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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, Informative) by Anonymous Coward on Tuesday November 05 2019, @04:54PM (5 children)

    by Anonymous Coward on Tuesday November 05 2019, @04:54PM (#916343)
    Starting Score:    0  points
    Moderation   +1  
       Informative=1, Total=1
    Extra 'Informative' Modifier   0  

    Total Score:   1  
  • (Score: 2) by istartedi on Tuesday November 05 2019, @05:11PM (4 children)

    by istartedi (123) on Tuesday November 05 2019, @05:11PM (#916366) Journal
    --
    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)

      by Anonymous Coward on Tuesday November 05 2019, @08:40PM (#916510)

      From the page *you* linked [mediabiasfactcheck.com]:

      SourceWatch’s reporting always tends to favor liberals. They do however, source their content and are considered factual. (8/15/2016) Updated (D. Van Zandt 10/21/2017) [emphasis added]

      • (Score: 0) by Anonymous Coward on Tuesday November 05 2019, @11:06PM (2 children)

        by Anonymous Coward on Tuesday November 05 2019, @11:06PM (#916589)

        So sad reality has a liberal bias.

        • (Score: 2) by Runaway1956 on Wednesday November 06 2019, @01:15AM (1 child)

          by Runaway1956 (2926) Subscriber Badge on Wednesday November 06 2019, @01:15AM (#916637) Journal

          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.

          --
          “I have become friends with many school shooters” - Tampon Tim Walz
          • (Score: 0) by Anonymous Coward on Friday November 08 2019, @12:11AM

            by Anonymous Coward on Friday November 08 2019, @12:11AM (#917649)

            liberals will kill you in an instant if you cross them.

            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.