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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, 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.