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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: 3, Insightful) by c0lo on Tuesday November 05 2019, @11:02PM (1 child)

    by c0lo (156) Subscriber Badge on Tuesday November 05 2019, @11:02PM (#916587) Journal

    When things are as fucked up as they are now, doing nothing is exactly the wrong thing to do. Doing Something may not fix the problems, ...

    Chill, man, you are not (yet) at the worst, doing something can still result in worse. So, careful what you wish for, it may happen.

    --
    https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
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  • (Score: 2) by cmdrklarg on Wednesday November 06 2019, @07:58PM

    by cmdrklarg (5048) Subscriber Badge on Wednesday November 06 2019, @07:58PM (#916957)

    Of course it can make things worse. Then again, it might make it better, too!

    Change is needed. Doing Nothing will not change things.

    The actual problem is getting those assholes in Congress to fix things better for the people instead of the powerful.

    --
    The world is full of kings and queens who blind your eyes and steal your dreams.