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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) by khallow on Wednesday November 06 2019, @02:52AM (5 children)

    by khallow (3766) Subscriber Badge on Wednesday November 06 2019, @02:52AM (#916681) Journal
    What's supposed to be the benefit of this law?
  • (Score: 2) by c0lo on Wednesday November 06 2019, @05:48AM (4 children)

    by c0lo (156) Subscriber Badge on Wednesday November 06 2019, @05:48AM (#916726) Journal

    Are you asserting there's no benefit?

    --
    https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
    • (Score: 1) by khallow on Wednesday November 06 2019, @12:22PM (3 children)

      by khallow (3766) Subscriber Badge on Wednesday November 06 2019, @12:22PM (#916771) Journal
      Yes. No benefit. Keep in mind there was no need for the law for generations. What changed?
      • (Score: 2) by c0lo on Wednesday November 06 2019, @12:46PM (2 children)

        by c0lo (156) Subscriber Badge on Wednesday November 06 2019, @12:46PM (#916784) Journal

        Yes. No benefit.

        Then you'll need to prove your assertion. Or state it as a personal opinion

        Keep in mind there was no need for the law for generations. What changed?

        The level of taxes and the taxation base.
        Can't repair those highways and keep the MIC satisfied in the same time - at least one of the two would be a benefit (large grin)

        --
        https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
        • (Score: 1) by khallow on Thursday November 07 2019, @03:08AM (1 child)

          by khallow (3766) Subscriber Badge on Thursday November 07 2019, @03:08AM (#917132) Journal
          For example, another poster noted that this information is already recorded, just by another federal government party. And I think you greatly underestimate the potential for grief of creating yet another simple way for businesses to generate felonies.
          • (Score: 2) by c0lo on Thursday November 07 2019, @04:21AM

            by c0lo (156) Subscriber Badge on Thursday November 07 2019, @04:21AM (#917164) Journal

            For example, another poster noted that this information is already recorded, just by another federal government party.

            Linky please?

            --
            https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford