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December 9, 2024 5 mins
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Episode Transcript

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(00:00):
Heads up, Barbers.

(00:01):
The federal court hits pause onnew business reporting law, and
we've got your back.
So, if you've been stressedabout that new federal reporting
requirement coming in 2025, youknow, the one requiring business
owners to report who owns theirbusiness.
I've got some news that'll helpyou breathe easier.
We've internally developed twopowerful tools.
To help you stay ahead of thegame.
The first one is a done for youweb app.

(00:23):
Now this takes less than twominutes to enter your
information.
It sends a confirmation right toyour inbox.
Once your filing is successful.
We handle all of the technicalstuff with FenCin, which is the
reporting agency governing thisnew reporting requirement.
And then you can focus on whatmatters, right?
Which is running your business.
And taking care of your clients.
The second tool is for myD-I-Ys.

(00:45):
We created an AI chat bot thatis specifically guided for the
BOI reporting process.
It's connected directly toFinCEN's official website.
It has access to the completeTexas court case documents.
You get instant, reliableanswers to any BOI questions you
have.
And all of the information comesfrom a verified.

(01:06):
Government source.
Look, I know you got intobarbering to support your family
and lifestyle while buildingrelationships with your clients,
not to deal with federalreporting requirements.
That's why we built this systemto make any future BOI
requirements as painless aspossible.
So let's go ahead and understandthe reporting requirement and

(01:26):
even understand the currentlandscape its in.
First things first, a Texascourt put the required reporting
on hold.
But before we get into what thatmeans for your business, let's
break down what was supposed tohappen and why it matters to
you.
You remember how your statealready requires your LLC or
corporation to file an annualreport?
Well, the feds essentiallywanted to add another layer.

(01:47):
And this is something called theCorporate Transparency Act, also
known as CTA.
It would have required everybarber with an LLC or
corporation or just any filingwith their state to report who
owns their business, to sharepersonal information like
addresses and ID numbers.
To keep updating this info whenanything changes and you will

(02:08):
have to face some seriouspenalties.
We're talking up to 10, 000 inpossible jail time for not
complying.
That sound like an overkill?
The Texas court thought so too.
And they basically said, holdup.
Congress might not even have thepower to require this.
To be clear though, this wasn'tjust going to affect barbers.
According to FinCEN, the federalagency in charge of this, about

(02:30):
32.6 million small businesseswould have had to file these
reports.
That puts the total cost tosmall businesses about$22.7
billion in just the first year.
So why did it get blocked?
The court raised someinteresting points that hit
close to home for the barberindustry.
They said, number one, stateshave always been in charge of

(02:53):
business registration.
This is like when you got yourbarber license or maybe you
registered your barbershop.
The second is that the fedscan't just demand information
from every business just becausesome might be doing something
wrong.
The third one is this isn't likeyour state annual report.
It's a whole new level ofrequired disclosure.

(03:13):
Essentially, this impeded uponthe 10th amendment.
So what does this mean for you?
What's going on?
Really quickly.
My name is Davian and I am alicensed certified public
accountant.
I've worked with the IRS, in theEuropean stock market, with a
nonprofit that had liquid assetsof over$150 million and that's
just a few of the companies I'veworked with.

(03:34):
Spanding over 75 differentbusinesses and over 17 different
industries.
Why is this important to you?
It's because I've wrapped all ofmy education, my experience and
my expertise into a system thathelps you.
Maximize your tax position Savetime and money Build wealth and
legacy Where you're at to whereyou want to be.
If you want to work with us thisupcoming tax season, go to

(03:56):
taxesforbarbers.com or text theword"TAX" to 980-290-8287.
I look forward to hearing fromyou shortly and I hope you enjoy
the rest of the video.
Last week on December 3rd, 2024,the Texas court put this
requirement on hold, but here'sthe thing, FinCEN has made it
clear that this pause could belifted at any moment.

(04:19):
When that happens, therequirement would kick back in
immediately as of now.
So, this is why we encouragebarbers to stay proactive.
While nothing is technicallyrequired right now, you can
still file voluntarily and manybusinesses are choosing to do
this.
Being prepared means you won'thave to rush if the requirement
suddenly returns.

(04:41):
Early compliance means one lessthing to worry about down the
road.
So do you wanna learn more orstay updated on what's happening
with this law?
Text BOI to 9 8 0 2 9 0 8 2 8 7.
Please note that thisinformation is not legal or tax
advice.
Remember, the most successfulbarbers aren't just great with

(05:01):
clippers, they're smart withtheir money.
The choice is yours but theclock is ticking.
Don't let the federal governmentgive you a haircut you can't
style your way out of.
It's your move, boss.
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