https://fincen.gov/boi
That is what our democRATic friends prepared for us...
I learned about it totally by accident. Would've become a criminal if I didn't like about 90% of all LLCs and small businesses who did NOT submit their reports as of right now. The deadline is January 1st 2025 and then all those who didn't submit their reports are subject to $591 fine PER DAY and even possible jail time.
The language is EXTREMELY vague, everybody can report on everybody, one doesn't even have to have any stock or ownership, just "have influence" to
be a subject of reporting.
The cherry on the cake is that most people are not even aware they have to submit such reports...
---
******************************************************************
* KSI@home KOI8 Net < > The impossible we do immediately. *
* Las Vegas NV, USA < > Miracles require 24-hour notice. * ******************************************************************
On 10/19/2024 6:54 PM, Sergey Kubushyn wrote:
https://fincen.gov/boi
That is what our democRATic friends prepared for us...
I learned about it totally by accident. Would've become a criminal if I
didn't like about 90% of all LLCs and small businesses who did NOT submit
their reports as of right now. The deadline is January 1st 2025 and then all >> those who didn't submit their reports are subject to $591 fine PER DAY and >> even possible jail time.
The language is EXTREMELY vague, everybody can report on everybody, one
doesn't even have to have any stock or ownership, just "have influence" to >> be a subject of reporting.
The cherry on the cake is that most people are not even aware they have to >> submit such reports...
Supposed to cut down on criminals using shell corporations to move their
drug running and illegal immigrant sex-trafficking profits around, I can
see why a lot of republicunts would be against it.
bitrex <user@example.net> wrote:
On 10/19/2024 6:54 PM, Sergey Kubushyn wrote:
https://fincen.gov/boi
That is what our democRATic friends prepared for us...
I learned about it totally by accident. Would've become a criminal if
I didn't like about 90% of all LLCs and small businesses who did NOT
submit their reports as of right now. The deadline is January 1st 2025
and then all those who didn't submit their reports are subject to $591
fine PER DAY and even possible jail time.
The language is EXTREMELY vague, everybody can report on everybody,
one doesn't even have to have any stock or ownership, just "have
influence" to be a subject of reporting.
The cherry on the cake is that most people are not even aware they
have to submit such reports...
Supposed to cut down on criminals using shell corporations to move
their drug running and illegal immigrant sex-trafficking profits
around, I can see why a lot of republicunts would be against it.
Did you read that law? Just go through the FAQ on that site. Even an
aqualang with 1/10th of brain would see that "supposed to" is just a
pretext. It would do NOTHING for what it is "supposed to" but will make
those remaining 20 millions or so small businesses, even one man shops, criminals. Most of those businesses aren't even aware that they have to submit such reports. And that "law" is EXTREMELY VAGUE and can be
interpreted as they see fit. And no, that vagueness is not a bug, it is INTENTIONAL. And it is targeted at those they claim to protect -- small businesses. Every business with yearly revenue of 5 millions and more is EXEMPT.
---
******************************************************************
* KSI@home KOI8 Net < > The impossible we do immediately. *
* Las Vegas NV, USA < > Miracles require 24-hour notice. * ******************************************************************
The cherry on the cake is that most people are not even aware they have to submit such reports...
https://fincen.gov/boi
That is what our democRATic friends prepared for us...
I learned about it totally by accident. Would've become a criminal if I didn't like about 90% of all LLCs and small businesses who did NOT
submit their reports as of right now. The deadline is January 1st 2025
and then all those who didn't submit their reports are subject to $591
fine PER DAY and even possible jail time.
The language is EXTREMELY vague, everybody can report on everybody, one doesn't even have to have any stock or ownership, just "have influence"
to be a subject of reporting.
The cherry on the cake is that most people are not even aware they have
to submit such reports...
Did you read that law? Just go through the FAQ on that site. Even an
aqualang with 1/10th of brain would see that "supposed to" is just a
pretext. It would do NOTHING for what it is "supposed to" but will make
those remaining 20 millions or so small businesses, even one man shops,
criminals. Most of those businesses aren't even aware that they have to
submit such reports. And that "law" is EXTREMELY VAGUE and can be
interpreted as they see fit. And no, that vagueness is not a bug, it is
INTENTIONAL. And it is targeted at those they claim to protect -- small
businesses. Every business with yearly revenue of 5 millions and more is
EXEMPT.
---
******************************************************************
* KSI@home KOI8 Net < > The impossible we do immediately. *
* Las Vegas NV, USA < > Miracles require 24-hour notice. *
******************************************************************
Allow me to apologise on behalf of bitrex. He is one of our two unashamed Marxists on this group. So naturally he will be in favour of punishing
anyone who just wants to make a better life for themselves and their families.
On 10/20/2024 7:08 AM, Cursitor Doom wrote:
Did you read that law? Just go through the FAQ on that site. Even an
aqualang with 1/10th of brain would see that "supposed to" is just a
pretext. It would do NOTHING for what it is "supposed to" but will
make those remaining 20 millions or so small businesses, even one man
shops, criminals. Most of those businesses aren't even aware that they
have to submit such reports. And that "law" is EXTREMELY VAGUE and can
be interpreted as they see fit. And no, that vagueness is not a bug,
it is INTENTIONAL. And it is targeted at those they claim to protect
-- small businesses. Every business with yearly revenue of 5 millions
and more is EXEMPT.
---
******************************************************************
* KSI@home KOI8 Net < > The impossible we do immediately. *
* Las Vegas NV, USA < > Miracles require 24-hour notice. *
******************************************************************
Allow me to apologise on behalf of bitrex. He is one of our two
unashamed Marxists on this group. So naturally he will be in favour of
punishing anyone who just wants to make a better life for themselves
and their families.
Facing the choice between Kamala "I Fully Support the Child-Burning
State of Israel" and Donald "Dictator for a Day" Trump should make
anyone almost nostalgic for the good ol' days of Nixon and Mao Zedong, indeed. At least you didn't call me a democrat, that's nice of you.
"Most of those businesses aren't even aware that they have to submit
such reports."
File for a license from the government. Never look at the rules again.
Heh, reminds me of the average ham radio operator.
https://fincen.gov/boi
That is what our democRATic friends prepared for us...
I learned about it totally by accident. Would've become a criminal if I didn't like about 90% of all LLCs and small businesses who did NOT submit their reports as of right now. The deadline is January 1st 2025 and then all those who didn't submit their reports are subject to $591 fine PER DAY and even possible jail time.
The language is EXTREMELY vague, everybody can report on everybody, one doesn't even have to have any stock or ownership, just "have influence" to
be a subject of reporting.
The cherry on the cake is that most people are not even aware they have to submit such reports...
On 10/19/2024 3:54 PM, Sergey Kubushyn wrote:
The cherry on the cake is that most people are not even aware they have to >> submit such reports...
Of course, you are aware that you have to report and pay "Use Tax/Transaction Privilege Tax/Sales Tax" on any items for which you did not have said taxes taken out at time of purchase. Regardless as to whether you are a business or a private individual...
I.e., there are likely many requirements that you are unaware of.
You *do* have a lawyer and accountant, right?
You really must hate living in the US don't you?
Assuming you live in the USA and aren't a Russian or Iranian troll.
I'm Canadian and I have to fill out US forms to do business there such as:
IRS regulations require non-US taxpayers to provide Form W-8BEN to Amazon in order to be exempt from US tax reporting requirements. An IRS Form W-8BEN expires on December 31 following three years after a selling partner provides it to Amazon. When prompted, foreign selling partners are required to retake the tax interview to submit a new form.
So, get a life, find a real problem and deal with it.
How about this - US residents who wish to import products valued over around $2000USD MUST provide their Social Security Number to their customs clearance provider under US law that was enacted in the early 90s - Republicans in power
at that time, eh?
Don Y <blockedofcourse@foo.invalid> wrote:
On 10/19/2024 3:54 PM, Sergey Kubushyn wrote:
The cherry on the cake is that most people are not even aware they have to >>> submit such reports...
Of course, you are aware that you have to report and pay "Use Tax/Transaction
Privilege Tax/Sales Tax" on any items for which you did not have said taxes >> taken out at time of purchase. Regardless as to whether you are a business >> or a private individual...
I.e., there are likely many requirements that you are unaware of.
You *do* have a lawyer and accountant, right?
I don't. I'm a one man shop filing my business taxes as Schedule C on my personal tax return.
There are many such businesses (probably most of those 20 millions that didn't submit that form yet?). People, e.g. make an LLC for renting out
their rental properties. There are no lawyers and accountants there. There are also many one man shop LLCs made by consultants doing some contracts. There are many LLCs created just to be able to talk to those big companies who "do not deal with individuals".
Those are ALL subject to that law. Those who have lawyers and accountants
are more likely to have more than 5 million dollars yearly revenue so they are all EXEMPT. This law is targeted at a LITTLE GUY who usually don't have lawyers and accountants.
On 10/20/2024 1:12 PM, Sergey Kubushyn wrote:
Don Y <blockedofcourse@foo.invalid> wrote:
On 10/19/2024 3:54 PM, Sergey Kubushyn wrote:
The cherry on the cake is that most people are not even aware they have to >>>> submit such reports...
Of course, you are aware that you have to report and pay "Use Tax/Transaction
Privilege Tax/Sales Tax" on any items for which you did not have said taxes >>> taken out at time of purchase. Regardless as to whether you are a business >>> or a private individual...
I.e., there are likely many requirements that you are unaware of.
You *do* have a lawyer and accountant, right?
I don't. I'm a one man shop filing my business taxes as Schedule C on my
personal tax return.
That's your mistake. Do you also diagnose your own health conditions?
Do your own plumbing?
You hire folks who have these skillsets and have dedicated themselves
to tracking what's "current" in terms of best practices. Just like
your clients/customers hire *you* to perform YOUR tasks.
There are many such businesses (probably most of those 20 millions that
didn't submit that form yet?). People, e.g. make an LLC for renting out
their rental properties. There are no lawyers and accountants there. There >> are also many one man shop LLCs made by consultants doing some contracts.
There are many LLCs created just to be able to talk to those big companies >> who "do not deal with individuals".
Those are ALL subject to that law. Those who have lawyers and accountants
are more likely to have more than 5 million dollars yearly revenue so they >> are all EXEMPT. This law is targeted at a LITTLE GUY who usually don't have >> lawyers and accountants.
I ran a one-man shop. I had a lawyer and an accountant. Because I
knew I had to interface to a legal/financial system in which I didn't want
to become "expert". Do I have the intelligence to learn those things?
Of course! Is that how I want to spend my time? Nope!
Don Y <blockedofcourse@foo.invalid> wrote:
On 10/20/2024 1:12 PM, Sergey Kubushyn wrote:
Don Y <blockedofcourse@foo.invalid> wrote:
On 10/19/2024 3:54 PM, Sergey Kubushyn wrote:
The cherry on the cake is that most people are not even aware they have to
submit such reports...
Of course, you are aware that you have to report and pay "Use Tax/Transaction
Privilege Tax/Sales Tax" on any items for which you did not have said taxes
taken out at time of purchase. Regardless as to whether you are a business
or a private individual...
I.e., there are likely many requirements that you are unaware of.
You *do* have a lawyer and accountant, right?
I don't. I'm a one man shop filing my business taxes as Schedule C on my >>> personal tax return.
That's your mistake. Do you also diagnose your own health conditions?
Do your own plumbing?
You hire somebody if you have money for this. And actual need. You probably don't understand that there are many different situations.
I have a permanent full time job. This is my main income source. I do also have an LLC that I use for side contracts. Those are quite rare, don't even happen every year. Didn't have any in 2023 and none this year. The LLC cash flow is negative -- not even counting other expenses, just business license cost pushes it in the negative territory. Do you think there is NEED for hiring somebody to do nothing? And where the money to spend on such hiring
is supposed to come from?
The other use for that LLC is to get calibration agreements and other stuff with big companies that won't even talk to individuals. Ever tried Fluke for example? And they are not an exception. Did you try to get proper Internet connectivity with legal IP addresses where you can run your own server farm? With your own domains, DNS, email, and everything else?
As of doing own plumbing -- yes, I do. As well as woodworking, HVAC, small construction, electrical, and whatever else. And I do all kinds of welding, machining, metalworking, building prototypes, do software engineering close to the bare metal and much more. I know that I will do it better than most
of so-called "professionals", will be confident that the work is done properly, it will cost me way less than those "professional" services, will do way less damage to my nervous system, and it is FUN to learn new skills.
I do have many licenses/certifications like e.g. EPA Universal HVAC that allows me to work on ANY HVAC system. And I have tons of tools for
different trades that I purchase instead of paying "professionals" order of magnitude higher price for each one-time job which is poorly done most of
the time.
Also, I've been taught that an engineer must be able to do himself whatever he wants the technicians and other workers are supposed to do to implement his design. E.g. one may be not as skilled to do tricky welds but he should be able at least start and keep an arc otherwise he has no moral authority
to make any demands on the workers and technicians. When you can do whatever they can do you have their respect.
And those clients/customers who hire me are NOT one man shops. They have money to burn and they don't have experience so they actually have a NEED.
On 10/20/2024 8:11 PM, Sergey Kubushyn wrote:
Don Y <blockedofcourse@foo.invalid> wrote:
On 10/20/2024 1:12 PM, Sergey Kubushyn wrote:
Don Y <blockedofcourse@foo.invalid> wrote:
On 10/19/2024 3:54 PM, Sergey Kubushyn wrote:
The cherry on the cake is that most people are not even aware they have to
submit such reports...
Of course, you are aware that you have to report and pay "Use Tax/Transaction
Privilege Tax/Sales Tax" on any items for which you did not have said taxes
taken out at time of purchase. Regardless as to whether you are a business
or a private individual...
I.e., there are likely many requirements that you are unaware of.
You *do* have a lawyer and accountant, right?
I don't. I'm a one man shop filing my business taxes as Schedule C on my >>>> personal tax return.
That's your mistake. Do you also diagnose your own health conditions?
Do your own plumbing?
You hire somebody if you have money for this. And actual need. You probably >> don't understand that there are many different situations.
You obviously (by your own evidence) *needed* someone to keep you aware of such things. Instead, you are complaining because there is some requirement that you now are faced with that you consider irksome.
I have a permanent full time job. This is my main income source. I do also >> have an LLC that I use for side contracts. Those are quite rare, don't even >> happen every year. Didn't have any in 2023 and none this year. The LLC cash >> flow is negative -- not even counting other expenses, just business license >> cost pushes it in the negative territory. Do you think there is NEED for
hiring somebody to do nothing? And where the money to spend on such hiring >> is supposed to come from?
Then close your shop! Stop whining about the fact that it costs
money to make money. Make wooden birdhouses in your garage and
sell them at local flee markets -- and hope your income doesn't
rise to a level that attracts attention to that "unlicensed"
business.
The other use for that LLC is to get calibration agreements and other stuff >> with big companies that won't even talk to individuals. Ever tried Fluke for >> example? And they are not an exception. Did you try to get proper Internet >> connectivity with legal IP addresses where you can run your own server farm? >> With your own domains, DNS, email, and everything else?
Again, if you don't have the money to play in that park, then
don't!
I, early on, opted not to get involved in direct to customer
marketing -- because I didn't want to deal with the liability
issues. I likely lost out on income generating opportunities
but *benefited* from not having to worry about that stuff!
I want to design things, not sell them! "Salesman" is so
insulting...
As of doing own plumbing -- yes, I do. As well as woodworking, HVAC, small >> construction, electrical, and whatever else. And I do all kinds of welding, >> machining, metalworking, building prototypes, do software engineering close >> to the bare metal and much more. I know that I will do it better than most >> of so-called "professionals", will be confident that the work is done
properly, it will cost me way less than those "professional" services, will >> do way less damage to my nervous system, and it is FUN to learn new skills. >> I do have many licenses/certifications like e.g. EPA Universal HVAC that
allows me to work on ANY HVAC system. And I have tons of tools for
different trades that I purchase instead of paying "professionals" order of >> magnitude higher price for each one-time job which is poorly done most of
the time.
But you clearly don't have the skills to track the legal requirements
of your "side" business.
Or, just don't want to be bothered with them.
Yeah, I know. Filing tax reports is annoying... why don't I just
skip them? It's also annoying to have to put away my tools
each time I use them...
Also, I've been taught that an engineer must be able to do himself whatever >> he wants the technicians and other workers are supposed to do to implement >> his design. E.g. one may be not as skilled to do tricky welds but he should >> be able at least start and keep an arc otherwise he has no moral authority >> to make any demands on the workers and technicians. When you can do whatever >> they can do you have their respect.
And those clients/customers who hire me are NOT one man shops. They have
money to burn and they don't have experience so they actually have a NEED.
Don Y <blockedofcourse@foo.invalid> wrote:
On 10/20/2024 8:11 PM, Sergey Kubushyn wrote:
Don Y <blockedofcourse@foo.invalid> wrote:
On 10/20/2024 1:12 PM, Sergey Kubushyn wrote:
Don Y <blockedofcourse@foo.invalid> wrote:
On 10/19/2024 3:54 PM, Sergey Kubushyn wrote:
The cherry on the cake is that most people are not even aware they have to
submit such reports...
Of course, you are aware that you have to report and pay "Use Tax/Transaction
Privilege Tax/Sales Tax" on any items for which you did not have said taxes
taken out at time of purchase. Regardless as to whether you are a business
or a private individual...
I.e., there are likely many requirements that you are unaware of.
You *do* have a lawyer and accountant, right?
I don't. I'm a one man shop filing my business taxes as Schedule C on my >>>>> personal tax return.
That's your mistake. Do you also diagnose your own health conditions? >>>> Do your own plumbing?
You hire somebody if you have money for this. And actual need. You probably >>> don't understand that there are many different situations.
You obviously (by your own evidence) *needed* someone to keep you aware of >> such things. Instead, you are complaining because there is some requirement >> that you now are faced with that you consider irksome.
You still don't understand. I'm not complaining. Filed that form and forgot about it. The original post was to WARN others who are not aware of that sneaky law so they won't get fined unexpectedly.
It is YOU (not you personally but general "you") who started totally irrelevant thread.
I have a permanent full time job. This is my main income source. I do also >>> have an LLC that I use for side contracts. Those are quite rare, don't even >>> happen every year. Didn't have any in 2023 and none this year. The LLC cash >>> flow is negative -- not even counting other expenses, just business license >>> cost pushes it in the negative territory. Do you think there is NEED for >>> hiring somebody to do nothing? And where the money to spend on such hiring >>> is supposed to come from?
Then close your shop! Stop whining about the fact that it costs
money to make money. Make wooden birdhouses in your garage and
sell them at local flee markets -- and hope your income doesn't
rise to a level that attracts attention to that "unlicensed"
business.
Why should I close shop? You probably don't understand what REAL engineer
is. And what is the life time passion to learn new things. I don't do this because I HAVE TO for feeding my family. I'm a principal electrical engineer with a big company with offices on all 6 continents, with a revenue in billions. That pays good enough so I don't have to do those side contracts
or whatever. I'm picky and only take what's interesting and challenging, not just ANY job that can make me some bucks. My primary job is similar, it is always something new and challenging. It is probably difficult to imagine that some people do whatever they love instead of what they must to earn their bread and butter.
I like what I do. It is my lifetime passion for 50 years and I hope to die doing stuff that I love to do. Would've been bored to death doing the same routine job over and over again, day after day.
Highly recommend reading books, they rule. Try to start with e.g. "Profession" by Isaac Asimov.
The other use for that LLC is to get calibration agreements and other stuff >>> with big companies that won't even talk to individuals. Ever tried Fluke for
example? And they are not an exception. Did you try to get proper Internet >>> connectivity with legal IP addresses where you can run your own server farm?
With your own domains, DNS, email, and everything else?
Again, if you don't have the money to play in that park, then
don't!
I don't do it for money. I have enough from other source. And it is boring
to death doing the same job over and over again. It generates some money
from time to time when some interesting contract happens but it is not just to earn some. You won't take your money with you in your grave. And doing that just for money is boring. I'm engineer and I do engineering, not just making money however I could. Not just electrical engineering but also other stuff like software and more.
As of doing own plumbing -- yes, I do. As well as woodworking, HVAC, small >>> construction, electrical, and whatever else. And I do all kinds of welding, >>> machining, metalworking, building prototypes, do software engineering close >>> to the bare metal and much more. I know that I will do it better than most >>> of so-called "professionals", will be confident that the work is done
properly, it will cost me way less than those "professional" services, will >>> do way less damage to my nervous system, and it is FUN to learn new skills. >>> I do have many licenses/certifications like e.g. EPA Universal HVAC that >>> allows me to work on ANY HVAC system. And I have tons of tools for
different trades that I purchase instead of paying "professionals" order of >>> magnitude higher price for each one-time job which is poorly done most of >>> the time.
But you clearly don't have the skills to track the legal requirements
of your "side" business.
Or, just don't want to be bothered with them.
Yeah, I know. Filing tax reports is annoying... why don't I just
skip them? It's also annoying to have to put away my tools
each time I use them...
I do file my tax returns. There is no need for a special accountant for
that. I'm not in some boring business with thousands of receipts and such.
If I do a contract, it is usually rather lengthy thing with high price and very simple accounting -- I just send an invoice every 2 weeks and get it paid. With the same customer, maybe a couple or so per year. Don't need an accountant for that. Especially when this doesn't happen EVERY year.
OK, that's going nowhere, no reason to waste time on that. Read
"Profession", recommended. There are many thousands of other good books but that one is probably a good thing to start with.
Have lots of more interesting stuff to do than engage in empty demagogy. I'm giving up, you can declare yourself a winner.
Also, I've been taught that an engineer must be able to do himself whatever >>> he wants the technicians and other workers are supposed to do to implement >>> his design. E.g. one may be not as skilled to do tricky welds but he should >>> be able at least start and keep an arc otherwise he has no moral authority >>> to make any demands on the workers and technicians. When you can do whatever
they can do you have their respect.
And those clients/customers who hire me are NOT one man shops. They have >>> money to burn and they don't have experience so they actually have a NEED.
---
******************************************************************
* KSI@home KOI8 Net < > The impossible we do immediately. *
* Las Vegas NV, USA < > Miracles require 24-hour notice. * ******************************************************************
On 10/19/2024 6:54 PM, Sergey Kubushyn wrote:
https://fincen.gov/boi
That is what our democRATic friends prepared for us...
Supposed to cut down on criminals using shell corporations to move
their drug running and illegal immigrant sex-trafficking profits
around, I can see why a lot of republicunts would be against it.
How about this - US residents who wish to import products valued over
around $2000USD MUST provide their Social Security Number to their
customs clearance provider under US law that was enacted in the early
90s - Republicans in power at that time, eh?
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