Just found out about the new "Beneficial Ownership" reporting requirement for most businesses. Basically the Treasury/IRS is stating they are combating financial crime by making companies fill out a form. Yep, I'm sure the crooks are going to fill out that form and walk right into their net. It's not like the government doesn't already have vast amounts of information on all legal citizens.

Beneficial ownership in a company doesn't just mean anyone that has ownership, they qualify it as an "Important Decision Maker" or anyone that has "Substantial Control" over any part of the company. What a PITA. $500/day fine for not filing.

https://www.fincen.gov/boi/small-entity-compliance-guide

Is this tied to the "Corporate Transparency" bs I've heard about? They're using fear of China (which we should be very wary of) to make a list of more rich folks to take $ from.

If Orange Man isn't allowed back in this year, I don't think this Orwellian descent can be reversed.

New corporation formed in 2024 have 30 days to report, Existing Corps prior to 2024 have until end of year from what I remember

Seems fairly easy, I let my corporate lawyer take care of it.

Fairly easy until something changes and you forget you have to share how you run your business with the government. Example: You hire someone to take over daily duties of contracting customers, signing new business or making decisions (General Mgr), you now have to report that change and that person to the government or get penalized.

Government bureaucrats, that have never run a business and never will, asking successful people how they run their business.

One of the duties I had to do before i retired was to fill out Gov economic forms - hated it. At a certain point I decided to read all the fine print. As best i could tell, there were fines for not filing, but i couldn't see where there were any fines for incorrect data. From that point on I just made up numbers and sent them in. I also don't put any stock in the data that the Gov puts out.

JR

I had to make sure we complied with OSHA. All OSHA really cares about is paperwork.