Trust, but VERIFY.
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Sound advise, but in this case, how to verify? I thought checking with that flow chart is the way to verify.
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If you look at the definitions for the exemptions (green list above), the common theme in the list is handling OTHER PEOPLE’S money.
An Amazon seller entity does not handle other people’s money, so unless you have another aspect of your business that is non-Amazon, it seems on the face of it that you are NOT required to do anything.
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I’m an LLC & a Corporation so I assume I need to do it - I assume it’s relatively easy, just reporting your EIN + business address? I opened it up awhile back but didn’t do it yet.
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It took like 5 minutes. It’s very easy.
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Did it right now, took about 5 minutes to fill out the form, but 5 minutes after hitting “Submit BOIR”, Yeah I think I broke it
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OK, second time worked!
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At first if you certify your human, try being the alien that your are?
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I’m a sole proprietorship with a state business license. Not a corporation. According to section C.6 unless I’m reading it wrong, I’m not a reporting company.
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Just filed. Nothing else is mandated besides the BOIR filing correct?
There is a BSA e-filing option there as well but guessing its in the name and is limited to Banks and Fins
Yes?
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Not sure. Avoiding this like the plague. Govt’s way of being just like the NSFE. PII out for all of our criminal competitors on Amazon to find more us more easily.
I understand I can go to jail for 2 years though if it’s not done by 1-1-25.
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Yes how are you going to get around this> Not optional as far as I know?
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I don’t believe there is a way but there’s no point in doing this anytime soon.
Something that can be prepared for and done while preparing to watch the ball drop.
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Worse, the fine is up to $250,000.
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EDIT. HEADDESK, Already did this, accountant is just scaring me! lol
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For businesses that were in existence prior to January 1, 2024, they have until January 1, 2025 to file. For companies that came into existence anytime in 2024 have 90 calendar days to file.
All of my corporate clients have been in existence since before 2024 and with them, we are waiting until close to the end of the year to see if any challenges to the CTA (Corporate Transparency Act) succeed that will affect my clients. If not, I will be filing BOIs for all of them.
One case that found the CTA to be government overreach affects only the plaintiffs in that case. You can read the ruling here: National Small Business United et al v. Yellen et al, No. 5:2022cv01448 - Document 51 (N.D. Ala. 2024)
Unless the stars align, I think I will be spending a good chunk of Nov/Dec filing BOIs.
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Same…
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Yeah, I can’t believe how much companies are charging for 5 minutes of work.
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Bump Bump Bump…
Time is near to get this done if you haven’t.
This was passed on a bipartisan basis in 2021 so the new admin will likely enforce it.
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