Stories
Slash Boxes
Comments

SoylentNews is people

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

— 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

 
This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 0) by Anonymous Coward on Tuesday November 05 2019, @08:33PM (2 children)

    by Anonymous Coward on Tuesday November 05 2019, @08:33PM (#916503)

    You already admitted to being a lifelong corporate drone upthread, no surprise you do not understand the plight of people who want to live normal lives without feeding the beast.

    Blame the politicians for that? No, blame you who keeps voting for and justifying this oligarchical crap just to get a few more coins in your pocket.

  • (Score: 0) by Anonymous Coward on Wednesday November 06 2019, @12:50AM (1 child)

    by Anonymous Coward on Wednesday November 06 2019, @12:50AM (#916632)

    This is not oligarchic crap, quite the opposite actually by making it harder for people to run fraudulent businesses to launder their ill gotten monies and evade taxes. I don't think any honest business has any problem mailing a piece of paper outlining who has a stake in their business.

    • (Score: 0) by Anonymous Coward on Wednesday November 06 2019, @01:44AM

      by Anonymous Coward on Wednesday November 06 2019, @01:44AM (#916646)

      Oh? Have you run a business and dealt with all the regulatory crap? What do you think happens when one of the dozens of documents like this turns out to have an error or gets forgotten?