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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


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  • (Score: 0) by Anonymous Coward on Tuesday November 05 2019, @02:32PM (3 children)

    by Anonymous Coward on Tuesday November 05 2019, @02:32PM (#916250)

    when they opened a bank account?

    If you open a corporate bank account in the U.S. you pretty much have to sign a loyalty oath these days.

    Maybe congress ought to just learn to use a database?

  • (Score: 0) by Anonymous Coward on Tuesday November 05 2019, @02:42PM

    by Anonymous Coward on Tuesday November 05 2019, @02:42PM (#916257)

    Maybe congress ought to just learn to use a database?

    That ain't it but welcome to last decade boomer! [fxstreet.com]

  • (Score: 2) by DannyB on Tuesday November 05 2019, @03:41PM

    by DannyB (5839) Subscriber Badge on Tuesday November 05 2019, @03:41PM (#916292) Journal

    Maybe congress ought to just learn to use a database?

    Microsoft Excel is easier to use than Access and VB.

    Anecdote: In the 1990s, the Russians stored locations of nuclear weapons in . . . Excel. I read it on Usenet (yes really), so it MUST be true!

    --
    Poverty exists not because we cannot feed the poor, but because we cannot satisfy the rich.
  • (Score: 1) by bmimatt on Tuesday November 05 2019, @07:26PM

    by bmimatt (5050) on Tuesday November 05 2019, @07:26PM (#916461)

    Or you could just rename your business...
    Obligatory xkcd: https://imgs.xkcd.com/comics/exploits_of_a_mom.png [xkcd.com]