kmmcrafts Posted December 29, 2023 Report Posted December 29, 2023 I've been hearing about this but haven't heard any concrete info about it until I seen this video on TT. She has another video with a bit more explanation etc. as to who needs to file this info.. seems like most all do but there are some exceptions is my understanding... Quote
Wichman Posted December 30, 2023 Report Posted December 30, 2023 Here is the official website. Looks like more bureaucratic BS. https://www.fincen.gov/boi kmmcrafts 1 Quote
kmmcrafts Posted December 30, 2023 Author Report Posted December 30, 2023 3 hours ago, Wichman said: Here is the official website. Looks like more bureaucratic BS. https://www.fincen.gov/boi Yeah, I agree... thankfully it's currently free to fill out.. but they'll probably add some sort of bill for it on our business license or taxes or something.. nothing is free so someone is paying for this. Quote
BadBob Posted December 30, 2023 Report Posted December 30, 2023 7 hours ago, kmmcrafts said: nothing is free so someone is paying for this We are. kmmcrafts 1 Quote
JTTHECLOCKMAN Posted December 30, 2023 Report Posted December 30, 2023 Going to be interesting because is there a $$ value to how a business is setup. We as small business people have up and down years. Is there different categories to what a business is under this mess. just because you have a license # does not mean you use it but you keep it active. kmmcrafts 1 Quote
Wichman Posted December 30, 2023 Report Posted December 30, 2023 2 hours ago, JTTHECLOCKMAN said: Going to be interesting because is there a $$ value to how a business is setup. We as small business people have up and down years. Is there different categories to what a business is under this mess. just because you have a license # does not mean you use it but you keep it active. Even though you are required to file by the end of 2024, there is no way to file currently, they're making this up as they go along. There are no forms available, so there is no way to tell just what they are going to require. FYI, in my state a person must file paperwork with the State in order to collect taxes. The way this is worded that makes every person who makes taxable sales in their cross hairs.. I hope they get overwhelmed by the sheer numbers. kmmcrafts 1 Quote
BadBob Posted December 30, 2023 Report Posted December 30, 2023 This new thing does not affect me. I'm one of the excluded ones. kmmcrafts 1 Quote
kmmcrafts Posted December 30, 2023 Author Report Posted December 30, 2023 I haven't looked into any of it yet, so I don't know if I need to file or not.. The video mentioned something about paperwork with your secretary of state.. I only had to go to my county clerk to file a DBA and then when that went through I went through the state "LARA" website to file for my tax collection and register with my state for sales tax.. I suppose that is the same as going to the SOS though.. I'll have to read up on it on the site mentioned above and see if Ii need to file this. Quote
kmmcrafts Posted December 30, 2023 Author Report Posted December 30, 2023 Here is a second video that the same news lady posted.. But if you read the website posted above this info is in there too.. Kinda looks like I might be exempt from having to file just by what she said.. as I said, I haven't read this yet as it doesn't look like the site is accepting the filings yet and I believe I have until next year 2025 to get that paperwork over to them.. IF I need it. Quote
BadBob Posted December 30, 2023 Report Posted December 30, 2023 1 hour ago, kmmcrafts said: I haven't looked into any of it yet, so I don't know if I need to file or not.. The video mentioned something about paperwork with your secretary of state.. I only had to go to my county clerk to file a DBA and then when that went through I went through the state "LARA" website to file for my tax collection and register with my state for sales tax.. I suppose that is the same as going to the SOS though.. I'll have to read up on it on the site mentioned above and see if Ii need to file this. There is a document on the website that explains who has to register. I'm not even close. Quote
Wichman Posted December 30, 2023 Report Posted December 30, 2023 47 minutes ago, BadBob said: There is a document on the website that explains who has to register. I'm not even close. What was the name of the document or a link? I looked all over that site and couldn't make heads or tails of it. Quote
JTTHECLOCKMAN Posted December 30, 2023 Report Posted December 30, 2023 They want to tap into every ounce of revenue they can and that also means the FB market place crowd and garage sales people. kmmcrafts 1 Quote
kmmcrafts Posted December 30, 2023 Author Report Posted December 30, 2023 Well according to what I read and what the lady in the second TT video says I don't think I have to report either.. however another part I read makes me think I do, It is confusing in some parts of it.. I'll be asking my CPA for some clarification on this January when I get her started on my Tax stuff. I've been working on my bookkeeping the last few days so I should be ready before they're ready, LOL.. I like to get the stuff done and over with so I'm always the first one to contact her and she usually doesn't even have her stuff ready yet, I agree with you JT, They don't want to miss out on a few pennies from the garage sales and other small sales stuff. Used to be you could earn a fair amount and not have to really claim it.. now they want to know if you made $5 it seems like. Quote
Wichman Posted December 31, 2023 Report Posted December 31, 2023 Here's a news story on the bigger picture: https://www.wlrn.org/business/2023-12-29/shell-anonymous-companies-llc-property-rubio-law-finvest kmmcrafts 1 Quote
BadBob Posted December 31, 2023 Report Posted December 31, 2023 12 hours ago, Wichman said: What was the name of the document or a link? https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf kmmcrafts and Wichman 1 1 Quote
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