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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: 1, Insightful) by Anonymous Coward on Tuesday November 05 2019, @03:59PM (3 children)

    by Anonymous Coward on Tuesday November 05 2019, @03:59PM (#916306)

    Yes, exactly. And the idiots in this thread saying "it is only $19 per year" or whatever do not understand that $19 is coming from their paychecks one way or another.

    Listen to Peter Schiffs podcasts where he discusses why he moved part of his business overseas just because of junk like this. The US gov is an active impediment to people hiring Americans.

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  • (Score: 2) by DeathMonkey on Tuesday November 05 2019, @06:10PM (2 children)

    by DeathMonkey (1380) on Tuesday November 05 2019, @06:10PM (#916410) Journal

    And the idiots in this thread saying "it is only $19 per year"

    Or, it's added to whatever tax software you use and automatically completed and submitted costing the average business roughly nothing. (That software should be provided for free by the government but that's socialism, and a whole other topic, for the record.)

    • (Score: 1) by khallow on Wednesday November 06 2019, @02:55AM

      by khallow (3766) Subscriber Badge on Wednesday November 06 2019, @02:55AM (#916683) Journal

      That software should be provided for free by the government

      Why should things be so complicated that software needs to be provided? It's a deadend to make things that complicated when you can just not do it in the first place.

    • (Score: 1) by khallow on Thursday November 07 2019, @03:14AM

      by khallow (3766) Subscriber Badge on Thursday November 07 2019, @03:14AM (#917136) Journal

      ...tax software...

      Another huge problem with this assertion is that it goes to the US Treasury Department not the IRS. It's not tax related. Thus, it's not covered by tax software! So now, you have either some additional software that sends your information to the US Treasury Department. Or you have a massive information sharing uber program that sends all the appropriate information to the appropriate sources and never gets misappropriated by the usual suspects like US intelligence or Russian organized crime.