Insight - Apr. 26th, 2024
Insight
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26-Apr-2024
Today on Insight, Josh Rosenstern looks at the pressure being put on America’s small business owners; most recently, with a little known ruling that was passed by the Department of Treasury’s sub-department that deals with financial crimes. Small business owners with less than 21 employees, and bringing in less than 5-million dollars a year must register under this new ruling. The Beneficial Ownership Information is a required one-time registry for those who qualify under these conditions by going to fincen.gov/boi to register. Congress passed it, and two states are already challenging it. If you have incorporated your business prior to January 1st, 2024 you have until the end of this year to resgister, but if you began your business after January 1st, you have 90 days to register. There are criminal penalties associated with this for those who do not register. A government issued photo identification is to be provided with registration. Brother Josh says this will help with the growing amount of illegal businesses popping up in the United States; however, he says the crisis at our border is the root of this problem.
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