CTA BOI Survey for All

We are leaning towards your thoughts.  We are hoping not but afraid to say never!  (Seems like it always comes back to bite you.)

We are in the process of coming up with a list of who to touch base with to see if they are aware of the requirement.  For those that we feel are bright enough to figure out how to do it, we will be available to assist as needed.  But we have some clients that would struggle if we asked them to spell their name.  For those folks, we will prepare the form for them.

We are not preparing them. We advise clients to:

a.To do it themselves

b.Have their business attorney do it

or c . use one of the companies that do it

It's not going to be repealed, because Congress probably won't even be able to pass any spending bills beyond a short extension, and even then maybe not until after a brief shutdown October 1.  

Some of the opponents remind me of the medieval peasants who never journeyed more than 50 miles beyond their place of birth.  Much of the rest of the free world has enacted stricter rules, including public disclosure of reported data.  Because they believe in transparency.  Mostly, because they think it helps fight terrorism.  If the isolationists gain control of our government, abandon NATO and shrug at threats from the Iranian-Chinese alliance, maybe it will be repealed. But not this year.  

Can anyone name any candidate for federal office, from President on down, who has mentioned this as a campaign issue?  No? I didn't think so.  Grumble as much as you want, and then tell your clients either you're going to help them, or you're not.  

I sent out an email to my affected clients in June to give them the information and where they can go to do their filing.  I will not be offering to do these filings.  But I will probably send them a reminder in October.

So some CPA's are worried about this being considered the unauthorized practice of law?  Reminds me of the issue decided by New York's highest court (Court of Appeals) 75 years ago.  From July 20, 1949:

We probably have about 80-100 clients that will need to file the BOI report. We just sent out a letter to all those clients, highlighting the possible $10k fine, assuring them that it is not a scam, and asking them to provide us with a legible picture of their current driver's license (we don't have many world travelers in rural West Tennessee), by December 1. We briefly mentioned the government intrusion in requiring this, but it must be done (which DOES play to our clientele greatly).

I expect every one of them to provide us with the pic and be ultra glad that I have saved them $10k.  We are bouncing around the $250 price tag...which isn't bad for the real 30 minutes of input time.

I thought the organization representing Homeowner Associations had a good case, but I see it was not successful in suing for a preliminary injunction. 

https://www.wolterskluwer.com/en/expert-insights/federal-district-court-in-virginia-denies-motion-for-preliminary-injunction-in-cta-lawsuit

Same result in an Oregon case, where the seven individual plaintiffs were arguing, among other reasons, that BOI violates the Fifth Amendment rights of cannabis dealers and undocumented immigrants who own businesses allowed by state law. 

https://scholar.google.com/scholar_case?case=15407035756566698089&q=Firestone+v.+Yellen&hl=en&as_sdt=806&as_vis=1 

Per recent news article: "...pave the way for my (President Trump) Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, ...." President Trump said in a statement concerning the new Department of Government Efficiency. Therefore, there is a possibility that cta/boi may be extended or rescinded, but whether this will occur is unknown, and since it is already near deadline, I personally doubt if it will be extended or rescinded.