Welcome everyone to the Main Street Business Podcast. This is Matt Sorensen. We have a really important

update for those with LLC's incorporations, this B-O-I requirement we've been tracking. I wanted to make

sure I gave you the update on it. Please enjoy this recording of my latest update and what you need

to know about for B-O-I's for your LLC incorporation. All right, the B-O-I report is officially dead. The U.S. Treasury

announced yesterday with the press release saying the Corporate Transparency Act, which requires

LLC owners and corporations to file this BOI report, will not be enforced. The Treasury Department

said we will not enforce it. We will not assess penalties. We will not

assess fines. You do not have to file it. Later, Trump came out on his social, true social,

and said the B-O-I requirement is burdensome on small businesses. It was a bad idea. He referenced it

being the Biden rule. We're going to come back

to that here in a second. It's important. And then he said, we are actually going to limit the scope of

this. Now, right now, the Treasury Department, and this is as of yesterday, March 2nd, has said,

we are limiting the scope of this. So the law was passed. Congress passed this law, the

Corporate Transparency Act that says anyone that owns an LLC or corporation must make a filing to the federal government saying who owns 25% or more or who has substantial control.

They had this online filing system at FinCEN.gov where you had to go file this and register it.

It's a brand new thing.

You never had to do this with LLCs and corporations until last year.

Now, that has been ruled unconstitutional, ruled constitutional.

The courts have been battling with it.

And no one knew where Trump was going to land on this.

He had not commented on this, nor had the Treasury Department.

Well, two weeks ago, the last court order was removed, and you had to now file this B-O-I report. So even we went out and said, there's no more left. The U.S. Supreme Court has said it's valid for now. They're still considering it. There's still a case at the U.S. Supreme Court. We're going to come back to that. That's important. But they've said, until that case is

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