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Fill Out This Form In 90 Days To Avoid Hefty Fines!

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The recently enacted Corporate Transparency Act by the IRS may have significant implications for you. Failure to comply could result in hefty fines of $500 per day. Tune in to this video to see me react to and explain a video that will help you understand the BOI report and discover actionable steps to safeguard your business from these financial risks. Don't delay-act now to ensure compliance with this new legislation and protect your business's financial health.
Angel's Video: • URGENT: IRS Makes Etsy...
File Your BOIR report here: www.fincen.gov...
FAQs about the BOIR: www.fincen.gov...
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Опубликовано:

29 авг 2024

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Комментарии : 95

@deeclutter1123 3 месяца назад

This is something all business owners should be notified of! This was not disclosed to us! It sounds like a money grab, considering this same information is given to the Secretary of State.

@suzanne1797 3 месяца назад

The irony that it is called a transparency act but they have no policy to inform businesses at the time of forming an S Corp or LLC. This should be illegal to fine businesses who are completely unaware of it. It is an abuse of power to do so.

@Mark-ql5ni 3 месяца назад

Small businesses are the lifeblood of any economy, this is a clear attack on small businesses to create another hurdle and hoop to jump through.

@NiaLaLa_V 3 месяца назад

No, it isn't. It's really unhealthy to live in conspiracy land, occam's razor is a much better approach.

@robynlatorre7044 3 месяца назад

Actually only lifeblood of free/capitalist economies. Ask yourself why it's happening, then ask yourself if elections have consequences. I implore every business owner to read the wef white papers and 15 minute cities

@europeanliving6077 3 месяца назад

@@robynlatorre7044 I Agree!!,I live in Ireland and you can't believe what is happening here...i want to cry everyday for my country, my family, my ancestors.☘

@WilcoxRanch 3 месяца назад

As a business owner, this is just another unnecessary paper trail! If you are registered in your state, you already pay and file a federal return for your business. Why do we need yet ANOTHER form to fill out? This is such an over reach and yet one more reason to keep hobby crafters out of the business side.

@cherijackson6727 3 месяца назад

Cassiy, you are awesome! Thank you for bringing this to our attention. Love your channel.

@passiveincomeangel 3 месяца назад

Thanks for spreading awareness about this Cassiy!!! LOVE your valuable content ✨

@aubreobrien933 3 месяца назад

This country has become beyond disgusting

@mattrybacki189 2 месяца назад

*government

@KLiebByDesign 3 месяца назад

thanks for the info. It was very easy to do, took about 7 minutes.

@info3496 3 месяца назад

If you are a sole proprietor and you are like me and had to register your business name DBA NO you don't have to fill this out.

@pat4005 3 месяца назад

Does ANYONE ever watch the video?!? ALL the information is in the video. Yet, it is really obvious by the questions people are asking, that they have not watched the video or gone to the website.

@misathoudsanikone7823 3 месяца назад

Thanks for doing this react video, I watched Angel's video a month ago. I'm planning to create a LLC this year and keep this filing deadline in mind. A friend who's S corp has already filed it. Aside concern note is how secured our information given their database has been breached 😖

@pawninwordsandsoon 3 месяца назад

Is this only for US citizens?

@1dulceritmo 2 месяца назад

Doesn’t matter.. if you have a business license you need to do it

@saadeterdogan7872 3 месяца назад

Dear Cassiy, thank you for all your support and help. My name is Saadet following you from Turkey, is this information how can effect overseas shop owners like me?? Any idea, thank you again. Regards, Saadet

@metzmetzmetz 3 месяца назад

What if I’m not from the US, but I’m selling only in the US, should I do something? 😥

@pat4005 3 месяца назад

Watch the video. You only have to file this if you have an LLC.

@metzmetzmetz 3 месяца назад

@@pat4005 I did Pat. I'm asking because, again, I'm not from the US but my target audience is. Just wanted to confirm.

@laurage 3 месяца назад

Im still confused. I work as a sole proprietorship and I'm based in Europe, where sole proprietorship automatically has registered name and Business Identity Code (at least in Finland). Has any fellow foreign seller figured out if that is treated the same as having a DBA in the US, if one sells to US based customers with an Etsy store? :D

@Angelina-vf9xv Месяц назад

what is the difference of not making a LLC compared to making one? are there different benifits?

@rashipp4982 3 месяца назад

My husband just asked our accoantant if I needed a LLc and she said yes she would get one, she has one..of course she does, but we didn't know if my shop needed one. Thank you for sharing this. Have a great weekend🥰April

@NiaLaLa_V 3 месяца назад

Your accountant knows accounting, she does not know business management. I even know accounting and it doesn't cover literally anything outside entering your finances into a document.

@rashipp4982 3 месяца назад

@@NiaLaLa_V My accountant owns 2 businesses actually. But That's neither here nor there. I didn't say I was getting one, just saying what my accountant had mentioned.

@karlamurphy9934 3 месяца назад

You have until Dec 2024 to file. It’s super easy. My registered agent does it for me. If you’re an LLC you already should have a registered agent. 👍🏽 This is not some scary thing to freak out about! It’s okay!

@CassiyJohnson 3 месяца назад

If you opened your business this year then you have to fill it out before Dec. a lot of people are their own registered agent so the problem is a lot of people just don’t know about it! Just trying to spread awareness just yes just a simple thing to fill out!

@karlamurphy9934 3 месяца назад

@@CassiyJohnson I understand your intent. Unfortunately, a ton of Etsy influencers (not CPAs) are coming out with videos like the one you’re reacting to and unnecessarily making a simple requirement into a scary emergency. There’s already enough to stress about as an entrepreneur. There are plenty of CPAs with videos out about this requirement and they make it easy and simple 🤗 Worry free!

@jollyjm 2 месяца назад

My business in NOT located in the USA. Assuming I don't have to fill in the form. I didn't get any notification from Etsy.

@moredonuts8116 3 месяца назад

Hi Cassiy, What are the advantages of doing bulk creation vs doing a design and making it customizable? I’m really torn trying to decide which will get me better sales.

@acacia7039 3 месяца назад

What if im selling products to the Usa audience but my buisness is not in it?

@dianesuber1521 3 месяца назад

This is such BS! Small businesses will get hit hard but big companies will skate by. Ugh. Sorry for rant! lol. So I opened in 2023 with my social security, I don’t need to do this? Did I understand correctly?

@CassiyJohnson 3 месяца назад

If you don’t have an LLC or an S corp then this does not apply to you! But if you open an LLC this year, then you have 90 days to fill it out! And yes I am totally with you. At least it’s not a hard thing to fill out

@user-gs9kl3uj3h 3 месяца назад

this is not the case for sellers outside The U.S. right?

@sarahcapps4357 2 месяца назад

Thank you!!!

@seekingtruth1623 3 месяца назад

Thank you!

@mohamedmohamued4842 3 месяца назад

Hello my dear, I have a problem. The Etsy website does not work in Egypt. Is there another way to start?

@Brandy88311 3 месяца назад

No, Etsy only allows sellers from certain countries to run shops if you are not from one of the countries that Etsy allows then you can not legally open a shop with them and they have gotten more strict recently.

@mohamedmohamued4842 2 месяца назад

@@Brandy88311 Thank you very much

@Hajar-rn4rt 2 месяца назад

so what about foreign people who run Etsy shops will they need to fill this thing

@cowgirljane6976 3 месяца назад

One more hurdle enacted for small businesses to negotiate. But thanks for bringing it to our attention.

@gilh57 3 месяца назад

Thanks for sharing this. Does anyone know if this applies to a sole proprietorship that has a dba? DBAs are filed with the secretary of state?

@gilh57 3 месяца назад

It looks like RU-vid did not like my last reply, but I found the answer to my question on the FinCEN website: C. 6. Is a sole proprietorship a reporting company? No, unless a sole proprietorship was created (or, if a foreign sole proprietorship, registered to do business) in the United States by filing a document with a secretary of state or similar office. An entity is a reporting company only if it was created (or, if a foreign company, registered to do business) in the United States by filing such a document. Filing a document with a government agency to obtain (1) an IRS employer identification number, (2) ➡a fictitious business name, or (3) a professional or occupational license does not create a new entity, and therefore does not make a sole proprietorship filing such a document a reporting company.

@misathoudsanikone7823 3 месяца назад

@@gilh57I'm in a similar situation where I'm registered with the city, obtained sale permit and claim zero sale tax monthly with the state. By filling sales tax, won't that qualify us as an entity? It is unclear. I'm doing LLC soon this year so will file it at that time.

@gilh57 3 месяца назад

@@misathoudsanikone7823 It's not written very clearly, but my interpretation is that a sole proprietorship, even with an assumed/fictitious name (DBA), does not create a new entity, so it is exempt from the form. That is only my interpretation and I am no expert in business law, so maybe take it with a grain of salt and an ounce of skepticism. Best of luck in your business venture!

@yummyAme 3 месяца назад

hey. sorry i don’t seem to understand. is sole proprietorship the one you open an etsy shop with ssn? are they exempted? because i barely have any sale to bother with all these 😢

@gilh57 3 месяца назад

@@yummyAme Yes, that is my understanding. If you use your SSN, you are the business, thus a sole proprietor. It seems that sole proprietors don't need to file the paperwork. Please correct me if anyone thinks otherwise.

@bobbalsmanjr 3 месяца назад

I wonder if tax software includes sending this form? 🤔

@ebayseller6040 3 месяца назад

what about c-corp??

@waiyanleung5199 Месяц назад

Hi, is there any form needed to fill out for sole proprietorship (Esty seller who open shop using SSN)?

@CassiyJohnson Месяц назад

No there isn’t, this is only for S corps and LLC’s as far as I understand!

@waiyanleung5199 Месяц назад

@@CassiyJohnson Thank you so much Cassiy. I'm new to Esty. Your videos help me a lot. I wish your business ever grow and grow!

@ezgilv5449 3 месяца назад

Cassiy, i just opened my etsy shop yesterday with my ssn as individual. I don’t have any kind of business or registration. Do i need to fill this form?

@CassiyJohnson 3 месяца назад

No until you file for an LLC then this won’t apply to you. I’ve seen some people that have set up a DBA and then I think you may have to as well

@nellymladenova4954 2 месяца назад

I opened an LLC lats year but I`ve never used it (and I still haven`t closed it yet). Do I need to fill out this form. And if I don`t officially close the LLC (and I don`t use it) is it going to be automatically closed?

@CassiyJohnson 2 месяца назад

I would fill this out since you currently have your LLC set up, unless you want to close it then maybe you won't have to but I would double check with a CPA to be sure! I know you have to pay a filling fee every year for your LLC, so I am not sure if you just don't pay that if it'll close by itself. I would google that for your state and see if you can find the answer!

@nellymladenova4954 2 месяца назад

Thank you Cassiy.

@aaahhchoooo 3 месяца назад

This may sound dumb but if you opened your LLC years ago, does one need to fill the form out?

@CassiyJohnson 3 месяца назад

Yes you still need to fill it out and you have until January to do so!

@aaahhchoooo 3 месяца назад

@@CassiyJohnson thank you!

@myrnafanney9575 3 месяца назад

My daughter opened my shop for me in 2019. I have no idea if she used my social security number or if she opened it as a LLC! Is there a way I can go into my shop and see my account info? I did look around there but didn't see any info. Help!!!

@CassiyJohnson 3 месяца назад

I believe you have to pay a fee every year for your LLC so I doubt you have one then. I would look at your financial info page and maybe that would show it

@myrnafanney9575 3 месяца назад

@@CassiyJohnson Thank you Cassiy.

@itsthecheech451 3 месяца назад

What about a DBA (Doing business as)?

@info3496 3 месяца назад

If you are a Sole proprietor No you don't have to even if you use DBA, because you still use your SS number, I am a Sole proprietor and because my business Name doesn't use my last name but another word example (Rosanne's Art) I have to register that name so DBA but I am still a sole proprietor and don't have to fill it out.

@hhhhhhhh4107 3 месяца назад

So i am a sole proprietorship i dont need to fill it or do i have to aswell

@CassiyJohnson 3 месяца назад

No if you don’t have an LLC, S corp or DBA then you would not need to fill this out

@info3496 3 месяца назад

I do business as a sole proprietor DBA (meaning I have a business name) I do not have to fill this out I checked to make sure.

@LiilReyy 3 месяца назад

So for us Etsy sellers, we don't have to fill out that form?

@TYGod2011 3 месяца назад

If you have set up an LLC then you have to do this.

@CassiyJohnson 3 месяца назад

Yes just like the other comment says, if you have an LLC or an S Corp, then you need to. If you opened your etsy store just with your SSN then you don’t need to!

@LiilReyy 3 месяца назад

Oh I got it, yeah I opened my Etsy shop just with my ssn. I was just a little confused, thanks :)

@baref0ot455 3 месяца назад

Is this only if you have an Etsy shop? Or an LLC that does not do anything with Etsy?

@CassiyJohnson 3 месяца назад

It’s any business with an LLC regardless of if you have an Etsy shop!

@Marie-fx4wh 3 месяца назад

You have until December 2024 to file if not you will be fine $500 day

@CassiyJohnson 3 месяца назад

Unless you filed your business this year, then you have only 90 days from the date you open your LLC to file!

@socialroachco 2 месяца назад

YOU DO NOT HAVE TO FILE WITH THE IRS!! THE ARE NO LAWS THAT SAYS YOU HAVE TO FILE!! I'M RIGHT!

@andc5457 2 месяца назад

Shock horror, there are countries other than the USA. Change the title for clarity. Clickbait.

@bertnerny 3 месяца назад

Welcome to fascist USA

@Retro-rabbit-girl 3 месяца назад

i know right! i can't believe we have to do this! My shop is super small.

@gilh57 3 месяца назад

Did you see the list of exempt companies? Exactly the ones you would think would need oversight, not small mom-and-pop stores, and Etsy shops.

@bertnerny 3 месяца назад

@@gilh57 America has been a scam from the start just like every other country. Just a misleading advertisement. They don’t go after the big “guys” because they are them. They only go after big companies when they are a threat to ‘them’.

@Yondainc 3 месяца назад

Biden! SMH

@SpeedbirdHeavy 3 месяца назад

Careful. Trump thinks it's cos he's smart, that his cleaner pays more tax than he does. He has no sympathy for everyday people.

@DanaP01 3 месяца назад

Before you blame Biden for everything, you should take the time to educate yourself. If you read the information provided in the description (FAQs) above it clearly states that this was passed on a BIPARTISAN BASIS by Congress to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures. This is a way to protect consumers. For people who do take the time to read and learn, this constant blaming of Biden for everything just says one thing - you are misinformed.

@abduwalimuse7482 2 месяца назад

Lmao you think Biden even has the brain capacity to do all this? He can barely walk, and doesn't even know what planet he's on. It's others in the government who are behind this corruption.