#553 FinCEN BOI Emergency Appeal! What should you do next?

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4 • 584 Ratings

🗓️ 20 December 2024

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

The department of justice has filed an emergency appeal to reverse the recent court ruling on the FinCEN Beneficial Ownership Information (BOI) requirement. In this episode, Mat breaks down what this appeal means for small business owners, the potential implications for compliance, and what steps you should consider taking in the meantime. If you’re a small business owner wondering whether you need to file a BOI or how this ruling impacts your LLC or corporation, this is a must-watch ...

Transcript

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0:00.0	Welcome to the Main Street Business Podcast with your distinguished hosts, Mark J. Kohler and Matt Sorensen.
0:05.5	Both are bestselling authors and have over 25 years of industry experience with 10,000 client consultations,
0:12.3	making them the leading tax and legal experts in the nation.
0:16.2	Together, they'll unpack the most complex tax, legal, and financial strategies,
0:20.6	crucial for saving more,
0:22.2	stressing less, and building generational wealth. Today, they're your personal advisors.
0:28.2	Ready to break it down for you and make the tax and legal game easier than ever.
0:32.7	Here is Mark and Matt.
0:34.3	Welcome, everyone, to the Main Street Business Podcast. This is Matt Sorensen.
0:37.4	Today, I have a
0:38.4	critical update for you on the B-O-I filing requirement to FinCEN. This is the thing you had to file that says
0:44.4	who owns 25% or more or substantial control of your LLC or corporation. It was struck down as
0:50.1	unconstitutional earlier in the month by a federal district court in Texas, and now the federal
0:55.3	government has appealed it in the Fifth Circuit Court of Appeals. So I want to update you on that.
0:59.9	Please enjoy. Well, the FinCEN B-OI saga continues. The Department of Justice has filed an emergency
1:05.3	appeal. They want to overturn the district court ruling in Texas that said you do not need to file a B-O-I for your
1:12.5	LLC or corporation. Right now, the position of the federal government, this is the Department
1:16.4	of Justice, is saying the law is constitutional and you do need to file a B-O-I by January 1st,
1:22.9	2025 for any LLC or corporation you own that is a reporting company under the law.
1:28.4	Now, if you've been following this case, you knew earlier this month, a federal district court
1:32.1	in Texas said this law, the corporate transparency act, that says you need to file a B.O.I for
1:37.6	your LLC or corporation is unconstitutional.
	...

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