BOIs on Hold AGAIN - 5th Circuit Reverses Itself on 12/27/24

[@krisv6496]

Unconstitutional overreach from bureaucrats. Mass Non-compliance is what is needed.

[@anastasiasalem7615]

Exactly !!

[@silky2204]

Do they have enough jail space?

[@greydenhooper8787]

Correct and I am not complying, I am worried only very few others will choose this path but so be it, I will not play their game.

[@user-ok2mq6ig5y]

💯

[@roshunepp]

Mass non-compliance is what they want. They don't want to put your in jail. They just want to charge the $500 a day.

[@obscure_af]

tip my hat to all those who waited this out and did not immediately comply. we made the right choice.

[@Dreadwolf3155]

truth!

[@MoonRambo702]

@@obscure_af 🫡

[@cherylmockotr]

I held out all year but gave up and filled out the forms at literally the same time the Texas court was ruling it unconstitutional 😭 I knew I would forget as I prepped to take time off at the end of the year. My bad!

[@iceman9678]

I'm starting to see a pattern with waiting in government mandates

[@theonlyjoshow]

👏🏻👏🏻👏🏻👏🏻👏🏻

[@bibibachmd9995]

Thanks Mat for all the updates. I filed several BOIs for my LLCs months ago bc the penalties were so stiff--prison. This is a shakedown and abuse of power for sure.

[@OnTopRacing]

We did, too due to fines. We are already struggling as it is...

[@amateurgamer8456]

Did you also get vaccinated to keep your job? Due to fear? Due to no cojones? Sheep nature? Bending over? I could go on and on..

[@andywurst4873]

the government should be forced to delete all data collected unconstitutionally - to take the attitude of 'don't worry about it' only rewards the underhanded tactics to gather this information.

[@IamTowGuy]

Hah just like the Ca AG doxed all reg Gun owners after court ruled against state and agencies 😮

[@Dreadwolf3155]

exactly what i was wonering, will FinCEN have to delete the database if they ultimately lose ?

[@linaD08]

It should be required in the final decision to delete all the data received by fincen

[@cherylmockotr]

We could never trust the data was truly deleted and disappeared... the government would never do that honestly. What we do deserve is monetary compensation taken directly from the FinCen executives' salary budget as a way of punishment for creating BOI in the first place.

[@rm-gh1co]

The Biden family has numerous shell corporations where they have been money laundering and they even have videos of Hunter being introduced to xia xia And then money flowing into a Biden Shell corporation. Millions of dollars. Why isn't the department of Justice focused on them? The Biden administration has been focused on punishing the American citizens. Disgusting group of people. That includes everyone surrounding Joe Biden who are implementing these decisions. They hate Americans

[@mitchellsmith4601]

Nobody ever mentions that the federal government has suffered multiple breaches of information. The federal government isn’t secure enough to collect this information.

[@user-ok2mq6ig5y]

….and no protections put in place for the information they plan on collecting!

[@silverechohawk5315]

Very good point!

[@EricR-]

FACTS!​@@user-ok2mq6ig5y

[@dfb1111]

To that point, there is no beuracracy concerned with your safety or well being.

[@Darrell_lewis_massage_realtor]

China hacked The FBI’s back-door hack for reading text messages…

[@jessie6565]

Anyone else getting whiplash from all these back and forth. 🥴

[@MatSorensen]

I know I am. Sheesh, I wish the courts were hearing these cases in March or way before instead of waiting until the deadlines hit.

[@Yffffonz]

✋

[@mikejessup9304]

I finally just decided to do mine yesterday, even though I’m not an LLC anymore, or actually never was. I don’t trust them. I guess I should have waited a day. Oh well..

[@TrustIsKey]

Means someone still fighting for liberty by preventing laws that diminish our freedoms.🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸

[@sheppardecd]

​@@mikejessup9304better to be safe than sorry. 🤷🏽‍♀️

[@chrisk8562]

Saying you don't care about financial privacy because "you've got nothing to hide" is equivalent to saying you don't care about freedom of speech because "you've got nothing to say"

[@aestheticstorm]

Pretty sure the "nothing to hide, not my problem" attitude is what led to the Germany events in 30s and 40s.

[@betterbprepared]

Thank you for keeping up up-to-date with all this craziness.

[@chefbservices]

My Therapist asked. "Why not just file?...." Me "shut up, it's unconstitutional! Not doing it!"

[@joseh3564]

Chef: You should get a new "therapist."

[@chefbservices]

@@joseh3564 Straight up! New Year New Therapist!

[@benicia21]

“if you don’t file, we presume you are running a drug operation so we will put you in jail for two years and fine you $591 per day” - the FEDS. duck the FEDS

[@BlackKettleRanch]

Get a new therapist if they're that stupid.

[@neeradarvish229]

Fantastic 🎉 update. Spreading the good news. Thank you for staying on top of this and educating us.

[@MatSorensen]

Our pleasure!

[@WanderingPassports]

Don't the banks and the IRS already have this information?

[@twoglides2020]

Yes and if the Govt truly needs this info? They can subpoena this from the state you filed your LLC in. This makes no sense unless they want to use this to squeeze you out of SSI benefits later in life when you retire.

[@aestheticstorm]

Yes but this streamlines the path to your information. There is still some legal defense the government needs to get through. This would strip that all away.

[@robtriton]

I knew this was coming, and that's why I didn't fill out the paperwork.

[@AmyMcLean]

At first I thought "yay procrastination for the win!" Then it was "damn, I still have to do the stupid thing" now I'm just like "will you all make up your minds already?? I'm getting whiplash over here!" 😂 I'm still not going to do it until & unless I absolutely have to.

[@murdercattv635]

Exactly my reaction

[@jennifer-harbaugh]

Last day team!

[@judimunro9279]

@@jennifer-harbaughI’m last day team for everything! 🤦‍♀️

[@PeanutGallery89]

Me too! lol.....I was about to do it today and decided to look up info on it and found out I dont have to. Right now at least.

[@MoonRambo702]

I don’t care what they decide.. not doing it.

[@enchantdcre8tionz]

🤣

[@rosesarered3904]

💯

[@xatodew]

Nailed it!! 🎉

[@TheJazzyRedTalkShow]

I been in Business 30 years and I turned mines in 2weeks ago! The only problem I have is why big businesses don’t have to do it!

[@MoonRambo702]

@ mine is 10yrs old, and I opened 2 more LLCs December 28, 2023, right before the cutoff for needing to report in a month. This is all about getting our info verified and connected in a central database to track and find more ways to take our money. Nothing good ever comes from giving the govt more power, information or control. The people making the rules are part of the big business that launder and scam the American people. Of course they don’t wouldn’t want to give more info

[@TheJetsons-v2w]

This should be called the PII (Personal Identifiable Information) law because that is what they are demanding from small business owners.

[@simonleland2873]

They should call it the 4th amendment work around.

[@89Red]

Procrastination literally has no discrimination. This shit should have been solved a year ago.

[@shimagaijin1]

The Corporate Transparency Act (CTA) violates the Fifth Amendment by compelling small business owners to disclose sensitive information that could incriminate them, without legal safeguards against misuse, while imposing harsh penalties and unequal burdens. This infringes on due process and the right against self-incrimination, making it unconstitutional.

[@KeywordManagement]

Thank you, I was looking for more context on unconstitutionality.

[@ryancornell236]

It's a principle. The State issues the charter and it's the State that monitors the activities of businesses. If an entity is committing financial crimes then it's the State that investigates and brings them to justice. The Feds have always shown an incompetence in doing this but always want more power. Ultimately, it's the international Corporations that take advantage of the Fed's overreach at the expense of smaller businesses.

[@gruenpunkt]

Absolutely true!

[@KeywordManagement]

I have not heard anyone comment on how unfair this would be to small business owners based on the notion that a company with 25+ employees and / or $5 million in revenue would be exempt. If you want business transparency...it should be applied to ALL businesses, not just small business owners.

[@northernozarkhomestead]

Registration ALWAYS leads to confiscation

[@dfb1111]

Yup, the clearest and constant examples of over reach by Big Brother against the 2nd are the Best examples.

[@generatealifewelllived]

This has been hysterical! The back and forth!

[@TrustIsKey]

Appreciate you Mr Sorensen. Thank you for taking the time to help us during your holiday celebrations! Really demonstrates your professional passion for helping others! One of a dozen things & to do's on my plate right now, postponed! Blessings to you & your family.

[@epicelements5528]

I’m in the midst of starting my business up in a new state and I’m not doing that until I know this crap is taken care of! I will wait!

[@bluemammal]

Thanks for keeping us posted

[@tomtillman]

Well, if you are laundering, smuggling, and evading, Just be sure and file on time. The government needs you to file, so they can catch you.

[@MatSorensen]

Ha, that’s the fallacy with the law.

[@terryevans1976]

This doesn't impact just small businesses. These reporting requirements also apply to things like the boards of directors for non-profits. We have already had several people resign from ours over this and now one wants to serve (like it wasn't already difficult enough).

[@beachbreath2504]

What everyone is signing up for is to allow FINCEN to share absolutely every single bit of your personal and corporate information to Foreign Governments. Congratulations.

[@ForeverLuckyLika]

Finally something good comes out of Texas. Thank you Texas.

[@halweinshank]

Thank you for this! I saw several posts/videos that scared the jeebers out of me! (although, I filed within 30 days of starting my LLC).

[@eugeneponcelet9377]

This whole thing is a joke. Most business owners i know havent heard about it til right now. It is confusing as to how you have to approach it. The only way I've heard about it is on this video. How can they enforce such a thing if no one was told about it. I never got anything in the mail and if the IRS is in charge there was no notice. Small business owners are just being the guinea pig. How are we supposed to know if we comply and if they do it again. Just by the way it is handled it should be unconstitutional. It is bad when we have to find out about it while surfing the web.

[@TheWilferch]

FINCEN...on their website...claim there was a "Robust" outreach to let us all know throughout the 2024 calender year....

[@wernerfoerster3666]

ITS BEEN A LAW FOR YEARS as a business owner you are supposed to keep up with business laws

[@gruenpunkt]

​@wernerfoerster3666 All 53,694 laws, including contradicting law? Really?

[@wernerfoerster3666]

@@gruenpunkt So small businesses shouldn't have to keep up to date on legal requirements? ... maybe hire legal help? ... your accountant or consultant should have mentioned it as well ...

[@gruenpunkt]

@wernerfoerster3666 Remember, these are SMALL BUSINESSES, that are being targeted. Some with less than 10 employees. How do they afford a full time lawyer and accountant. Another 10% for the Big Guy??

[@Ynot533]

Lool I was about to cave in and file today. thank you Texas

[@jasonj3594]

Thank you sir. Good work and way to help your fellow citizens stay informed 🇺🇸. Appreciate ya!

[@Opune623]

I just filed it today. I wish I had seen this video before I filed it.

[@amberai9519]

Thanks for keeping us posted! 🙏🙏

[@ColbyGilbert]

Wasn’t going to do it anyway

[@GaryUSMCvet]

Bingo! I had no intention to comply.

[@tyvanhworkout]

Thanks for the update! I think it's an overreach and will not file until/unless it becomes absolutely necessary. Mass non-compliance would be great, but I wouldn't hold my breath!

[@ed8377]

Thank you for the timely updates!

[@rynophiliac]

Feels like a kid living in a home with two fighting parents

[@nogoogle6349]

Appreciate you, Matt! Thanks for bringing us the latest information.

[@patrickwendling6759]

Thank you for your knowledge and videos

[@moikechan]

"They" can't expect us to take them seriously with this nonsense.

[@j10001]

Thank for a timely update!

[@AlexeyVedernikov]

Thank you for providing quick update Mat Crazy stuff

[@francisseidel8014]

To me it is straightforward, the fourth amendment guarantees the right of citizens to be secure in their papers unless there is a warrant. BOI allows the government to go on an unconstitutional fishing expedition.

[@saintbees2088]

It is grueling to submit to government coercion to disclose matters that are no business of theirs.

[@TheManInCommand]

Never comply with this no matter the outcome.

[@tinytim71301]

Thanks and well done.

[@tholieu6955]

Thank you for the update, Mat🙏☺️

[@Steelviper61]

Thanks for the update Matt!

[@oldaccountemaildiscontinue3626]

Thank you Matt! Very helpful play-by-play of this clown show of recent "law" fare against small biz.

[@geneautry2091]

Kinda reminds me of the ASI Print Revisions, i.e. A to B to C to D to....I've had to work with Rev F quite a few times. Engineering was in severe need of restructuring.

[@hamzatayyab8450]

Thanks Matt! Appreciate the update!

[@MatSorensen]

My pleasure. Happy to share the good news on this one.

[@SoonerTri]

If they don't already have this information, how will they know who to put in jail for not filing?

[@robertmcintyre3191]

If I am forced to file it will be under duress.

[@mauriz8120]

basically this will bankrupt millions of llc owners because most wont file this garbage rule. Who can afford 550$ a day fine and possible jail time.? Thats tyranny.

[@coycooper8985]

They don’t have the right to reinstate Rand require the report until after the final hearing and arguments are heard.

[@100pyatt]

SCOTUS NEEDS to shut this BS down permanently 🔥🤬🔥

[@ultraman6450]

Total madness... wtf is going on in the US?

[@iceman9678]

As the ruling class says when they get caught laundering money: "Pardon me."

[@donnalocker3677]

I still haven’t received a letter from the GOV that I have to file anything

[@marginbuu212]

Just...do away with FinCen.

[@WI_Wanderer]

Im an Eagle Scout Decorated Combat Veteran Entrepreneur and local leader, I refuse to participate in BOI.

[@Legendary_UA]

This insanity has to stop.

[@hamma2357]

REMOVE THIS BOI CRAP! IT IS INSANITY AND UNCONSTITUTIONAL!!!

[@hgrimes9824]

Someone who didn't want their business connections known lined someone's pockets for this ruling.

[@yoriregalado5163]

IMO… those in congress and head of state should be the first to file this anti-money laundering requirement. That’s where the criminality is really happening.

[@cozmoz2010]

Thanks for the update, Matt.

[@VideoPokerPro]

Just subscribed, thanks for the update!

[@catherineburkehomes]

Fincen is worrying about money laundering. For an LLC specifically, they can’t do anything with money without an EIN, which means they get a file of that anyhow. But like there’s a bunch of LLC’s that my clients don’t end up using and get tossed in two years.

[@Fat2fitASAP]

This feels like a game of whack a mole 😂

[@aceofcoin]

There was never any new legal duty to disclose BOI information in the first place. I've published 19 videos explaining this and everyone is still stuck on the lame question as to whether or not it's constitutional instead.

[@gruenpunkt]

The Corporate Transparency Act and the Foreign Assets Compliance Transaction Act (FACTA) both need to be repealed. Neither are stopping Money Laundering. Both are intrusive. #GoDOGE

[@dperreno]

It's always proper to define an abbreviation or acronymn when you first use it. I watched the entire video and I still have no idea what a BOI is. (and I have an MBA from Michigan and spent 25 years in finance, so I'm not business illiterate)

[@TheMamaFree]

Beneficial ownership information report.

[@dperreno]

@@TheMamaFree Thanks. I was able to google it quite easily, my point was more about proper writing/reporting etiquette, e.g. I shouldn't have to google an acronym, just tell me what it is up front.

[@ROCBOYZGURLZ]

What about businesses that are suspended for not paying for their license renewal and annual list of members? Did the government want them to file this report too (when it was mandatory)?

[@natashakemp5164]

Thank you for information I was going to file today thank you

[@AnthonyMacaluso-gl3df]

FREE MEN DONT ASK FOR PERMISSION

[@Mike_MFn_Jones]

Convention of States !

[@mariatorres9789]

I've never understood how a court could say something only applies to one plaintiff, if it applies to everyone (2A examples etc).

[@chrisk8562]

NO ONE is discussing the unconstitutional federal government attack on small business & financial privacy via the FinCEN CTA/BOI , save & except all the financial advisors/bankers/brokers/accounting firms/etc (that are chanting the mantra of "comply-comply") whom are all conveniently exempted the law

[@bpounds79]

Thank you for the updates, this is helpful

[@Peh01L-l1c]

I filed a BOI for a LLC created in 2024, but I was late doing so because I dissolved it shortly after creating it and was told by a tax person that I wouldn't need to file since I dissolved it. Am I in trouble / going to get fined?

[@ThisCantBeRealTV]

I just created an LLC Sole proprietor business in November and haven’t made a single dollar yet, do I still have to file? Plus I just realized it’s $300 to file and I don’t have my business bank account set up and don’t have the $300 to file what should I do

[@Brockleejohnson]

Worst part is that there’s plenty of companies who’ve already collected money from business owners using this, and they aren’t refunding it. When I was contacted to report this, they were saying that they charge at least $100 for the report and that if I didn’t pay it and make the report I could be fined all types of thousands of dollars.

[@gailknight6259]

I tried to file and it was rejected..sbe04 was the error code?? My accountant said she filed it but I needed to amend it to include my "spouse" and granddaughter who actually have no say in the company - they are just figureheads in case I die, i guess. What do I ask for for proof of filing? Or how do I find out if it was actually filed and do I need to amend it. This is sooo confusing. Had I known they were going to blackmail us like this I would have just continued on with my sole proprietorship. (I have 8 rental properties in Texas, I keep records of income and expenses for tax purposes thru Stessa which is a free property accounting system but works really well.

[@beautifulfacesskincare]

Thank you.

[@coleproctor7995]

Taxes are unconstitutional as a whole.

[@iamjasonbusch]

Yet we allow it to happen 🤦‍♂️

[@tascrphs]

That's ok guys. You don't have to file... that's the good news. Bad news, you may have to check the box on your Form 1065 / 1120 / 1040 Sch-C - "did you file your BOi"...

[@sleepmoneyken9234]

How is it bad news if we don't have to file . Stop moving the needle!

[@tascrphs]

@@sleepmoneyken9234 Doesn't stop the FEDs from asking? It's NOT unconstitutional for them to ask - it's unconstitutional for them to require... How can I be moving the needle, when I haven't even moved a finger on filing for my dozens of legal entities? Hmmm.

[@randomnerd1988]

Or simply, Don't check any box if it requires you to submit your information. Courts or no courts, this is a gross violation of government abuse and completely unconstitutional. This is communism 101.

[@GaryUSMCvet]

If it's not a requirement to file or found unconstitutional, then don't check the box. Simply attach a copy of the case cite. The IRS can then kick rocks.

[@billlee4008]

What if I submitted the BOI yesterday??? Figured it would not change before they fined me!

[@mauriz8120]

what if any are the negatives to filing ?

[@FrankSchwarzfree]

Has anyone filed any other lawsuits against this "law"? Isn't it now a privacy issue and not a compliance one?

[@CariMachet]

THANK YOU

[@thedrunkenchefs4577]

Is there a link to this on this BOI web site?

[@TheMamaFree]

I wonder if the lawyers or companies will refund the fee they charged their clients to submit the BOI for them?

[@craigchambers4183]

Yes, not constitutional 'again' as it has always been unconstitutional. Nevertheless, we dissolved our LLC as we never had transactions anyway but our intent was to proactively have an LLC in case we wanted to go that route. If we ever want to, we'll just create another if this is finally settled.

[@SteakPerfection]

BOIs mean “beneficial ownership information reports” which are/were required to be reported by certain small businesses

[@stevenw373]

What a total cluster

[@CAStone-kq4md]

Awesome ! Let’s do Business .

[@takethepowerback83]

Knew this was gna happen again.

[@jesusisthesonofgod-amen]

"OUR" government and "OUR" #servants in "OUR" government.... is what #FederalTyranny looks like.

[@laughingbird]

The best thing is to not fill it out. If the deadline was January 13, then don’t file anything until a day before because anything can change. Just like what’s happening now.