Message to President Trump (Uncut) 02-24-2025

My Message to President Trump Regarding New BOI Law Targeting Small Businesses

I’m trying to do my part to put an end to this new law, which is an unfair attack on small businesses in the US. So I hope that you will support my message to President Trump, to Elon Musk, and to Doge, because apparently they’re all about deregulation. But I’m looking at this new law and I’m thinking, why aren’t they doing anything about this? So first, let me bring you up to speed with this new law so that we’re all on the same page.

The BOI filing is now mandatory, which requires small businesses to report their personal information to the federal government, which includes a driver’s license or a passport. Small businesses have a deadline of March 21st of 2025, so this year, to file their report and comply. Okay, so what happens if you do not file your report on time? The FAQ on the FinCEN government website says the government can penalize you with up to two years in prison and a $10,000 fine for non-compliance.

Now, if you thought that this was called off, I want to clear up the confusion. So here’s what happened. On January 1st of 2021, the new Corporate Transparency Act passed in Congress.

So it was pitched as a huge anti-money laundering campaign against corrupt foreign officials and big-time drug traffickers. But this new law was criticized for many reasons. So for one, the Corporate Transparency Act targets small businesses because this only applies to businesses that make less than $5 million a year.

So if you don’t believe me, this is from the government’s FinCEN websites. To qualify for the large operating company exemption, an entity must demonstrate more than $5 million in gross receipts or sales. You do not need to apply for an exemption.

It’s automatically given if you make $5 million or more. Okay, so to be clear, if you are a corrupt foreign official or big-time drug dealer that launders more than $5 million a year, then this rule does not apply to you. You get an exemption.

Apparently, the government is going after smaller corrupt foreign officials and mid-level drug dealers. But the collateral damage is an additional burden to legitimate small businesses. Okay, so this new law required small businesses to report their personal information to the federal government by December 31st of 2024.

And there were so many concerns regarding discrimination, to security of information, to constitutionality. So of course, multiple lawsuits were launched challenging this in court. On December 3rd of 2024, a particular case, Texas Top Cop Shop Inc v. Garland, resulted in a nationwide injunction, which meant that this new law was put on hold.

And then the government posted this on their website. It says, In light of a recent federal court order, companies are not currently required to file beneficial ownership information and are not subject to liability if they fail to do so. But then on December 23rd, the U.S. Court of Appeals lifted the injunction and the reporting requirement was back in effect.

And then three days later, on December 26th, the Fifth Circuit Court once again paused the reporting requirements. And then on February 18th, a federal district court lifted the nationwide injunction, which means that now small businesses need to file. Again, the deadline is March 21st, otherwise you risk a $10,000 fine and two years in prison.

Again, if you have receipts of more than $5 million a year, then don’t worry, this rule doesn’t apply to you. Okay, now I want to show you this, because this is something that just truly aggravates me, these types of things. So you all know my background as being a founder of a tax practice, right? And here’s an email that I received over the weekend.

On February 18th, the U.S. District Court lifted the injunction, making the B.I. reporting mandatory once again. What this means for your clients, act now. How you can help your clients get compliance.

So this service provider wants me to refer you to them, so they can charge you $349 to file your report for you. And they’ll, I mean, just take a look, they’re offering me $75 as a kickback for ripping you off. Let’s get your clients compliance before the deadline hits.

It should better read, let’s rip off your clients. So this is not the only solicitation that I received, you know, for these services. So I have many more in my inbox.

So that’s the thing. Another thing that I don’t like about this is that this whole thing, this whole newly created law, it’s just, it’s a money grab. And it tricks many small businesses to pay for these types of services when money is already tight.

So listen, if you do want to file your report, you can do so for free on the government’s website, I’ll leave a link for you down below. So you just click this, it’ll take you here, you click on this file BOIR, it’ll take you here. Just click on prepare and submit BOIR.

This thing will pop up, just click I agree. And then you just have to answer their questions. The questions are straightforward, but they, I mean, they get really personal with you.

It’s required that you send a photo of either your driver’s license, state ID or passport. So have that ready if you’re going to do this. But I just showed you how to do this for free and saved, you know, many people hundreds of dollars, most likely.

So I’m not in the business of ripping people off. Now, I want to tell you this in case you don’t want to file your BOIR report right now. So first, there are bills in Congress, House and Senate that are trying to delay the March 21st filing deadline.

It may pass and push back the deadline. It may not pass. I mean, I honestly don’t know.

But you know what, I would prefer a new bill to either repeal the Corporate Transparency Act or to flip it where it goes after businesses that make more than $5 million, not less. So listen, this is very important. I’m asking for your help to protect small businesses in the USA.

So President Trump, Elon Musk and Doge are all about deregulation and removing government waste, right? So I posted this message on X, which I hope that you will support with a retweet or a heart. To President Trump, Elon Musk and Doge, you claim to support deregulation and oppose government waste. If true, then why are you allowing the Corporate Transparency Act to go into effect? The Corporate Transparency Act burdens small businesses with time and money to file, discriminates against small businesses because companies that make $5 million or more are exempt, discriminates against minorities, risks security breaches of personal information and waste taxpayer money to maintain this operation.

36 million small businesses are asking you to terminate this with an executive order or have Congress vote to repeal this. So please support my message on X and let’s see what President Trump and Elon Musk say. If you don’t have X, please share this video on your social media.

I mean, collectively, we will be hurt if we stand together. Thank you for the support and wish you a very nice day. Take care.