ludwig6332 5 ай бұрын

If you go through the Secretary of State to establish a business for income reporting,

@Robert-bm5fz 6 ай бұрын

How does this effect sole proprietors like handymen or contractors?

@ludwig6332 5 ай бұрын

If you go through the Secretary of State to establish a business for income reporting,

@andyfumo8931 5 ай бұрын

Then you are the manager and 25%+ owner

@AscDrew 5 ай бұрын

You have to file.

@brandonfigueiredo8506 6 ай бұрын

Is this a one time filing or does this have to be done annually?

@Pyramidtank 6 ай бұрын

@michaelrudolph7003 5 ай бұрын

Worse, continuous! You have to fill out the entire thing the first time and then anytime a change happens to any of the information on the form, you have to update. So you could update it many many times in a year, or none.

@stepitupmorons8704 6 ай бұрын

what a bout tax ex 501,c3?

@42Pros 3 ай бұрын

If they would truly be concerned with money laundering then the exemptions would be for entities that are UNDER the $5,000,000 threshold not over it. This is screaming to the criminals… go big or go home!!! Speaking of criminals, this law exempts “The Big Guy” on Pennsylvania Ave.

@MatSorensen 3 ай бұрын

That’s a good point on the exemption. Over $5M should be where they’re concerned if they really want to address is.

@dervindim166 6 ай бұрын

So the deadline is December 31st 2024 for LLc’s formed before Jan 1st 2024 or do I have that confused?

@kalani1987 5 ай бұрын

That's correct

@MR-nm3vq 5 ай бұрын

Nop....Is until 2025.....

@lesliehill332 6 ай бұрын

INACTIVE ENTITY QUESTIONs for Clarification: Maintained a dormant LLC that was formed in 2009, SOS administratively dissolved on 12/31/2015 , then I reinstated 5 yrs later [latter 2020].. biz idea fail to launch, the LLC remains dormant as of date of this post...SO, instead of continuing to waste money on annual fees to the STATE...CAN I JUST DISSOLVE [ before or after effective date??] OR, am I subject to comply effective Jan 1 2024 ? Also,... If I have been filling annual fees for this DORMANT=NON OPERATIONAL, NON PROFITING, EXISTING LLC SINCE BEING REINSTATED...would that deem this LLC to being ACTIVE and that I must report? I reviewed the six requirements to being exempt from filing... my answers were Yes to #1 being an LLC that FORMED & EXISTED on and before 1/1 2020. and Yes to #s 2-6.....in their respective order. You Input is Much appreciated, Your vids makes much sense !!!!I

@differentsame9402 6 ай бұрын

Good question, i was wondering the same cause i have an inactive llc. Did you find answers?

@ludwig6332 5 ай бұрын

The date is Jan 1st 2025 ( if you were preexisting to 2024.) Disolve that MF. Unless you dont have any beneficiary (children or etc) to leave your stuff to, probably nothing on the report to worry about. But the USA Gov is coming after everyone.

@AscDrew 5 ай бұрын

Sounds like you have til end of 2024 to file, or dissolve.

@lesliehill332 5 ай бұрын

@@AscDrew I went ahead and terminated the dormant LCC 12/27/23... following the initial post above..

@lesliehill332 5 ай бұрын

@@differentsame9402 I went ahead and terminated the dormant LLC 12/27/23....just didn't need the headache,

@Uncletoast52 6 ай бұрын

All my income is book entry. My LLC, LP is single entity. Look no further than ME! I’m also my own registered agent. Let’s get it on.😮😅😂

@ludwig6332 5 ай бұрын

yeah this is to take future generation's assets.

@RichardSpeights 4 ай бұрын

This makes no sense for me whatsoever. I am the managing member and own more then 50-percent of my LLC (partnership). Hell, my last name is in the company name. They already have my name. They already have my SSN. They already have my address. They even have my phone number and email address. They already have more than this new law requires. So, why the hell do I have to send this information to yet another government agency of which I've never heard. This new law stinks like yesterday's diapers. Making sure nobody's on a watch list? What if my political views puts me on one of their watch lists? Then, bam, they have more leverage over me than ever before.

@luvverboy93 6 ай бұрын

What if the state dissolved the LLC but you still have the EIN?

@ludwig6332 5 ай бұрын

cancel that mo fo if possible. Actually, once the Federal IRS has your info, they have it forever.

@chrisguli2865 20 күн бұрын

I saw this on the IRS site - 5. Cancel your EIN and close your IRS business account The employer identification number - or EIN - assigned to your business is the permanent federal taxpayer identification number for that business. To cancel your EIN and close your IRS business account, you need to send us a letter that includes: The complete legal name of the business The business EIN The business address The reason you wish to close the account If you kept the notice, we sent you when we assigned your EIN, you should enclose a copy of it with your EIN cancellation letter. Send both documents to us at: Internal Revenue Service Cincinnati, OH 45999 We cannot close your business account until you have filed all necessary returns and paid all taxes owed.

@user-lg9yj8tw3s 6 ай бұрын

Thanks for the great info! One questions please...How will this affect Wyoming LLCs with regard to anonymity?

@yourpcmd 6 ай бұрын

You still have to comply, however, the database is private and no one will be able to search for your information.

@Savingusnow 6 ай бұрын

@@yourpcmdhahahahahahaha

@ludwig6332 5 ай бұрын

cant hide anything form the federal IRS. They will come after your heirs a decade or so down the road.

@AscDrew 5 ай бұрын

@@yourpcmdfeds will = no longer private.

@AscDrew 5 ай бұрын

Also the Registered agents have to file this info, so either you do or they will.

@lisaw8791 4 ай бұрын

What if you have a simple will, not a trust? Do both spouses have to be listed?

@MatSorensen 3 ай бұрын

Nope! Check out my most recent live stream, some huge updates on this topic.

@user-tu8sz9cz5r 3 ай бұрын

I have llc but its just me do i have to file too?@MatSorensen

@lisaw8791 3 ай бұрын

@@user-tu8sz9cz5r from my research, yes. Any LLC, S or C Corp, Partnership, etc.

@Christaldz 2 ай бұрын

@@user-tu8sz9cz5r yes

@Miner-dyne 2 ай бұрын

A damn shame we have so much government. We could do with about 90% less, and have in the past.

@DRventura333 4 ай бұрын

So the 75 year old grandmother who is a sole proprietor for her LLC and sells on Ebay, barely making $2000 a year; why would she be forced to file this? How were people supposed to know about this? Never heard of this before this video. If they are looking for criminals am sure they know who they are, why charge the poor working man who is trying to pay for medications with the small extra income; and if they don't file, charged $500/day as penalty? The poor working man is just fleeced left right and center.

@MatSorensen 3 ай бұрын

If she is a sole prop she would not need to file. With an LLC yes, but it is a free form to fill out. Regardless the penalty is huge and not many people know about it. An Alabama court is considering this unconstitutional, watch my most recent Live if you are interested in getting some more info.

@DRventura333 3 ай бұрын

@@MatSorensen Thank you for the expanded information. Yes, just saw your video about Alabama. Hope it sets precedence.

@DRventura333 3 ай бұрын

@@MatSorensen Thank you for the expanded explanation. Yes, watched your video on Alabama; hope it sets precedence.

@the_om_project 3 ай бұрын

What if you’re a digital nomad with no address?

@MatSorensen 3 ай бұрын

You will still need to comply!

@NGF-Life 7 ай бұрын

Thanks, great info. What if you have a WY llc that owns a VA llc? Do you report WY Llc as the beneficiary interest on the Va Llc BOI?

@user-lg7ip4yi5x 6 ай бұрын

Veteran owned wasn’t even referenced in the literature I read explaining the change. It’s bullshit. We don’t need even more oversight and cataloguing.

@Shigles 5 ай бұрын

I don't know exactly but i think that was the idea so you are not able to hide assets

@ludwig6332 5 ай бұрын

Good question , but ANNNNTT, then you must Disclose your WY llc beneficiary's. They coming after all of us,

@AscDrew 5 ай бұрын

You can file some sort of master filing and list your sub-llcs under it, cuts down on the duplication.

@angiejefferys5779 5 ай бұрын

All for our good. Safet and security first because your govv is not a crook.

@user-xd7zr5zy8k 4 ай бұрын

hahaha great sarcasm

@msowdal 4 ай бұрын

'bout time

@jimross2101 5 ай бұрын

aka "piercing the corporate veil".

@JustJOGGIN-qb9yo 5 ай бұрын

Look, Im just not gonna comply.

@keithconti6057 4 ай бұрын

so? even if people find your name its not you, its llc they can take anything from you..

@SharpBlockSoft 5 ай бұрын

Does this apply to Inc.?

@Shigles 5 ай бұрын

yes

@msilverhammer 3 ай бұрын

I believe that a Federal Judge declared the law unconstitutional!

@MatSorensen 3 ай бұрын

Yes, it’s been rules unconstitutional. Check out my video on this I shot last week following the courts ruling. Currently it’s going through appeals process and will likely end up in the Supreme Court.

@m.weston7114 3 ай бұрын

Criminal organizations, regulating the honest small business owners. What a joke.

@billbradleymusic 4 ай бұрын

Yeah? Why so? What is the purpose of this?

@billyjoejackson5477 Ай бұрын

Not doing it..

@metafeedburner 5 ай бұрын

Its a bull shit law, the requirement should be on the states.

@jcsabolt2 5 ай бұрын

More Jack booted Govt over reach.

@Christaldz 2 ай бұрын

I only found out because ppl like you and small business owners are putting out videos on You Tube. My question is...Why didn't the government spread the word through the major news networks?

@MatSorensen 2 ай бұрын

You should only rely on yourself for your financial future.

@FDXHOMEDEL 5 ай бұрын

You think you hate the government enough, but you don’t.

@wishpropertygroupinc.5713 5 ай бұрын

So everyone but the Bidens have to file this right?

@AscDrew 5 ай бұрын

Bingo!

@AscDrew 5 ай бұрын

Sounds like they don’t req if you gross over $5M because the penalty is $182,500/yr ($500/day) so that’s 3.65% of $5M. Big co’s will just pay the fine/cost of busn, and stay hidden.

@PugpugKeller 2 ай бұрын

Oh goodie something for the small town American citizens just trying to make it in this world get screwed over some more thank you

@hockeyhalod 5 ай бұрын

Doesn't sound very doomsday. Just yet another set of paperwork. I'm pretty shocked that they don't already know all of this.

@celestialsoundsalchemy 7 ай бұрын

Better to move through a Trust...smh

@Work-xi3vp 6 ай бұрын

trust with foreign beneficiary(s) and nominee trustee

@celestialsoundsalchemy 6 ай бұрын

@Work-xi3vp That's a good option, but it is not necessary when the trust is a non- statutory trust.

@PugpugKeller 2 ай бұрын

😢

@John-bx6if 4 ай бұрын

Never ever ever comply w this unjust law.

@iren9304 Ай бұрын

Any opptions?

@PugpugKeller 2 ай бұрын

And this is supposed to do what for us Americans

@19LondBuch72 2 ай бұрын

WRONG ! at 3:37 It's within 30 days ! Mr so-called "wealth lawyer"

@silvershirebjj 5 ай бұрын

Nesara overrides and has voided this.

@jaymays4482 5 ай бұрын

Haha it's not in danger it's a matter of signing the ownership of your LLC and your done. It's actually simple

@Plain-it4in 6 ай бұрын

File or they Fincen take your money or you to jail 😂..

@cryptokevin8581 5 ай бұрын

Yeah I just stopped paying years ago at this point I rather go to jail and put assets under my moms name cuz fuck all that.