The Government Loves Me; The Government Loves Me Not

Once upon a time in a country called USA...

I'll cut to the chase, into the dive. I've written extensively about the Corporate Transparency Act AND recorded a webinar on it.

What even is it, you say? It's a mandate from FinCEN that small businesses file their Beneficial Ownership Information with FinCEN. Filing requirements began 1/1/2024 for (most) businesses in existence prior to that, who had a year to comply. Businesses beginning after that date had 90 days to file, so they likely already have. (Only 30 days from inception to file for 2025 and beyond).

I haven't filed - because I was waiting until December and betting lawsuits would declare it unconstitutional. I'm right, and what's happened since the beginning of last year has been about as dramatic and waffly as 1980s prime time TV. Take a journey with me.

Original post: https://www.dhirubhai.net/pulse/break-glass-read-youre-small-business-4-heather-noggle-ylovc/

Deep Dive: https://www.dhirubhai.net/pulse/file-my-business-owner-friends-heather-noggle-lqljc/

Webinar: https://www.youtube.com/watch?v=-scgsVo2MaU (I look smug)

Recent Screed: https://elnion.com/2025/01/25/flux-and-change/

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In the last 45 days, the CTA BOI has been put on hold, reinstituted, put on hold, reinstituted, etc. I've lost count how many times. Its current state is "optional filing" or what I'll call "watch."

The upside of all of the waffling is that now it's in the news and small businesses should learn they have to (maybe, eventually) file. The penalties for non-compliance here are awful.

I'll leave you with a few thoughts:

???A lawyer contact called this BOI status shifting regarding have to file/don't have to file as "whiplash"

???This whole endeavor is a colossal waste of time, energy, and money. The why behind the CTA is noble, but the execution of same is a train wreck in requiring such a broad swath of businesses to report information the government already has. And then to slap such stiff penalties on non-compliance after a D- (or failing) effort of communicating the requirement. It could have coupled and made redundant messaging with other agencies, for example, that serve businesses. I could give many other "you coulda/shoulda/woulda," but I'm over here still hoping it'll go away and preparing for a quick filing (and helping you prepare) if it doesn't.

???Hey, it's Spicy Monday. How fitting. MSPs - y'all need to know about this. I'll tag you in the post about the article.

???CTA BOI scams are a thing - so be careful. Initiate all contact for filing and inquiry directly at the FinCEN website.

???You can find semi-current state of do you/don't you at https://fincen.gov/boi