This morning I heard Clark encourage small business’s to go and file their BOIR paperwork for FinCen, DO NOT do this! Not sure if that sound bite was recorded a couple weeks ago, or if they are just seeing the recent news, but a Federal Judge in Texas has issued a Nationwide Injunction to stop the BOIR Filing requirement as Un-Constitutional. Even the FinCen website now says you do not have to do this, although you can still voluntarily do it. This whole thing just stinks of the typical government overreach these days and their need to get all kinds of personal details about you for no reason. This is supposedly about finding any criminal activity but then any company making $5 million or more is exempt? Obviously targeting small business.
This could potentially change in the future, but if you have not already filed do not do it unless you are in favor of giving the government all of your personal details for no good reason.
“Corporations and limited liability companies (LLC) who qualify as reporting companies will be required to file a BOIR. This means reporting identifying information about the individuals who own or control a business with the U.S. government. Failure to comply could mean serious civil and criminal penalties. This new requirement applies to most business entities, known as reporting companies, unless an exception applies.”
Explain to me why this is intrusive or overreach? When I open a bank or brokerage account, I have to submit quite a bit of personal information as well. Name, DOB, SSN, physical USA address. I have to attest in their questionnaire about whether I or close family have potential insider trading risks. Why is asking a corporate entity for details about who benefits from the business wrong? Do corporate persons have more rights than natural persons? “All animals are equal, some are more equal than others?”
By all means, if a judge is blocking the law now, don’t file… but if it ruled Constitutional by a higher court, I would personally comply. FINCEN is nothing to FAFO.
Well, “friend”, I agree, and will comply if it is ruled in favor of FINCEN. My point is that my opinion/belief is that it is overreach because it is unnecessary with all of the other documentation and hoops small business already have to jump thru. I think it is ridiculous for them to also have such high fines, daily penalties, and jail time associated with not complying - at least initially until the Federal Judge saw that this was insane, unnecessary, and unconstitutional.
Sure, with banks or brokerage accounts you have to supply all kinds of identification but that is you going to them for a service that involves financial transactions,etc… That just adds to my point that this info already exists in all other aspects of having a small business and that then they are wanting to give this same info again so it can exist in another database, etc
Just my .02, you obviously are in total agreement with FINCEN and support their effort.
We simply have different views.
My real point is why worry about something outside of your locus or control? Comply if you must, don’t comply if it’s optional. Anything behind that is just ulcer-making.
Bank is a private entity the government is not.
Then why are corporations with 5mil gross revenues or more exempt?
I agree with BAR-M3!!!
Government DRACONIAN OVERSTEPPING , SMALL BUSINESS SQUASHING at its worst!
My siblings and I have/had a small farming operation that we have lost money on for the last five years and are selling to a mega operator. Because we were/are an LLC we had to comply with this ridiculous law or face Orwellian penalties. Of course being-as-how we are law abiding citizens we complied. Interestingly we could not get our accountant to help with the forms. He was too afraid of the liability.
Three definitely Old Folks in three different states filling out complex government forms. Bastards. What could possibly go wrong? Anyway it’s done, sort of, We’ll see if we’ll be spending our “older” age in prison or not.
“Love my Country, Fear my Government”
I always wished Clark would be more pro-privacy, especially anti-SS# sharing.