I know it's pointless to say this, but the Beneficial Ownership reporting is really simple to do. The only way it's an "absolute disaster" or "economic menace" is if you are fully aware that writing down your owners will produce criminal liability. - ThreadSky

maxkennerly.bsky.social • 14 hours ago

I know it's pointless to say this, but the Beneficial Ownership reporting is really simple to do. The only way it's an "absolute disaster" or "economic menace" is if you are fully aware that writing down your owners will produce criminal liability.

Reposted from Eliot Higgins

Great news for money launderers!

Comments

foursqu4re.bsky.social•12 hours ago

Simple to do maybe but the BO reporting only applies to small businesses - those with more than $5 million revenue are exempt. So many regulations are applied to small businesses while large businesses have a way out.

blindholm.bsky.social•11 hours ago

It is easy to do. It is also a means to sniff out money laundering fronts and foreign owned interests. Oh wait...does the Manchurian Candidate Administration not like this?

ncwinelady.bsky.social•13 hours ago

Exactly. It's simple proof that owners are who they say they are, and have documentation to prove it.

ordinary-observer.bsky.social•10 hours ago

Trump wants to enable the creation of companies like "American Ethane", which is a Russian owned and controlled company operating in the USA with an American puppet CEO who is married to a Russian citizen. This Russian company is actually the main exporter of ethane from the USA + exports to China.

3sides.bsky.social•4 hours ago

Rape
Human trafficking
Money Laundering
Murder by negligence aka healthcare insurance delinquency

What else has just been legalized in the USA?

churchillsarrow.bsky.social•14 hours ago

I work in the payments industry. We spend lots of time uncovering dubious Russian UBO's in the online casino space. These are his people, he's a fraudster and a crook.

polkadotzebra.bsky.social•11 hours ago

not to mention that this is a law... a law being publicaly ignored.

blaw.bsky.social•13 hours ago

A minor note, as I’ve done at least a thousand of these analyses now: The substantial control prong of the final rules is what makes the process tedious for more complicated holding company and fund structures, not the 25% ownership threshold, which is easy, save multi-hurdle promote structures.

blaw.bsky.social•13 hours ago

And as another purely anecdotal note, many of my small business clients who filled out the BOIR themselves did so incorrectly—mostly because they only reported the ownership component and not the substantial control component. Anyway, the CTA’s goals are right, but the rules are a mess.

blaw.bsky.social•12 hours ago

Calling it the Biden rule is laughable though since this shit was passed under Trump (though I believe he vetoed it and was overridden).

adrew.dadguy.online•12 hours ago

i am sure congress will stand up for themselves...right?

sophiethebear.bsky.social•13 hours ago

A correctly filled out BOIR for the Trump Organization, for example, discloses for substantial control: V. Putin.

blaw.bsky.social•13 hours ago

If done correctly, probably!

502eire.lol•13 hours ago

yeah they’re simple for a guy with a consulting LLC or three guys who own a bar but they can also be very complicated

blaw.bsky.social•13 hours ago

Even that can get tricky if those three guys are brothers and their grandpa with no actual ownership or interest is telling them what to do and they’re not doing anything without his approval!

502eire.lol•12 hours ago

yeah these kinds of judgement calls (what is “substantial control”) isn’t really appropriate imo but nobody asked me

kelceypf.com•13 hours ago

Two issues: 1) it is very easy to fill out wrong because there are no technological safeguards to prevent that, even easy ones like not accepting PO boxes, and

kelceypf.com•13 hours ago

2) all of this info is available other places, but nowhere else is it wrapped with a bow like this for hackers. With people who don't know what they're doing rifling through and messing with code for every federal agency, is this really trustworthy?

pamela28026.bsky.social•14 hours ago

A lot of well-meaning people are not happy with the Corporate Transparency Act (which is why it has been litigated so heavily and delayed until March 21 and only then because SCOTUS weighed in). This by Trump is Not. The. Way.

jaykellett.bsky.social•11 hours ago

I think we are missing the point. This information has already been collected. Of course DOGE has vacuumed it up. They now have a private database of all illicit money flowing around the US and DOJ/FBI is forbidden from using it. Any criminal not giving DJT a taste is going to have problems.

beardedbarman.bsky.social•10 hours ago

The rollout (and rollback and rollout and rollback) was an absolute disaster. The goal of the program was good and the process of completing was relatively painless for someone who speaks English and is comfortable online.

williamwillyloman.bsky.social•12 hours ago

The appliqué “Again”, appended to the largely mythical “MAGA” bolt, exemplifies a more highly radicalized & regurgitated version of the namesake slogan originally exploited by Reagan. As in 1980, it beckons to unleash the Gilded Age of American history once again!

https://www.history.com/news/gilded-age-corruption-corporate-wealth

hineni24.bsky.social•12 hours ago

I filled it out months ago. Took about 5 minutes.

llessu.bsky.social•12 hours ago

And Al Capone was the victim of a witchhunt.

bevbrandt.bsky.social•14 hours ago

It was a simple form that you filled out online. I own a tiny, 4-person business and getting something like insurance or buying a piece of equipment is more difficult.

commonsensegoodgov.bsky.social•14 hours ago

took me 5 minutes. wildly easy.

saranett.bsky.social•12 hours ago

Had to do this for a few tiny businesses. Took me all of 15 minutes to handle.

satakarnak.bsky.social•11 hours ago

But remember y'all are not criminals doing Sus stuff. That every thing maga business people are up to Sus stuff.

bevbrandt.bsky.social•10 hours ago

Even my small-business accountant is on the up and up. We asked how many company-wide lunches we could write off and he was like, uh, a couple…maybe. 😂

sf12-34.bsky.social•13 hours ago

Seriously. It took me 30 seconds.

juke-ellington.bsky.social•13 hours ago

The only people this is annoying for are rich assholes and fund managers with complex non US fund structures.

apearlma.bsky.social•14 hours ago

Hopefully NYS will point to this outright ignoring of a law to point out this admin is lawless for congestion pricing

commonsensegoodgov.bsky.social•14 hours ago

i had to do it for my business. it was unbelievably simple and easy. took 5 minutes.

metapgmr.bsky.social•10 hours ago

Agreed, but:
1/ think about mom & pop shop, immigrants, and the corresponding fines
2/ there was major major loopholes
It was hard to figure out the purpose of BOI. Collecting fines?

minime13.bsky.social•13 hours ago

Sounds like he’s making sure he and his billionaire buddies can get away with whatever they want and they’ll be no one to get in the way.

strykerc6.bsky.social•10 hours ago

Small businesses have been saved to launder money? I'll tell the relatives! Anyone know anyone with dirty money? FML

redphase.bsky.social•14 hours ago

Is Beneficial Ownership reporting a problem for developers flogging high-end properties to shady foreign buyers?

napoleon-the-pig.bsky.social•14 hours ago

More like if you have co-investors that are not otherwise disclosed that are, which I assume is Trump's issue with it, but what you say could easily be an issue with some people.

ewengel.bsky.social•9 hours ago

I mean, I did it for my solo consultancy (which I've been running since 2012), and it took *maybe* five minutes.

alexandrezen.bsky.social•10 hours ago

📌

clover31.bsky.social•3 hours ago

Congrats to drug traffickers, terrorists and human traffickers

laustia.bsky.social•12 hours ago

Kremlin mouthpiece of shit

fluffycats3.bsky.social•13 hours ago

“Biden rule”? This passed Congress 81-13 in the Senate and 322-87 in the House

mkwilson27.bsky.social•13 hours ago

His language reflects his NPD. Everything he wants is perfect, amazing, great, etc. Everything he dislikes is a complete disaster.

jergberb.bsky.social•14 hours ago

Big news for small
Business owners Tim pool and Benny Johnson

exposurejb.bsky.social•13 hours ago

IF
1. There is a LAW and it's now touted not being enforced.
2. POTUS is responsible for overseeing the execution and enforcement of LAWS
3. Treasury is an one of the departments in the executive branch POTUS oversees
4. SCOTUS & POTUS immunity not from responsibilities
So Q-Clearly Impeachable?

andbrnn.com•11 hours ago

Idk, I think a lot of Red Hats standing in the line to buy lottery tickets were thinking about this rule when they voted for Trump this time.

kmce15.bsky.social•5 hours ago

It was so simple that I thought I did it wrong bc there was so much hype about it.

kakeeweezie.bsky.social•13 hours ago

It wasn’t hard to do at all, but anecdotally I’ve heard of some older/less savvy folks getting tricked into paying to have someone fill it out for them. 😬

decius.bsky.social•13 hours ago

I didn’t even find out about this thing until late in the summer. It wasn’t hard, but it IS more paperwork I have to do with more agencies. Many haven’t filed.

The hang wringing today is dumb. The previous administration told Congress last year they weren’t going to follow through with the fines.

americanarena.bsky.social•12 hours ago

Wasn’t there some concept enshrined in the constitution about Congress enacting laws, the executive implementing and enforcing them, and the President swearing an oath to uphold that constitution?

sunsinegrrrl.bsky.social•10 hours ago

Yeah, but only people who own businesses would understand that and plenty of the people who hired him to be president wanted him to make it a lot easier to be a shady business both at the top and bottom.

corruption47.bsky.social•13 hours ago

@maxkennerly.bsky.social. if you have time, please pull together all the 47 admin decisions that shield corporations and criminals from transparency and accountability.

fullofit.bsky.social•13 hours ago

Because anti money laundering is bad?

striderhlc.bsky.social•14 hours ago

It’s awesome how Dems controlled the DOJ, IRS, and State Department for four years and decided to just let Trump skate on everything.

squirrellyaltruist.bsky.social•13 hours ago

It’s because from investigation report, to investigation, to charges is designed to take over four years. It’s how Congress worked together to neuter legal risks by businesses who fund them. The other method is reducing staffing/investigators and fin fraud analysts.

striderhlc.bsky.social•4 hours ago

We’re about to find out how fast the IRS and DOJ can act when pressure is applied to them.

squirrellyaltruist.bsky.social•4 hours ago

Almost every federal agency has a LEO office called the OIG and they are constantly being made to slow roll significant investigations too. We need all the charges pending on white collar business criminals to be dispatched. It’s not ok for Congress to neuter regulatory agencies.

jeffgleason.bsky.social•12 hours ago

It’s really simple to do for *many* businesses, but that’s not generally true for all businesses. For a lot of legitimate companies who have all US owners, directors, and officers, the analysis required to determine who needs to be reported can be difficult and expensive.

cinnamongirlnl.bsky.social•13 hours ago

Talk of eliminating the FDIC slowly makes more “sense”
now

defaultvalue.bsky.social•14 hours ago

Yeah I read through it for our shop after seeing all the fuss, and it’s really easy and not burdensome at all, unless you really need to hide where the money goes. At that point it becomes incredibly problematic.

iggiemom.bsky.social•11 hours ago

Did you list everyone who exerts substantial control?

imaxximus.bsky.social•6 hours ago

The accumulated daily fines for not filing over 4 years per entity are $760k. Those fines will be due once Trump is gone. Plus interest and penalties. Trump will fuck every single one of you who don’t file.

4863media.com•13 hours ago

I have an LLC and it took me like 5 minutes to fill out the form

liam1313.bsky.social•10 hours ago

https://bsky.app/profile/liam1313.bsky.social/post/3ljifucslps27

acorndave.bsky.social•9 hours ago

Respectfully, I disagree. It would also be a disaster for the manythousands of small business owners who have still not heard about the requirement. Outreach on this has been dismal. $500 a day penalty for failing to file a report you didn't know about, including little league teams, plumbers, etc.

acorndave.bsky.social•9 hours ago

One of the FAQ entries on the FINCen website is "How would I have heard about this?" That's pretty bad. The law is not bad in itself, but implementation was about to screw a very many of the wrong people. Now I have to go slam my head in a door for even appearing to agree with the Cheeto in Chief.

tony.nacho.org•13 hours ago

I generally agree. But, if you have lots of entities, and lots of owners, and most of them are olds who don’t internet well, it’s a pain point. Well worth it to catch money launderers though.

krunk42.bsky.social•13 hours ago

Agree. It was actually a lot of work for my organization for the exact reasons you detail. Worth it no doubt, but not necessarily “easy” or a five minute task for everyone.

apearson.bsky.social•10 hours ago

Frustrating to know all they have to do is insert Biden/Democrat/liberal/woke/etc and that's enough for their base to cheer this kinda thing.

jcucco.bsky.social•10 hours ago

I'm really beginning to hate this country for putting this scumbag back in. 😞

beric-the-red.bsky.social•13 hours ago

This took me about five minutes for the business my wife and I run.

agirldonkey.bsky.social•13 hours ago

It was literally so easy!

beric-the-red.bsky.social•13 hours ago

I had more trouble signing up for the Disney/ESPN/Hulu bundle. Not kidding at all.

agirldonkey.bsky.social•13 hours ago

SAME! WHERE DO I LOG IN??

beric-the-red.bsky.social•12 hours ago

They send an email with a code to whatever your login email is. But sometimes it takes ten minutes and the code has already expired.

stacyk.bsky.social•14 hours ago

I did it months ago during one of the periods of time when it was required for my business so I could tell my clients about it.

Took about 3 minutes at most. So easy.

iggiemom.bsky.social•11 hours ago

There is a reporting requirement not just for ownership but for decision making authority, or “substantial control”. Changes to addresses or ownership must be made in 30 days. You have to upload your driver’s license to report. Some entities no longer existing must report.

iggiemom.bsky.social•11 hours ago

Moreover, only entities registered with Secretaries of State must report. Why not obtain this info from Secretaries of State?

pnwkrw.bsky.social•4 hours ago

I manage a small law firm that represents various corporations. For the reports I didn't do myself, I sent out an urgent reminder to our clients on Friday.

I didn't think about what the feds were trying to accomplish until I read the felon's ridiculous self-aggrandizing statement.

emsincle.bsky.social•10 hours ago

It takes 15 minutes to complete after you get your FinCen number, which itself takes about 5 minutes.

paullanger.bsky.social•12 hours ago

It was easy for me because I am not trying to hide anything

tikitommy.bsky.social•11 hours ago

It’s literally a one page document generated in LaserPro. This is so stupid.
We’ve been doing the form for years but i don’t know if any federal agency has ever asked for it. Only checking to see if we’ve done it.

kgsbca.bsky.social•11 hours ago

it took me about 5 minutes.

what-do-u-want-now.bsky.social•9 hours ago

While I agree it’s also pointless.

This was kinda stupid to start with.

Former banker here… it doesn’t stop money laundering at all.

sopranovox.bsky.social•11 hours ago

As a REALLY small business owner, I am less concerned about this than Pennsylvania’s new annual report requirement w/$7 fee. I don’t mind disclosing ownership (me!), but it seems like they could have bundled it into tax filing and not charged an additional fee just to stay in business legally.

margiem.bsky.social•11 hours ago

Reminder to call your reps today and every day. Need help use 5calls.org

lucyksy.bsky.social•10 hours ago

BOI is an example of using an axe instead of a scalpel. It scoops up many micro businesses who are not engaged in large scale financial fraud. Wonder if the rule on requiring reports from Square, Venmo, etc of anything over $600 will stay in place.

exalt47.bsky.social•2 hours ago

Whenever the right talks about "common sense" you can be sure that they're full of it.

ladydit.bsky.social•14 hours ago

Plus, there are so many loopholes (exemptions). It’s very low key

letsgetreal.bsky.social•5 hours ago

It took me literally minutes to do.

marcalyn.bsky.social•13 hours ago

maybe I’m wrong, but I thought the corporate transparency act passed when Trump was president.

mrxianstovall.bsky.social•3 hours ago

Big W for Team Money Laundering

zmach.bsky.social•13 hours ago

Hypocritical to require ID for voting, but not for starting a company when owning a company is obviously the way to control government?

jeffliwag.bsky.social•11 hours ago

Yep, because this country cares more about corporations than human rights

zmach.bsky.social•10 hours ago

One party cares more about free flow of capital (not labor) across borders, when that capital is petrodollars of oligarchs and authoritarians trying to undermine democracies which might vote against burning fossil fuels?

zmach.bsky.social•4 hours ago

It’s pretty clear to me that, if I want to have any say over this government I need to get a controlling share of a Musk company and then pick a majority of the board.

stevezorowitz.bsky.social•13 hours ago

It took me 2 minutes to do for my small company.

luckydoghotsauce.bsky.social•13 hours ago

Same

filthymcnasty.bsky.social•13 hours ago

LOL “Biden rule”. the act itself was signed into law by DJT.

all-is-on22.bsky.social•7 hours ago

Banker here. While it was a pain from a back office standpoint to roll out and get up-to-date, it’s become a standard doc. One of the easiest to explain and review. This isn’t a “win” IMO.

givemeliberte.bsky.social•12 hours ago

Perfectly said! I've filed this as part of a 2 person startup and it was so easy I nearly remember doing it.

Trump only does things that benefit himself so it's not hard to imagine why he wants laws enforcing transparency in corporate ownership destroyed. The blatant corruption is staggering.

iggiemom.bsky.social•11 hours ago

What if, as part of your startup, your Dad loaned you money, and expects to have a say in how you spend it? What about the business guru who is advising you? When does he have substantial control? If your partner dies or moves, you have 30 days to change address.

iggiemom.bsky.social•11 hours ago

And unless you have an official SOS termination, which may not be advisable, that obligation to report change lingers even after the entity ceases to exist.

givemeliberte.bsky.social•11 hours ago

Like most laws ownership reporting is designed to have flexibility. Fincen lays out more information here if you care to learn more. Also, I can't find any details on the need to continue reporting after an entitled has ceased to exist, can you provide any sources?

https://www.fincen.gov/beneficial-ownership-information-reporting-rule-fact-sheet

iggiemom.bsky.social•11 hours ago

Check the guidance for inactive companies.

https://www.kslaw.com/news-and-insights/corporate-transparency-act-entities-that-no-longer-exist-may-need-to-file-boi-reports-according-to-new-fincen-faqs

givemeliberte.bsky.social•10 hours ago

Thanks for the source. From the text it appears an entity may, under certain circumstances, still have to file in the year they dissolved. That doesn't seem onerous to me, it's not like you have to file in perpetuity.

iggiemom.bsky.social•10 hours ago

Assuming you legally terminate with the Secretary of State which is not always legally desirable.

grantwood.doowtnarg.com•6 hours ago

This reporting took me less than 20 minutes last year. Its simple and fast.
The reason they're killing it now... the people in power are having to disclose things they don't want to disclose. It's that simple. Criminals, all of them.

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