Venkatesh Rao ☀️
@vgr
PSA: If you own a business in the US, even a single-member LLC like me, you need to file a beneficial information report by Jan 1. It's a new FINCEN reporting requirement that has been very poorly publicized but is still necessary. It's a very simple form if your business was formed before 2024, and I recommend getting a personal FINCEN id first before filling out the form, which will also give you a reporting company FINCEN id after you successfully submit. Getting those ids is important for future edits. Whole thing took me 5 minutes. Annoying but worth it to avoid future headaches. Everyone with either "substantial control" or more than a 25% stake in the entity needs to be included (and should get their personal FINCEN ids first) I randomly learned about it like 6 months ago from a tweet or something, and then more recently my CPA told me I needed to do this, and it's a real thing. Just very poorly publicized. Disclaimer: Not a lawyer or CPA... check for yourself. https://www.fincen.gov/boi
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Kyle Tut
@kyletut
Kinda wild single-member LLCs now have to report to FinCEN. I understand it's to prevent shell games but there is no way Bob the Plumber LLC knows about this.
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J Donmoyer 🍄🟢
@jdonmoyer
luckily this was struck down by a Texas court (although an appeal was filed). Currently voluntary, I bet many shells setup by members of our own government would have never reported this.
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Venkatesh Rao ☀️
@vgr
It’s not meant to target Bob the plumber
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