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— 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.
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
(Score: 1, Informative) by Anonymous Coward on Tuesday November 05 2019, @04:54PM (5 children)
https://www.sourcewatch.org/index.php/National_Federation_of_Independent_Business [sourcewatch.org]
(Score: 2) by istartedi on Tuesday November 05 2019, @05:11PM (4 children)
https://mediabiasfactcheck.com/sourcewatch/ [mediabiasfactcheck.com]
Appended to the end of comments you post. Max: 120 chars.
(Score: 0) by Anonymous Coward on Tuesday November 05 2019, @08:40PM (3 children)
From the page *you* linked [mediabiasfactcheck.com]:
(Score: 0) by Anonymous Coward on Tuesday November 05 2019, @11:06PM (2 children)
So sad reality has a liberal bias.
(Score: 2) by Runaway1956 on Wednesday November 06 2019, @01:15AM (1 child)
People keep saying that. But, when you grab hold of a 20,000 volt power line, reality fries your ass. I guess that is what is meant with that silly saying - liberals will kill you in an instant if you cross them.
(Score: 0) by Anonymous Coward on Friday November 08 2019, @12:11AM
Which is quite interesting coming from a guy who recently blathered about shooting random strangers who happen to knock on his door, without asking questions or finding out what brought them there.
That sounds pretty murderous to me. Does that mean you're a liberal? I guess not, since you'll kill folks even if the *don't* cross you.
(Score: 4, Touché) by DeathMonkey on Tuesday November 05 2019, @05:41PM (1 child)
Wow, this summary makes an aristarchus sub seem downright reasonable!
(Score: 2) by DeathMonkey on Tuesday November 05 2019, @05:44PM
I also like the scare quotes around impeachment.
Grammar tip: You don't put quotes around direct statements of fact.
(Score: 3, Insightful) by progo on Tuesday November 05 2019, @06:09PM (3 children)
AFAICT from the summary, the government is asserting a right to keep track of businesses, and the issue in this story is "we don't trust you to keep this information private and secure." There's plenty of precedent for that fear.
(Score: 2) by DeathMonkey on Tuesday November 05 2019, @06:13PM
It would be terrible if the names of the people who owned businesses were public information!
(Score: 0) by Anonymous Coward on Tuesday November 05 2019, @07:37PM (1 child)
So you are for laws that stifle small business and give advantages to big corporations: see TFA
You are for forcing people at gunpoint to give even more money to an organization that will lie to you about how they spend it:
https://constitution.solari.com/fasab-statement-56-understanding-new-government-financial-accounting-loopholes/ [solari.com]
You are for the American people being subjected to CIA propaganda:
https://en.wikipedia.org/wiki/National_Defense_Authorization_Act_for_Fiscal_Year_2013#Smith%E2%80%93Mundt_Modernization_Act_of_2012 [wikipedia.org]
https://caitlinjohnstone.com/2018/02/05/mainstream-media-outlets-keep-hiring-ciaintel-veterans-and-its-gross/ [caitlinjohnstone.com]
https://www.wsws.org/en/articles/2018/03/07/dems-m07.html [wsws.org]
Basically, you seem to be in favor of a lot of very bad things.
(Score: 0) by Anonymous Coward on Tuesday November 05 2019, @07:40PM
Sorry, this was (obviously) meant for DeathMonkey above.
(Score: 3, Informative) by Thexalon on Tuesday November 05 2019, @06:19PM (2 children)
If you own an LLC, information about you is on file with the secretary of state of whatever state you incorporated in. In addition, you have publicized the address of either you, your office, or a legal agent of some kind so that if somebody wants to sue you they know how to serve you with paperwork.
If you don't want to file paperwork like that, then you operate as a sole proprietorship. The downside of being a sole proprietor is that you are personally liable if somebody sues your business.
The only thing that stops a bad guy with a compiler is a good guy with a compiler.
(Score: 1) by galgon on Tuesday November 05 2019, @07:17PM (1 child)
What about when an LLC owns the LLC and all paperwork filed by a lawyer. Its not overly complicated to make if fairly hard to find out who actually owns a company. The regulation is not to punish the people doing things correctly its to find those using shell corporations to launder money etc.
(Score: 1, Insightful) by Anonymous Coward on Tuesday November 05 2019, @08:26PM
The practice however is always the opposite. The people laundering money, do certainly launder enough to retain a clerk to fill the forms and a lawyer to invent the weaselry to fill them with. While commoners get to waste their own time and money to squeeze through the growing legal thicket.
(Score: 1, Interesting) by Anonymous Coward on Tuesday November 05 2019, @06:22PM (4 children)
Martyb once explained that Arusticus submissions were being denied because they editorialized in the submission, rather than just presenting facts.
How the hell did this ridiculous submission get by, if neutral submissions is the standard?
c'mon, one standard for everyone please.
(Score: 0, Troll) by Anonymous Coward on Tuesday November 05 2019, @08:38PM (1 child)
This is an alt-right site, it just happens they are busy trying to hide that fact and there is still a significant portion of reasonable people around.
"Nice" that it is becoming clearer these days, all it took was for their chosen one to tumble just as everyone else predicted, now they're just losing their shit.
(Score: -1, Troll) by Anonymous Coward on Wednesday November 06 2019, @01:18AM
Yet another alt-left conspiracy theory comes to light . . .
(Score: 0) by Anonymous Coward on Wednesday November 06 2019, @02:37AM
I was wondering the same thing. The only thing I can think of is the editor didn't consider the connotation of putting quotes around the word "impeachment" in the submission, as without them I don't think it is too bad. But it still doesn't seem real germane to the site, especially since it is not a gigantic change nor actually a law at this point.
(Score: 2) by All Your Lawn Are Belong To Us on Wednesday November 06 2019, @03:18PM
Because it's true? The impeachment volume is drowning out that things are actually still occurring elsewhere in the legislature despite the Republican propaganda claiming otherwise? Or more accurately Senator McConnell's claim that he will obstruct everything is a selective promise?
This sig for rent.
(Score: 0) by Anonymous Coward on Tuesday November 05 2019, @08:15PM
Their constant spewing of regulations ensure only large businesses can afford the expense and staff to deal with them.
A small business with forty-nine employees either stays there or sells to a large company rather than hire that fiftieth employee. That's where the Dems threshold was for a pile of regulations. Now, they are working on reducing the threshold to twenty.
(Score: 3, Informative) by NotSanguine on Tuesday November 05 2019, @09:03PM (6 children)
As TFS (and TFA) are way off into the weeds on this:
Here's an article (from Rollcall [wikipedia.org]) which which discusses the bills (there is a companion bill in the Senate) in great detail [wikipedia.org], with none of the hyperbole and scare tactics of the NFIB *press release*. It even references NFIB's findings.
https://www.rollcall.com/news/congress/house-may-join-money-laundering-disclosure-bills-gain-votes [rollcall.com]
But many (most?) of you won't read this article will you? Instead you'll head over to 4chan [soylentnews.org] and read a bunch of incoherent drivel instead.
More's the pity.
No, no, you're not thinking; you're just being logical. --Niels Bohr
(Score: 0) by Anonymous Coward on Tuesday November 05 2019, @09:20PM (2 children)
I expected people on this site to be a bit more sophisticated:
https://en.wikipedia.org/wiki/Four_Horsemen_of_the_Infocalypse [wikipedia.org]
(Score: 0) by Anonymous Coward on Tuesday November 05 2019, @09:28PM (1 child)
What does that have to do with this bill?
(Score: 0) by Anonymous Coward on Wednesday November 06 2019, @04:26PM
It's an infuckalisp, or some such. It has to be relevant, in all places, in all times, and for all reasons.
(Score: 0) by Anonymous Coward on Wednesday November 06 2019, @01:19AM (2 children)
I thought everyone here was a 4chan member. Well, certainly the left-leaning members.
(Score: 0) by Anonymous Coward on Wednesday November 06 2019, @01:27AM (1 child)
Does it hurt when you talk out of your ass like that? [wikipedia.org]
(Score: -1, Flamebait) by Anonymous Coward on Wednesday November 06 2019, @04:27PM
Get real. Lefties troll 4chan, so they can blame it on the alt-right.