Path: eternal-september.org!news.eternal-september.org!.POSTED!not-for-mail
From: John Robertson <jrr@flippers.com>
Newsgroups: sci.electronics.design
Subject: Re: Are you guys aware of this ticking time bomb?
Date: Sun, 20 Oct 2024 12:57:13 -0700
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On 2024-10-19 3:54 p.m., Sergey Kubushyn wrote:
> https://fincen.gov/boi
> 
> That is what our democRATic friends prepared for us...
> 
> I learned about it totally by accident. Would've become a criminal if I
> didn't like about 90% of all LLCs and small businesses who did NOT submit
> their reports as of right now. The deadline is January 1st 2025 and then all
> those who didn't submit their reports are subject to $591 fine PER DAY and
> even possible jail time.
> 
> The language is EXTREMELY vague, everybody can report on everybody, one
> doesn't even have to have any stock or ownership, just "have influence" to
> be a subject of reporting.
> 
> The cherry on the cake is that most people are not even aware they have to
> submit such reports...
> 
You really must hate living in the US don't you?

Assuming you live in the USA and aren't a Russian or Iranian troll.

I'm Canadian and I have to fill out US forms to do business there such as:

IRS regulations require non-US taxpayers to provide Form W-8BEN to 
Amazon in order to be exempt from US tax reporting requirements. An IRS 
Form W-8BEN expires on December 31 following three years after a selling 
partner provides it to Amazon. When prompted, foreign selling partners 
are required to retake the tax interview to submit a new form.

So, get a life, find a real problem and deal with it.

How about this - US residents who wish to import products valued over 
around $2000USD MUST provide their Social Security Number to their 
customs clearance provider under US law that was enacted in the early 
90s - Republicans in power at that time, eh?

John