Pourboire is French for a tip. Loosely, it means, "To buy yourself a drink." "Pour" means "for" and "boire" means "to drink".
B.O.I.R. is the Beneficial Ownership Information report, and here is a tip.
"...the Corporate Transparency Act Beneficial Ownership Information rule (CTA BOI rule) has a looming deadline of JANUARY 1.
It is an unconstitutional rule that treats small business owners like financial criminals and has egregious penalties, including nearly $600 a day and jail time for non-compliance."
However, apparently there has been a temporary "stay" (check the Treasury Department site yourself) owing to a lawsuit, so the swingeing penalties and the deadline may not be in force.
See here: https://fincen.gov/boi
Back in March (of 2024), Mark Friedlich ESQ., CPA, of Wolters Kluwer posted about a minimal number of small businesses who were exempted from filing.
Read it here (although it is old news.)
Here's a better tip.
Now, just a week ago, Carol Roth reports that there has been a real reprieve for everyone who makes decisions within a Condo Association, HOA, small business, S-corp, LLC etc etc. Her explanation is really worth reading for anyone who might have been caught up in the wide net.
For once, perhaps, procrastination pays off!
But, maybe don't bank on it. The stay is temporary. Reporting for the time being is voluntary, and it is possible that the next administration might do away with such time wasting, intrusive red tape.
In fact, there is a well-named bill, "Repealing Big Brother Overreach Act" which was introduced in the House of Representatives by Rep.
Warren Davidson, R-Ohio, and in the Senate by Sen. Tommy Tuberville,
R-Alabama.... introduced way back in April, and still languishing.
Read about it here:
If you are a writer or an aspiring writer, you probably ought to own an LLC. Legal Zoom is one place to start, or you can look up "Start an LLC...." + the name of the State you are in. If you have an LLC, you will have to file an annual report ($25) online with your State, and you will have to file a BOI report if the rule is reinstated.
You also might like to contact your representatives and senators in order to encourage them to support the Repealing Big Brother Overreach Act.
All the best,
Rowena Cherry
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