Why wasn't there a Boi grandfather provision?

[PATAX]

My friend pkcpa post got me thinking on this. Most of these entities that are involved with financial crimes are fly by nighters, IE they are not in business for more than a few years. Therefore a nerd like myself must ask: Why wasn't there a grandfather provision for entities who have been in business for five or more years?

[IRonMaN · Accepted solution]

But then someone who was in business for 4 years will say, "why do I have to do it"?  And if they let them out, someone with 3 years will say "why do I have to do it"?  And so on and so on.  I think this thing is way overblown, especially since we still have 358 days to figure it out.  At a minimum, I think preparers that care for their clients will at least make sure that they let their clients know the BOI is out there.  If you feel comfortable helping them, then do it.  If you don't, as long as you have informed your client that they need to take care of it, you can sleep at night knowing you did you part.

[Jim-from-Ohio]

for new businesses though in 2024 they have to file within 90 days from forming

[PATAX]

@IRonMaN you're exactly right Iron Man. That's why they need to scrap this Boi BS. I'd really like to know just how many Financial crimes are committed by small entities. What about the big entities? How many big  corporations have been involved with fraud. Oh but I forgot those are the ones that make the campaign contributions.

[IRonMaN]

"for new businesses though in 2024 they have to file within 90 days from forming"

But hopefully they did it right and used an attorney.  If not, going back in time for a quote:

"the man that represents himself has a fool for a client"

[PATAX]

@IRonMaN you're right, but how many small town attorneys do not know about this? They said they were supposed to be public awareness, but I haven't seen crap.

[IRonMaN]

In Minnesota, our Secretary of State has sent out e-mails for businesses letting them know of the requirement.  I'm not sure if they will also notify folks that create new filings going forward.

[PATAX]

@IRonMaN I got an email this morning from our state organization, stating that Pennsylvania is going to send out letters to entities that are going to be subject to the new Pennsylvania version of the Boi bs. That gave me a real good laugh.