Magicman
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M4900 Utility Special 4WD e/w FEL & 1530 John Deere "Traveling Man"
Corporate Transparency Act
- Thread starter Magicman
- Start date
RCW
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BX2360, FEL, MMM, BX2750D snowblower. 1953 Minneapolis Moline ZAU
@Magicman - - Time this week doesn't allow plowing through the 48 pages.
Trust me, I tried to do so quickly. Federal Regulations don't allow "quickly."
We're considering forming an LLC in the next 12-24 months or so.
What does this mean in a "Reader's Digest" summary?
Appreciate the head's up in case it was to affect a future LLC.
GreensvilleJay
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BX23-S,57 A-C D-14,58 A-C D-14, 57 A-C D-14,tiller,cults,Millcreek 25G spreader,
Coles Notes version:
- law requiring extensive reporting requirements
- beneficial owners of most businesses within the United States must now dsclose ownership
- primary purpose to detect and combat illegal activities
- law requiring extensive reporting requirements
- beneficial owners of most businesses within the United States must now dsclose ownership
- primary purpose to detect and combat illegal activities
Magicman
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M4900 Utility Special 4WD e/w FEL & 1530 John Deere "Traveling Man"
If you form an LLC now or in the future, the "transparency items will be filed by your attorney when the LLC is formed. The requirement to file for already existing LLC's must be done this year.
@GreensvilleJay , this has nothing to do with accounting nor taxes and it must be filed before Dec 31, 2024.
I am not an expert and only shared this as information for whom it may apply.
NCL4701
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L4701, T2290, WC68, grapple, BB1572, Farmi W50R, Howes 500, 16kW IMD gen, WG24
Assuming you’re talking about the Beneficial Ownership Information Report (BOIR).
I filed ours for our LLC in January so my recollection of what was pretty much a non-event might not be entirely crisp. If you have a computer and decent internet service it takes maybe 30 minutes as best I recall. I suppose if you have a LLC with a really long list of owners it might take a while to compile the info, type it in, and upload the required photo ID’s for any individuals. As @GreensvilleJay said, I don’t recall anything much that wouldn’t be on a tax return since the owners of a LLC should each be getting a K-1 each year anyway. The photo ID obviously isn’t part of a tax return, but we used our driver licenses so a government agency already had that info as well. They were just compiling info the government had in a few different files into a new aggregated file. I don’t recall all the types of photo ID’s that were acceptable. Kind of suspect they were all gov’t issued stuff.
Maybe it’s more daunting if some of the owners are other corporations or foreign individuals or trusts or some combination thereof. If you were trying to launder money or hide something it probably would be some convoluted multi-layered mess. In our case, of a couple of country boys just trying to keep a chunk of dirt away from developers by turning it into a “corporately owned timber production agricultural enterprise”, it was a minor irritation and we provided no info they didn’t already have. IMO no big deal to do it for most folks. Probably a big deal if you don’t do it or if you’re doing something squirrely and trying to cover it under multiple layers of ownership. Best I recall it was a bit of a peel the layers of the onion to find out what individual(s) were behind it, not just the pyramid of 15 corporations that own corporations that own corporations.
If it’s the BOIR stuff you just go to the link and slog through it. Or pay a $500/day fine that caps at $10k. After the $10k not sure if they slap your hand with a ruler or toss you in jail or what. I got my confirmation receipt so I ain’t finding out.
https://www.boiregistration.com/sta...e=1&gbraid=0AAAAA-O-M9jqwUBAoppd58nCMYJQOjf5A
Edit: My apologies. Blew right by the LINK in the original post. Subsequently saw it, followed it, saw the lengthy document. Didn’t read much of it.
If you have a computer and you have a pretty simple ownership situation such as a handful of individuals owning and running a legitimate business for their own benefit, I’d just go to the E-file link and get it done. If you got a complicated mess, you might ought to get a good lawyer to read you that manual.
I filed ours for our LLC in January so my recollection of what was pretty much a non-event might not be entirely crisp. If you have a computer and decent internet service it takes maybe 30 minutes as best I recall. I suppose if you have a LLC with a really long list of owners it might take a while to compile the info, type it in, and upload the required photo ID’s for any individuals. As @GreensvilleJay said, I don’t recall anything much that wouldn’t be on a tax return since the owners of a LLC should each be getting a K-1 each year anyway. The photo ID obviously isn’t part of a tax return, but we used our driver licenses so a government agency already had that info as well. They were just compiling info the government had in a few different files into a new aggregated file. I don’t recall all the types of photo ID’s that were acceptable. Kind of suspect they were all gov’t issued stuff.
Maybe it’s more daunting if some of the owners are other corporations or foreign individuals or trusts or some combination thereof. If you were trying to launder money or hide something it probably would be some convoluted multi-layered mess. In our case, of a couple of country boys just trying to keep a chunk of dirt away from developers by turning it into a “corporately owned timber production agricultural enterprise”, it was a minor irritation and we provided no info they didn’t already have. IMO no big deal to do it for most folks. Probably a big deal if you don’t do it or if you’re doing something squirrely and trying to cover it under multiple layers of ownership. Best I recall it was a bit of a peel the layers of the onion to find out what individual(s) were behind it, not just the pyramid of 15 corporations that own corporations that own corporations.
If it’s the BOIR stuff you just go to the link and slog through it. Or pay a $500/day fine that caps at $10k. After the $10k not sure if they slap your hand with a ruler or toss you in jail or what. I got my confirmation receipt so I ain’t finding out.
https://www.boiregistration.com/sta...e=1&gbraid=0AAAAA-O-M9jqwUBAoppd58nCMYJQOjf5A
Edit: My apologies. Blew right by the LINK in the original post. Subsequently saw it, followed it, saw the lengthy document. Didn’t read much of it.
If you have a computer and you have a pretty simple ownership situation such as a handful of individuals owning and running a legitimate business for their own benefit, I’d just go to the E-file link and get it done. If you got a complicated mess, you might ought to get a good lawyer to read you that manual.
Last edited:
RCW
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BX2360, FEL, MMM, BX2750D snowblower. 1953 Minneapolis Moline ZAU