Are You Ready for 2025?

[Terrel L. Shields]

Beginning January 1, 2024, most small entities—including single member LLCs—must file online reports with the federal government, disclosing information about the beneficial owners of the entities. This new reporting requirement—estimated to impact at least 32.6 million entities in 2024—was created by the Corporate Transparency Act (CTA). Existing entities will have until January 1, 2025, to make their first beneficial ownership information (BOI) report. Entities first created or registered in 2024 will have 90 days from creation to get their first reports filed. Any entity that has already filed a report will generally have 30 days to make updates required by the CTA.

On March 1, 2024, in the case of National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.), a federal district court in the Northern District of Alabama, Northeastern Division, entered a final declaratory judgment, concluding that the Corporate Transparency Act exceeds the Constitution’s limits on Congress’s power and enjoining the Department of the Treasury and FinCEN from enforcing the Corporate Transparency Act against the plaintiffs. FinCEN has stated that it will follow this ruling as it applies to the plaintiffs. All others must continue to comply with the CTA's reporting requirements. On March 11, the government filed its notice of appeal to the Eleventh Circuit. We will continue to follow this issue.

 

[Tom D]

can that be explained in normal non law english.

 

[Raven59]

In simple terms, the Corporate Transparency Act (CTA) requires many small businesses to report who owns and controls them to the government. This law was made to help prevent illegal activities like money laundering by making business ownership more transparent.

However, a court in Alabama ruled that this law goes beyond what Congress can do and said it can't be enforced against the people who sued. But, this decision only applies to those specific plaintiffs; all other businesses must still follow the law. The government disagrees with the court's decision and is appealing it, so there might be more changes in the future. If you're not one of the plaintiffs, you should prepare to follow the new rules.

 

[J Grant]

Filing a form - which some will make into a grievance issue -

Perhaps the purpose is to catch tax cheats and increase the revenue.

 

[Overimprovement]

When I saw the thread title, I thought there was an eclipse coming I had missed reading about...

 

[Terrel L. Shields]

Perhaps the purpose is to catch tax cheats and increase the revenue.

Since we already file Franchise taxes, income taxes and quarterly reports, how can simply registering be useful for identifying money laundering. And what are talking about? 32 million entities filing to catch a half dozen cheats but anyone failing to register can be fined or jailed?

 

[J Grant]

Since we already file Franchise taxes, income taxes and quarterly reports, how can simply registering be useful for identifying money laundering. And what are talking about? 32 million entities filing to catch a half dozen cheats but anyone failing to register can be fined or jailed?

its a form to fill out but a media mouth or pundit made it the weekly or daily grievance to be parroted back in an endless whine fest

fed filing of the form means the IRS has the info on a federal level to pursue tax cheats and collect revenue - a good thing.

 

[jay trotta]

We have to file yearly hear ($85), any business; including single member LLC's - been doing this since 1989

 

[Terrel L. Shields]

big deal a form to fill out but go ahead am sure your media mouth or pundit mentioned it as a grievance to add to the list so now it will be parroted back.

You mean my CPA? Which reminds me. It's another fee I will have to pay him.

fed filing mans the IRS has the info on a federal level to pursue tax cheats

Again, without auditing the return, how will they find the "cheats"? What are they looking for? What does identifying the corporate owners do?

We have to file yearly hear ($85)

Our state Franchise tax is $150. The owners, the incorporating entities, and the lawyer who did it were transparent online until some lawyer wanted to hide his involvement in the transaction because people were calling him to find out how to contact the corporation. Now that is not available online.

 

[jay trotta]

Connecticut Gov. Ned Lamont had nearly 200 trees ‘illegally’ cut behind $7.5M home for ‘better view’ — infuriating neighbors: ‘Chainsaw massacre’​

By
Social Links for Natalie O'Neill
Published April 24, 2024, 5:33 p.m. ET

Hypocrisy’s the root of the problem.
Connecticut Gov. Ned Lamont had thousands of trees and bushes illegally chopped behind his sprawling Greenwich home — despite publicly championing a statewide effort to plant more conifers, according to angry neighbors and other sources.
The wealthy 70-year-old Democrat was hit with a citation for cutting down more than 180 trees in a protected wetland area to allegedly get a better view of a pond from his $7.6 million abode, CT Insider reported Tuesday.
5
Connecticut Gov. Ned Lamont was hit with a fine for allegedly chopping down more than 180 trees.Greenwich IWWA
“[It’s a] chainsaw massacre,” land use attorney John Tesei, who represents nearby property owners INCT LLC, said according to the outlet.