Hey guys! Chances are, you've been hearing some new acronyms lately! Let's break them down, then talk about what is going on with them! SPOILER - IT'S GOOD NEWS! BOI - Beneficial Ownership Interest CTA - Corporate Transparency Act FinCen - Financial Crimes Enforcement Network YIKES - that doesn't sound good on the surface, does it? Well, no. A few years ago, a law was passed called the CORPORATE TRANSPARENCY ACT, which required business owners to file a BENEFICIAL OWNERSHIP INTEREST report, with the FINANCIAL CRIMES ENFORCEMENT NETWORK. Basically, the government wanted to get contact information for every business owner, partner, shareholder, or anyone with "beneficial interest" in a business, all across the country. Because, you know, someone might try to commit a financial crime, and they would need that contact info. BLEH! And, all businesses started in 2024 were supposed to file this report within 90 calendar days of starting. And by starting, they meant the business name (or assumed business name) was registered with the state in which it was formed. So, filing as an LLC, registering an assumed business name or DBA "doing business as" name, as a nonprofit, or a corporation - all those things - basically filing anything with the state to declare a business - was considered "starting a business." And, all businesses "started" prior to 2024, had to file this BOI report with FinCen no later than Dec 31, 2024. Failure to file by the proper deadline could result in penalties of up to $500 per day. So, they really meant business. Now that we're in December, many business owners have been scrambling to get this done, and/or stressing out over it. (Hint, me included!) But wait, here comes Texas to the rescue! The Fifth Circuit Court in Texas has ruled this new reporting law as unconstitutional, and declared that is in unenforceable in all 50 states! Which is GOOD! That means that as of this morning, no business owner is required to comply with this reporting law.

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