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House Deals Blow to Millions of Small Businesses by Passing Corporate Transparency Act

posted by Fnord666 on Tuesday November 05 2019, @01:35PM   Printer-friendly
from the pro-or-con dept.

An Anonymous Coward writes:

— The United States House of Representatives passed a bill tonight that would put America's small business owners' personally identifiable information at unprecedented risk and cost them billions of dollars and millions of hours in paperwork. The Corporate Transparency Act of 2019 (H.R. 2513), which passed the House 249-173 attempts to shift a responsibility from big banks to America's smallest businesses, saddling them with an additional 131.7 million hours of paperwork at a cost of $5.7 billion over the first 10 years.

"The House today not only shouldered millions of small business owners with a tremendous compliance burden but put their personally identifiable information at serious risk," said NFIB President & CEO Juanita D. Duggan. "The reporting requirements and devastating financial penalties will affect only small businesses, from farmers to franchisees to the mom-and-pop retail shop down the street. It is a big-government solution in search of a small-business problem, and we will not cease our efforts to stand up for small businesses against this serious threat."

The Corporate Transparency Act of 2019 is legislation that would require only those small corporations and limited liability companies with 20 or fewer employees to complete and submit annual paperwork which includes the personally identifiable information of each business owner to the Treasury Department's Financial Crimes Enforcement Network upon the creation of the business and periodically for the life of the business. Failure to comply is a federal crime with civil penalties up to $10,000 and criminal penalties of up to three years in prison.

https://www.nfib.com/content/press-release/homepage/house-deals-blow-to-millions-of-small-businesses-by-passing-corporate-transparency-act/

While everyone is distracted by "impeachment", this is what the government is doing.

https://www.congress.gov/bill/116th-congress/house-bill/2513
https://www.natlawreview.com/article/proposed-corporate-transparency-act-2019-would-require-corporations-and-limited

Original Submission

 
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  • (Score: 5, Insightful) by Anonymous Coward on Tuesday November 05 2019, @02:38PM (4 children)

    by Anonymous Coward on Tuesday November 05 2019, @02:38PM (#916253)

    Considering there are about 30 million such entities, this works out to 26 minutes and $19 per year. I spend that getting to the gym and buying lunch on one day.

    Whoop-de-fucking-do.

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  • (Score: 0) by Anonymous Coward on Tuesday November 05 2019, @02:45PM

    by Anonymous Coward on Tuesday November 05 2019, @02:45PM (#916259)

    I spend that getting to the gym and buying lunch on one day.

    I spend one day getting to the gym and buying lunch - you insensitive clod!

  • (Score: 3, Insightful) by fustakrakich on Tuesday November 05 2019, @04:01PM

    by fustakrakich (6150) on Tuesday November 05 2019, @04:01PM (#916308) Journal

    That's over 30 million owners and partners that vote. Let's see how that works out next year.

    Notice it doesn't touch the big "donors":

    The Act would exempt certain entities from the beneficial ownership reporting requirement, including SEC-reporting companies, depository institutions, credit unions, bank holding companies, SEC-registered broker-dealers, investment companies and investment advisors, churches, charities and other tax-exempt organizations, as well as businesses with more than 20 full-time US employees reporting over $5 million in gross receipts or sales on a US income tax return and having an operating presence of a physical office in the US.

    Quid pro quo, babe. I hope people notice...

    --
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  • (Score: 3, Touché) by istartedi on Tuesday November 05 2019, @05:03PM (1 child)

    by istartedi (123) on Tuesday November 05 2019, @05:03PM (#916353) Journal

    If you forget to go to the gym, you don't go to Federal prison.

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