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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 Saturday November 09 2019, @02:24PM (3 children)

    by khallow (3766) Subscriber Badge on Saturday November 09 2019, @02:24PM (#918247) Journal

    I'm advocating adding trivial amounts of time and cost

    No, you're not.

    When the majority of uses of a legal structure are for abuse, those abusive uses need to be curbed - and if the "legitimate" users of the structure have to pay a bit extra - in this case 20 minutes of labor - boo hoo.

    The abuses may need to be curbed, but not the legitimate uses.

    obtaining power of attorney for an adult shouldn't be an easy thing.

    You haven't met this adult. $800 minimum legal fees seems a bit steep for something that 30 seconds to 20 minutes in front of a judge should cure.

    What's steep about it? $800 seems pretty damn cheap for exposure to the legal system and what you're trying to do. And you did pay, right? Means you agree too even though you whine about it.

  • (Score: 2) by JoeMerchant on Saturday November 09 2019, @03:59PM (2 children)

    by JoeMerchant (3937) on Saturday November 09 2019, @03:59PM (#918300)

    What's steep about it? $800 seems pretty damn cheap for exposure to the legal system and what you're trying to do.

    Well, let's see, you're whining about 20 minutes of self-labor for your brother with zero cash out of pocket which is addressed at curbing fraud, funding of illegal activities, etc. All so your brother doesn't have to let his unused LLC structure lapse and re-create it if he ever has a legitimate need for it.

    I'm whining about $800 to declare something that is self-evident after a 20 minute interview (actually, most people will have their mind made up in 30 seconds or less) - he is not and will not contest the decision (I'd be thrilled if he would, but no such luck), and has been in a fully supported environment in the public school systems since he was 3, specifically transferred from the "level 2 high support" program to a "level 1 self contained facility" because level 2 can't handle him.

    And you did pay, right? Means you agree too even though you whine about it.

    Not yet, still seriously considering letting the legal system have him and they can work it out amongst themselves when the shit hits the fan. 18th birthday is in 60 days, still on the fence about whether I want this responsibility or not.

    The abuses may need to be curbed, but not the legitimate uses.

    And what's your brilliant plan to curb the abuses that involves less than 20 minutes of labor from the legitimate users of the system? Got any Unicorns and Rainbows to address that one? Not that I doubt there's a better solution, our legislators being the social-economic geniuses that they are, but I don't hear you with anything better beyond: leave things the screwed up way they are, because any change might slightly inconvenience someone who "doesn't deserve" it.

    --
    🌻🌻 [google.com]
    • (Score: 1) by khallow on Saturday November 09 2019, @08:20PM (1 child)

      by khallow (3766) Subscriber Badge on Saturday November 09 2019, @08:20PM (#918375) Journal

      Well, let's see, you're whining about 20 minutes of self-labor for your brother with zero cash out of pocket

      So you claim. How does that information magically transport itself to the appropriate bureaucracy. How does my brother document that? How does my brother CYA in case someone decides to audit it? Better to just not do it in the first place.

      I'm whining about $800 to declare something that is self-evident after a 20 minute interview

      And your hypocrisy is noted. So what?

      And what's your brilliant plan to curb the abuses that involves less than 20 minutes of labor from the legitimate users of the system? Got any Unicorns and Rainbows to address that one? Not that I doubt there's a better solution, our legislators being the social-economic geniuses that they are, but I don't hear you with anything better beyond: leave things the screwed up way they are, because any change might slightly inconvenience someone who "doesn't deserve" it.

      Just not waste the time in the first place. Law enforcement has tools for this.

      • (Score: 2) by JoeMerchant on Saturday November 09 2019, @10:59PM

        by JoeMerchant (3937) on Saturday November 09 2019, @10:59PM (#918425)

        How does my brother CYA in case someone decides to audit it?

        Well, I'm sure some cop did something heinous to all of us at some point in our lives, but, for the most part, that $10K fine is directed at people who are abusing the system, and like a million+ other laws on the books that you, I, and your brother are in violation of every day, it's _probably_ not going to be the basis for future crucifixion. Unless you piss off "the man," and if you never had a cop do something heinous to you just because he felt like it, then you don't really have an appreciation for how exposed you are every single day to all sorts of bad "legal shit" that just doesn't happen because you're not out there being an irritating jackass to people who get off on ruining your day.

        Better to just not do it in the first place.

        The Senate may take care of this, but only if it's not costing them some bargaining chip they value more.

        Just not waste the time in the first place.

        Too late, your elected officials are pushing it now - probably in some small way as a response to the Panama Papers, which, IMO, needs a lot more response than this. Are they listening to your position, or mine, at the moment? Seems like mine.

        Law enforcement has tools for this.

        Apparently not enough, in the opinion of the legislature.

        --
        🌻🌻 [google.com]