FinCEN BOI Emergency Appeal! What should you do next?

[@MatSorensen]

Heads up, on 12/23/24 the 5th Circuit Court of Appeals overturned the federal district court ruling in Texas and BOI filings are now required again. The new deadlines for companies established before 2024 is Jan 13, 2025. Check out my latest video.

[@Critter145]

Not sole proprietorships.

[@Roobah]

I watched this video, and NOW I know why it was filed in Eastern Texas. Money launderer attorneys are apparently not happy at all and their shell company gig is gonna be up. kzbin.info/www/bejne/mWWxenmwfJ2Bmbc

[@nancyfitzpatrich3251]

Dec. 27, 2024. FinCEN on its BOI webpage issued a new alert stating: 'In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force." December 27, 2024 The fifth circuit court has reversed the prior stay as follows: in order to preserve the constitutional status quo while the merits panel considers the parties' weighty substantive arguments, that part of the motions-panel order granting the Government's motion to stay the district court's preliminary injunction enjoining enforcement of the CTA and the Reporting Rule is VACATED. The Fifth Circuit issued an expedited briefing schedule: Feb. 7, 2025 - appellants' (government) brief due Feb. 21, 2025 - appellees' (plaintiffs) brief due Feb. 28, 2025 - appellants' reply brief March 25, 2025 - oral argument

[@merlingrim2843]

Actually what needs to happen is criminal charges against the individuals in government who are violating the constitution.

[@pinkharbor]

I believe the whole "money laundering" argument that the DOJ makes for FinCen is malarky. The government is more concerned with creating a way to track assets for IRS enforcement & collection reasons.

[@johnqlunchbucket]

Exactly, it's a money grab. Registration leads to Confiscation.

[@JoudaniMaria]

Exactly!

[@100pyatt]

The Money Laundering machine aka the Democrats and the feds

[@shannonkingston224]

Yeah proof when they started to report $600 income

[@clintonezekiel5935]

Big brother always wants to watch. Tyrants.

[@100pyatt]

Crushing small business to satisfy their corporate donor's wishes 🤬

[@TJ-Stackin]

I'm not filling until the final decision

[@Lorebarriosp]

Same

[@Juanelloooo]

Same.

[@sexymodelboy]

Same

[@dereks4228]

No fine. Hold the line

[@BigDGolf-23]

An appeal doesn't overturn the decision. An appeal is exactly that, an appeal to overturn. You don't need to do anything until it's final.

[@odeemom]

This Texas girl will wait ! Thank you for keeping us updated!

[@brendaS1533]

You have no idea how much you are appreciated! Thank you!

[@hollymcc]

Thanks for the update, Matt! 🤬Why are they punishing the entrepreneurs to find a few bad actors!! The penalties are ridiculous, its almost as if they want to squelch out the little guys from doing business!

[@lifeinyoureyes3174]

That's exactly the reason

[@joemammatube]

Why is this an emergency for the government? Seriously, I file my taxes for an SCorp which has my name on it and personal taxes which also has my name on it. What's left for the government to figure out who owns the business? My guess is they want to ensure they are not missing and tax revenue with "secret" entities. Track every dollar from cradle to grave! Unbelievable!

[@soccersprint]

Do nothing but pay attention to the court rulings and results of appeals. Dont file BOI. its unconstitutional. Until the courts say otherwise there is no need or benifit to filing BOI. 😊

[@goldenboy3969]

Exactly. Government has broken trust with the people, so I am sure the list they are making will be used unlawfully.

[@rosesarered3904]

Agree

[@richardbrown3069]

It’s getting a bit too late at this point to mandate a filing by Jan 1. 4 days to file, and over the holiday, is ridiculous. It’s also ridiculous that HOA Board members need to file.

[@jonpaul6780]

God bless that Texas federal court!!! Merry Christmas!

[@aperson1181]

Thank you so much for helping us to know, I'm not filing,

[@jonpaul6780]

Thank you Matt! Great update!

[@1pcmedic]

How many people got notices about this in the mail when this came out......NOBODY!

[@mrarikara975]

That's the point emagine half the usa overnight owes 1000s for nothing. I devolved all my llcs now work w2. People who are already struggling this for sure push families over the edge and that's why they said nothing.

[@idm1738]

TEXAS said HELL NO WE AINT DOING IT 😂😂😂😂

[@keysncoffee7733]

Irony if we secede over this 😂

[@toology55]

Nobody should file, let them put us all in jail.

[@dereks4228]

Might as well. I already went to jail to protest a stupid speeding ticket 😅

[@JasonEscamilla]

👍 Thx, Mat - the single best executive summary out there: with all relevant specifics!

[@WealthyChronicle]

This is going to be a crazy ride! The legal back and forth could drag on for ages, and the January 1st deadline is looming.

[@atrain132]

No notice, no letters, no contact to the businesses whatsoever about this BOI. I literally just happened to stumble across a video on KZbin regarding this. That's how I found out. That's what bothers me the most.

[@ee214verilogtutorial2]

I know right it’s so weird. Even the website appears to be done one night by unpaid intern. Links are not working properly, it all feels like a sham.

[@jennifer1177]

@@ee214verilogtutorial2 take a hint from your gut then dont do it. easy. dont make it harder than it has to be.

[@R.S.Johnson]

The end of "OWNING NOTHING & CONTROLING EVERYTHING"

[@DerekEdington-t4p]

No big deal, but isn't this business information already on file with state , IRS, etc..??

[@janishaughton164]

From another video I saw, the attorney showed it said we have until Jan 13th on the BOI site

[@MatthewLaskovics]

Thx for helping the small guys Mat!

[@CleanStreakPressureWashing]

Everyone should simply refuse to comply if the appeal is upheld

[@julieroche6696]

Great update Mat! Thank you for keeping on top of this.

[@johnqlunchbucket]

Looks like Fincen has removed the notice of voluntary filling on the website?

[@rosesarered3904]

The problem is also all these businesses that complied. They voluntarily gave up their information. Which shows the government that people will accept what they say.

[@lizhaydon2250]

Thank you Matt. I'm subscribed

[@mmsk2010]

You are leaving out sole props with dbas only (no llc, or corp) that the website says do not have to file.

[@KreatorStudios]

Remember, the government and judiciary can move quickly if it comes to stealing your money

[@scnager1]

It's blatantly unconstitutional. The 10th amendment states that any power not granted to the federal government shall be directed to the states. If all entities file with their Secretary of State and the Secretary of State is a state power, than that violates the 10th amendment.

[@WGwarrior20]

I have an LLC that I formed at the beginning of 2024; it is still active, but I am not using it, and I am still planning how to become self-employed and quit my current job. So the question is, do I need to file this (BOI) form?

[@juanitogonzalez7967]

thanks for the updated information

[@WWade-cm8hx]

They're chasing ghost's. A couple of years ago, they were chasing chasing trucking companies for allegedly using untaxed diesel fuel. They did roadside inspections looking for red dye in the fuel. It was an absolute joke, and so is this. Go chase the crypto bros driving Lamborghini's.

[@terintiaflavius3349]

They go after the regular people because they don't have the financial resources, power or connections to fight them.

[@RhondaBrackett]

I have an llc I set up years ago with idea I would make money online... have never gotten it up and running... no incoming money... do not think I would need yo file as would think k it is considered inactive... and would not want to file if law will be dropped...

[@perryallan3524]

There is an exception for inactive businesses. Look up the details as what is considered inactive. Your LLC likely is exempt. I have several inactive LLCs that meet the exemption.

[@pyramidtrader1]

Pole should we file? No or hell no? What say you Dougle county?

[@bjpivonka1672]

the court is correct. LLC filing is intrastate commerce. There is no justification for it. It's a 10th amendment issue. The penalties also violate the 8th amendment as they are BEYOND draconian for no reason at all.

[@JennySiede]

TURNS out BOIR is easier than Secretary of State filing in TX, did it, five minutes if your company does not have heavy foreign influence. Not a big deal if your business is not Saudi or Russian entities.

[@100pyatt]

Never comply with Tyranny ⚠️🤬

[@MrJoshbunyan]

The Biden administration.

[@edwatson1162]

As of today 12/27/2024 we are not required to file/report??? Look at FinCen web page... what happened??

[@johnwatson9518]

This was bullshit from the start. Big Brother up your butt.

[@marrrialee]

Exactly

[@honeylanham2194]

We have a small HOA in with very little income that just covers expenses, and we are doing everything to decrease expenses as they are all increasing. The government is demanding that the officers have to sign these documents and give them personal information. They call the officers "Beneficial" members. They get no remuneration for their service or any other benefit. I think this is what you are talking about.

[@Josh-vp4jo]

Hi Mat I am a board member of an HOA was told that we have to pay a $400 fee to a legal firm to file, I am not filing right now due to the current status, but in the event this passes why can't I just submit the information directly on the website? TIA

[@joshk.4470]

You can file yourself, you dont need to pay anyone to get this done if you wish to do so. There are good vids on youtube and other sites explaining how to file your boi.

[@dwsnono9104]

I am on an HOA with 6 board members. I filed ours yesterday. We opted to not pay a law firm. They wanted $200.

[@joshk.4470]

@@dwsnono9104 I am about to do mine. I was waiting to see if it would be permanently, or only temporarily struck down and the appeals court just let them have their way the day before yesterday.

[@Josh-vp4jo]

@@dwsnono9104 I think as the deadline approaches Jan13th we will do the same- the lawyer the association I have wants $400. What a racket- when you filed do you receive a confirmation that they received your information? Thanks for the response much appreciated.

[@Daniel-1644]

Thank you. Super helpful video. I definitely won't file for now.

[@SuperMAF87]

Looks like I’m screwed BIG TIME. I opened up a small Handyman business in July of 24’. Had no idea this was a thing. Way past 90 days. Looks like I’m sunk. I give up.

[@rosesarered3904]

4 days to comply??? But its currently not law, so why would I even file!

[@TimMendez-w9o]

I want to start investing but need guidance on how to invest in Bitcoin, any help or advice for assistance please?

[@JamesCarlos-h3c]

It is wise to seek professional guidance when building a strong financial portfolio due to its complexity

[@EvangelineVanca]

Talking to expert like karen Wilson to reshape your portfolio is a very smart move

[@BrendanRoach-h3c]

Certainly! I diversified my $35,000 portfolio across different markets.

[@BrendanRoach-h3c]

I made a net profit of around $117k by investing in high dividend yield stocks, ETFs, and equity.

[@GerardoMcguire]

The reality of the situation is that you cannot achieve success without the guidance and expertise of a trained and dedicated professional like Karen

[@vincenttacraebnam8379]

Hurricane affected areas get an extension regardless- Beryl,Debby, Francine, Helene and Milton

[@raymond3855]

Type out what BOIR is in full in title. Not many people know what BOIR is if you want to get attention to your video.

[@gok_emphazizproductions4067]

Do the people have a say in this?

[@donaldjohnson-y6n]

There really shouldn't be so much drama involving the treasury. We went through the same thing with Obamacare's "is it a tax or is it not a tax"

[@uniquecintron3119]

Obama care is not a tax your just paying it in order for it to function.

[@rosesarered3904]

Thank God and President Trump for overturning the penalty fee for not having insurance. It was costing me so much every year on top of my due taxes.

[@ChiroMan61]

Thanks for the information

[@cbbcbb6803]

Good explanation.

[@Sporipherous]

Overstepping, waste and exploitation makes busy work for information they already have! How about closing the border instead?

[@lolasmom9088]

Mr. Sorensen, could you please comment if the CTA was still part of the newly revised budget bill (section 122), with a mandated extension in deadline dates?

[@Mrcfrickie]

It’s stupid, more wasteful government spending?

[@TheWilferch]

Can we ask for destruction of submitted info....or rescinding of info.... *IF* .....this ever gets truly and FINALLY deemed unconstitutional?...whenever THAT occurs ????

[@rosesarered3904]

I doubt a judge will overturn the ruling by appeal, being that this is unconstitutional.

[@TheWilferch]

@@rosesarered3904 ..I just got a notice from FinCen that the Texas ruling that deemed this unconstitutional....was overturned due to govt appeal ruling, and that we are back ...to be legall bound to comply. This as of Dec 23rd.

[@kolobkolobkolobkolob]

Yeah hard to say, REMEMBER this was a bipartisanship thing both parties supported and might very well be supported or allowed to remain.

[@Robert-w6w6s]

Why do they have to impose fines when they can just deny your business outright.

[@R.S.Johnson]

Get ready for a data breach.

[@jordanpittmanmusic4753]

My partner is a locksmith and the equipment he uses would not work unless he got a Fincen ID. Reminds me a lot of the vax situation, you don't HAVE to get it but we will make your life harder if you choose not to.

[@jennifer1177]

yup 100%

[@strategicactionservices2206]

I believe AICPA advised CPAs that they cannot legally file the BOI for clients because they cannot practice law.

[@PumpkinKingXXIII]

W2 and 1099s should not be reported without a subpoena. It my business between me and my employer or employees and me and my bank and broker.

[@haroldgilbert6707]

Must file by January 25 th just decided

[@marthe4943]

I’m Not wasting any more time on this boi crap. Paid two business managers to file the crap for both my shit llc’s that make no money and I am done with this nonsense. I was really stressing over this ‘going to jail’ if you don’t file shit !

[@rosesarered3904]

Fear and intimidation to get the masses to comply. Even this attorney was using these tactics to gain business from this "requirement." A lot of people took advantage of this and made money from it.

[@lauriefallert8885]

Are all sole priorities exempt? I have an EIN, and a state professional and business license filed through the sec of state? Im soooo confused 🤔

[@rosesarered3904]

It's unconstitutional, and at this point, people are just volunteering their information. It's an unfair act for small businesses.

[@LovelyG328]

All sole Proprietors are exempt but if you have a LLC and file as sole proprietor you are not exempt.

[@uniquecintron3119]

Here's the news...it's BEEN VACATED AND NOT MANDATORY as of today 12/27/24, 4hrs ago

[@pberry1924]

All they need to do. Create a Form. Charge us penalties. Small Business will become smaller.

[@Robert-w6w6s]

If you file to create an entity, they have your information already. Redundancy in government.

[@pamworful2337]

Now we need to file Overturned

[@Steve.191]

I will dissolve my LLC if this becomes law and retire.

[@Paladin1873]

What a colossal waste of time and energy. What will the Feds do if every small business owner ignores it?

[@timbradeen8459]

What is being done with this filing information? This is 100% a violation of our rights. There is too much overreach these days.

[@jimleveritt3028]

Im sure this appeal will be one of the first things the big orange turns off. I mean, its not like he would want to comply with this himself.....

[@teresiabailey3544]

It got folks being charged 200 to 500 dollars that's what people are get your money back

[@adaliadudley]

This is something that is only done once, right? I don't have to file every year?

[@redrooster626]

If it's allowed to remain in place, it would require filing annually, just like yearly taxes. So it's in everyone's interest to write to Congress on why this whole thing was such a bad idea to begin with. I've heard CPAs argue we had years to debate it, but so many business owners are still unaware of this thing.

[@borisjoffe]

You have to file within 30 days of changing addresses

[@erins2473]

If we only have 4 days to file you can sxpect their system to crash. No way they can handle millions accessing their servers at once.

[@eugeneponcelet9377]

You have too many technical letters that are way above my comprehension level. What you are saying is way over my head. Hope they turn this down. Wasn't aware of this til a day ago.

[@SunsetWingman]

Anyone else digging through the comments trying to figure out what a BOI even is.

[@ee214verilogtutorial2]

Beneficial ownership information, you need to fill in your sensitive data on a crappy website. No warnings, nothing. Super weird.

[@jkd1975]

Of important note on this nonsense is the fact that institutions dealing primarily in money are exempt from this measure which thru claim is to prevent financial crimes. That right there should demonstrate how ridiculous this is.

[@GigiHernandez886]

Trump will axe it

[@styme22]

Fincen is on some Bs

[@organicvids]

They will take everything and you will own nothing. Privacy is extinct. Sad

[@censoredeveryday3320]

out of control

[@needhelp9699]

Psalm 118 1 Give thanks to the Lord, for he is good; his love endures forever.

[@Extortionism]

Would this be a situation where "If you haven't done anything wrong, then why are you not answering questions"? HAHAHA!!!

[@citygalmelanieproductions1431]

😂

[@LosFoodiesMagazine]

Boooooo.

[@olabadeolugbsean]

JUST ANOTHER WAY TAKE MONEY FROM PEOPLE INFO WASNT PUBLIC WORD OF MOUTH SAD SMH

[@pitherra]

BOI should go after those big corps and CEOs like United healthcare

[@Johnsun12]

It’s so dumb

[@The442nd]

The less "they know" the better it is for us.

[@DerekEdington-t4p]

No big deal, but isn't this business information already on file with state , IRS, etc..??