In Search Of BOI Outreach

[PATAX]

My cousin Leonard Nimoy is coming out of retirement to air a new episode of "in search of". To date not one client, not one, has told me that they heard anything about the boi/cta nonsense. Not one. This is one area of nonsense that I think all Americans can agree on. I think just about everyone who are actually aware of this, including Democrats, Republicans, Independents, business owners, accountants, etc are hoping that this nonsense goes away. Hopefully everyone will contact their Federal Representatives so that they do the right thing and rescind this monstrosity. Even Heidi wants it to go away, and she loves everybody.🐕☝

[qbteachmt]

Leonard's not retired. He's dead. And he was Canadian, so IRS doesn't have a need to pursue him for anything.

[PATAX]

I just checked and you are right. I did not know he passed away. He was a good guy. May his memory be a blessing.🖖

[rbynaker]

I fell for that once already, then they let him direct so he was resurrected in Star Trek III.

[Jim-from-Ohio · Accepted solution]

Even though this issue is not really an accounting or tax issue.. more of an admininstrative or legal issue, I think that our small business clients look to us to at least point them in the right direction to make sure they take care of this. 

I doubt that I personally will be filing these for my clients but I have started drafting an email where I notify my clients of their responsibility. That process of notifying them for my 100 or so entitity returns but i have many more single member LLCs that are just part of the 1040 clients.  I think I can do a query to choose the clients with Schedule Cs but the process of notifying hundreds more about this can be very time consuming.  If I don't though, and they fail to register, many will have looked to me to have let them know.  Given that I hope it goes away. 

I reached out to the National Federation of Independent Business (NFIB) on this but have not heard back from them. There was a bill introduced and a hearing was held on on May 30, 2024 to repeal this. more info:

 https://www.nfib.com/content/analysis/national/u-s-house-and-senate-introduce-legislation-to-repeal-...

[IRonMaN]

All I can say is, live long and prosper ----------------- and get used to the idea that it isn't going to go away.

[PATAX]

@Jim-from-Ohio That is a great link Jim. Thanks.

[Jim-from-Ohio]

more pushback: https://news.ararental.org/trade-groups-support-bid-to-repeal-beneficial-ownership-information-act

[PATAX]

@Jim-from-Ohio looks like there is a rising tide against the boi/cta monster. It's an election year, so I think the politicians are going to do the right thing and repeal this monstrosity. It will get them more votes.