A Federal District Court lifted the final remaining injunction stopping the Beneficial Ownership Information (BOI) Reporting Requirement from moving forward. All small businesses that were required to file, must complete their applications or face strict fines and possible jail time.
The Financial Crimes Enforcement Network (FinCen) has promised at least a thirty day delay from the date of the injunction, to begin enforcement actions. Since the order was signed last Monday, that should give us until Wednesday, March 19th to complete the task.
Fincen has also stated that in this thirty day period, they’ll decide whether or not they’ll grant further extensions or add additional company types that aren’t required to file. But that doesn’t tell us very much, does it?
I’ve stated from the jump on this, that it’s ridiculous. Forcing 40 or 50M small businesses to do a registration because you’re looking for a few bad apples that are funding terrorist groups is the definition of abject stupidity.
I’ll bet that millions of small businesses won’t register. What are they going to do? Look at all of those that didn’t file assuming that the bad apples are inside that lot? They wouldn’t possibly have the budget or the manpower necessary to do that investigation.
But one thing is certain. They’ll be able to use this as an excuse if they’re already looking at you to radically increase fines, penalties, and potential jail time as well if you don’t comply.
At the end of the day, this will probably just become another way to raid your pocketbook.
So now that all of the lawyering and jawboning seems to have ended, just get it done already. If you need help on this, please let me know.
Let me leave you with this…
America’s housing market is facing yet another hurdle. Last December, over 73K homeowners delisted their properties from the MLS.
The last time we had this many people pull their houses off of the market was back in December of 2014. This is a major change from the not-so-distant past.
A couple of years ago, most houses were being sold in the first few days that they were listed. Now inventory is sitting so long, that ‘s its being delisted.
As a result, housing prices are actually coming down in many areas for a change.
Interest rates on 30 year fixed mortgages are still sitting somewhere around seven percent. And given the recent inflation news, neither the Fed nor the bond traders are probably going to reduce the interest rates any time soon.
That being said, the interest rates will probably come down over time. If you buy now, you’re just going to need to be patient, before you’ll be able to refi into a lower interest rate situation.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Payroll Services, or Accounting and Tax Work, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300
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