BOI? For class iii gun trusts?

[tomneal]

BOI - Beneficial ownership information

https://www.irs.gov/businesses/report-b ... nformation

Today, I heard about BOI Deadline may be 1/1/2025

Does a NFA Gun Trust need to file a BOI?

Asking for a friend

[Paladin]

A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.

My understanding this is about companies that do business, not gun trusts.

[RoyGBiv]

Currently enjoined.

https://www.jdsupra.com/legalnews/why-i ... t-7157042/

[ScottDLS]

A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.

My understanding this is about companies that do business, not gun trusts.

It may depend on the value of the assets in the trust.

[ScottDLS]

So this brings up a question that I have since the changes to the NFA CLEO sign off requirements in 2016. The trusts and corporations and LLCs previously often used as a workaround in a jurisdiction, where (unconstitutionally in my view) the CLEO would not sign the registration forms for NFA items. I recall hearing about people using corporations as far back as the early 1980's, before LLC/LLPs even existed. Apparently some time in the 2000's some enterprising esquires came up with the idea of using a trust as an entity because they are easier and cheaper to form and maintain. I was able to get CLEO sign off on 3 NFA items (two machineguns and a silencer) in the early 2000s and registered them in my name individually.

I'm quite familiar with trusts and limited liability business entities like corporations and LLCs and have used them for business and investment purposes. However, I really see no particular advantage in creating a trust solely for registration of NFA items. After 2016, all individual trust or entity "responsible persons" have to have approved NFA forms on file with prints and pictures and successful background check. So what is the point. Why not register them in your individual name?

I want my kids to inherit them...that's what a will or testamentary trust is for.

I want my brother in law or other people to be able to use and shoot them....without you present? Why? Is this really that common? My wife isn't that interested in my guns, but the ones she wants to shoot are title I rifles and pistols. If she really wants to shoot the MG she'll come to the range with me.

Everyone I talk to about NFA items seems to think trusts are necessary and useful, but no one can seem to articulate why. I think it's because lawyers make a few bucks marketing them. My business and real estate lawyer was interested in NFA stuff, but I told him how he could get the items registered in his name and he didn't try to sell me on a trust or entity, even though he did a Series LLC for my rental houses.

[Mike S]

BOI - Beneficial ownership information

https://www.irs.gov/businesses/report-b ... nformation

Today, I heard about BOI Deadline may be 1/1/2025

Does a NFA Gun Trust need to file a BOI?

Asking for a friend

Scroll down to "C.3." under the FAQ:
https://www.fincen.gov/boi-faqs#A_6

Looks like trusts aren't required to submit BOI information, UNLESS the trust was created by submitting/filing something to the state. So, the "friend" you're asking for should be in the clear even if the BOI injunction goes away & this stupid reporting thing comes back. ((UNLESS your friend filed something with Texas when he created his trust)).

And unless the NFA trust owns a business, I'm thinking it's not the kind of trust that this is even talking about. But, I'm not a lawyer nor a C-suite smart guy. I'm all ears if anyone has a better understanding of this.

[tomneal]

Thanks for all the updates

Similar guidance has been provided by other sources.

[tomneal]

Fifth Circuit Court of Appeals Court Reinstates Nationwide Injunction Against Small Business Compliance on CTA BOI

https://redstate.com/jenniferoo/2024/12 ... e-n2183672

No business has to file at this point.

[oohrah]

Fifth Circuit Court of Appeals Court Reinstates Nationwide Injunction Against Small Business Compliance on CTA BOI

https://redstate.com/jenniferoo/2024/12 ... e-n2183672

No business has to file at this point.

and now this has been overturned, so pre-2024 businesses now have until 1/25/2025 to file BOI. This generally only applies to LLCs and above that have filed any type of business with the state.

[tomneal]

https://www.msn.com/en-us/money/other/t ... ngNewsVerp

I think this statement is talking about the injunction.
"It will likely be in force until at least March, one legal expert said."

[oohrah]

https://www.msn.com/en-us/money/other/t ... ngNewsVerp

I think this statement is talking about the injunction.
"It will likely be in force until at least March, one legal expert said."

I think you read something wrong. From my attorney: "On December 23, 2024, the Fifth Circuit Court of Appeals reversed the injunction established by the Eastern District of Texas and reinstated the reporting requirements under the Rule."

[Don T]

There have been several actions over the past month, so it has been difficult to keep up with the current status. This is my summary as of yesterday:

12/4 - Federal District Court for Eastern District of Texas entered an injunction against enforcement of Corporate Transparency Act (based on expected finding that the reporting requirement was unconstitutional).

12/23 – Three judge panel for 5th Circuit Court of Appeals lifted the injunction, essentially restoring the 12/31/2024 deadline for filing BOIR’s for entities in existence on 12/31/2023.

12/24 – Recognizing that the filing requirement had been reinstated, FinCEN postponed the filing deadline until January 13, 2025.

12/26 – A different three-judge panel of the 5th Circuit withdrew the 12/23 opinion, which has the effect of reinstating the injunction.

So currently, BOIR filings are NOT required.

There are reports that oral arguments have been scheduled for March 25. So the filing deadline has likely been postponed until at least that date.