Filing your FinCen BOI is easy, right? It will stop crime, right?

[Greg Scott]

Yesterday, FinCen announced it will not be enforcing compliance of the Beneficial Ownership Information (BOI) until court challenges have been worked out.  Personally, I hope the courts dismantle this law.

Filing your FinCen BOI is easy, right? 

Most of the articles I read talked about how it takes 15-30 minutes and you only have to do it one time.  It is easy.  Just do it now. (Side note:  I filed all of mine last year.) 

In contrast to the articles, I attended a conference in November where a lawyer explained that your BOI filing actually has an expiration.  It was NEVER a one-and-done filing.  When filing the BOI, you have to upload a passport or drivers license.  When that ID expires, you have 30 days to provide a new one or are in violation of this law, and face massive penalties of the size that would put most small companies out of business.  To make matters worse, if you have multiple people in your BOI filing, you are supposed to update that BOI filing every time the ID expires.  So, now you need a spreadsheet and calendar reminders to know when to update your BOI.

It will stop crime, right?

I read a pro-BOI article written by a journalist supporting this law.  His opinion was that this law was going to stop money laundering because the Federal Government could more easily find the culprits. 

I have a hard time believing that an international crime ring would not be able to obtain a fake ID. Or, more likely, they will steal a legitimate ID to file a fake BOI.  How does a fake BOI filing help fight crime?  Meanwhile, tens of thousands of honest businesses have filing requirements and massive fines held over their heads.

IMO, this is bad legislation that needs to be killed.