FinCEN Responds to BOI Ruling... Do Business Owners Still Need To File?

In this video, we dive into the latest developments surrounding the BOI and how the Federal Judge's ruling in Texas impacts your decisions. Whether you're a business owner, compliance officer, or simply curious about the implications, this breakdown will help you understand the key factors at play.

LATEST UPDATE 12/27/24

BOIs on Hold Again - 5th Circuit Reverses Itself on 12/27/24. A big win for small businesses in this court saga. Check my latest posts for details.

0:00 - Introduction: Overview of the BOI Ruling
1:59 - Preliminary Injunction: What It Means and Its Impact
3:24 - Facial Application: Understanding the Core Principles
3:50 - Two Critical Factors That Will Affect the Outcome of This Situation
5:12 - Should You File a BOI? Key Takeaways and Recommendations

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🚀 Disclaimer: This podcast is for educational purposes only and does not constitute financial advice. Consult with a qualified professional before making any investment decisions.

[MatSorensen]

Heads up, on 12/23/24 the 5th Circuit Court of Appeals overturned the ruling in Texas and BOI filings are now required again. The new deadlines for companies established before 2024 is Jan 13, 2025.

[viperkayne]

If it's Unconstitutional, it's Unconstitutional.... Period! You should NEVER comply with something that violates your rights. People that fall for giving up their rights ARE the problem. The majority of businesses in the U.S. are not complying, nor should they. You have a right to your privacy. Any time the government says they won't use your information against you, or won't disclose it to others, you can guarantee they will. They always do. Absolute power corrupts absolutely. These laws don't stop foreign money laundering. They're just using it as an excuse to violate your privacy now, then use it to control you or punish you later if they don't like you. Only idiots comply blindly. And no, lawyers and accountants telling you that you need to comply are just trying to take advantage of idiots to take more money from their clients. They're wolves pretending to guard the sheep. Wake up people!!!

[brendaS]

‼️ Ok, I just have to share...as of today, Dec 17th, I'm still receiving emails to hurry up and have the BOI filed!! I'm so thankful for Mat keeping us in the Some of these companies are predators for the all mighty dollar!

[pinkharbor]

Dude, stellar video! Freaking love that you made a realistic comment that it's unlikely Trump will let the DOJ fight the injunction. Keep up the stellar content!

[elirans]

Always awesome listening to you, appreciate the update!

[kingtuan]

Great breakdown! Thanks for the update!

[michaelgoodrich]

Unelected officials (FinCENT, ATF, EPA, etc.) need to learn how to stay in their lane… which is not creating law from some metal gymnasts exercise.

[chickywilly]

The wording they used: “If you fail to do so while the order remains in force.” If it’s unconstitutional and you’re not obligated to file, don’t say “fail to do so.” They’re mad.

[lisaclark]

Thanks for the clarification. As a VERY small business owner, the regulations often make me want to quit. I mean, I'm just producing and selling something I LOVE but it becomes such a headache sometimes. Appreciate you!

[SevenDeuce]

You had 250 years of PRESEDENT to NOT FILE IT. Attorneys are just money hungry, and do whatever the "law" requires because it's the "law", instead of standing on principle. It takes business owners and business owner groups to FIGHT FOR OUR RIGHTS!

[tascrphs]

Folks there is NO prize to be the first to file. That's always been the case in just about everything bureaucratic.
I have not filed for my dozenSssss of companies... and don't intend to. I knew this was going no where folks.
If the courts say I have to, I will... but until it's ruled constitutional, i'll be holding off.

[createaface]

Thanks so much for the update and information

[pyramidtrader]

even if it becomes law do i no longer get a jury of my peers?

[beechrgrad]

I’m on an HOA board and we almost filed a BOI. If it ends we have to file, i am going to resign from the HOA.

[brendaS]

IF Fincen is allowed to go forward, how much time would be allowed to file? Not everyone is following these things closely. If it weren't for you and Mark, I still would not have even known this was coming down the pipeline!

[PumpkinKingXXIII]

My accountant already filed mine. Is the court going to make the Fed destroy and delete all the people info who filed if held as unconstitutional?

[akkdm]

Even encrypted apps are read by screen grabs and key logging BEFORE messages are sent! No encryption can stop that.

[roadrunnergtx]

I dissolved my company last month (November), do I still have to register.

[jondavis]

Apparently as of 12/24 you HAVE to fill this out, the deadline has been extended to 1/13/25

[ScottJLetourneau]

I wonder if US banks will slightly loosen requirements for new accounts (KYC rules)? FinCEN had a hefty penalty against TD Bank, which was too aggressive.