New Government Law Ruled ILLEGAL: But The Government Refuses to Give Up (BOI Update)
today is December 23rd and I want to update you on the Boi filing that the federal government is threatening us with small businesses because the story is not over yet believe it or not okay so here’s the situation so when you file your business when you form it if you register it you do so at the state level not with the federal government so a lot of a lot of people watching have probably been through the process if you’re going to file a corporation or an LLC you do so with the secretary of state but now the Federal government is
trying to get small businesses to surrender their personal information to the federal government which they have no authority to do so now according to the new corporate transparency act the CTA small business owners must submit their personal information and a copy of the driver’s license or passport to the financial crimes enforcement Network by January 1st of 2025 and this is only applicable to small businesses because businesses that make more than 5 Mill ion a year are exempt failure to comply will result in
a $10,000 penalty up to 2 years in prison and $591 a day that’s the additional penalty for non-compliance so it’s pretty harsh and intimidating right now this was challenged by the people it was taken to court and a federal judge ruled on December 3rd that this corporate transparency Act was unconstitutional and illegal that the the power rests with the states not with the federal governments so judge mazant ordered a nationwide Federal injunction that blocks the enforcements of this act that means that you do not need to comply now
I want to show it to you so that you feel 100% confident in what I’m telling you so you go to the finsen website okay so you will see the alert right here which I’ve outlined in red it says voluntary submission only so let’s click on that and and it’ll expand to this so it says in light of a recent Federal court order reporting companies are not currently required to file beneficial ownership information with finen and are not subject to liability if they fail to do so while the order remains in force
however reporting companies may continue to voluntarily submit beneficial ownership information reports so the rest of this it gives more details where you’re going to see it says that on De 3rd a nationwide preliminary injunction order was granted okay but listen that is not the end of the story the federal government is not backing down I mean they really want our personal information that badly so they’re not they’re not giving up okay so here’s a here’s a situation December 3rd that happens the federal injunction goes into
effect so we don’t have to file that’s the current status December 5th the federal government the Department of Justice they want to reverse the injunction so they file an appeal so that’s December 5th December 13th comes around and they realize that in order to get this you know moving by January 1st they need to get this they need to get this done quickly so they file an emergency motion to get an answer you know for the appeal by December 27th so by December 27th they’re saying if this gets overturned by December 27th then
that’s going to give small businesses enough time to comply you know all the you know millions of businesses to comply by January 1st and if they don’t then the penalties yes they will go into effect that’s the situation so by December 27th that day or earlier we’re going to we’re going to hear if the injunction got reversed or not okay so December 27th is a key date but here’s the thing Department of Justice the federal government they’re saying that if they don’t get this appealed and the injunction reversed and you know what
they’re going to do they’re making it clear that they’re going to take this even higher up they’re going to take it to the Supreme Court uh they’re just not giving up so if this happens you know they fail to reverse the injunction and take it to the Supreme Court then it’s not guaranteed that the Supreme Court will even hear this case if they do hear this case then honestly the Supreme Court they lean conservative they lean to the right so it is unlikely that they’re going to enforce this and it’s most
likely that the Supreme Court yes they would rule that this is unconstitutional so listen that’s the story that’s a situation let me know what you think as a small business owner myself I’m looking at this I’m looking at the federal government I’m thinking wow they are being relentless like they want this to go through they’re pushing for this so hard it’s crazy again we’re going to hear a decision by the 27th I’ll keep you updated because this is so important of course but again I look forward to
reading your comments Please Subscribe I thank you for the support and wish you very nice day take care
