The Booty Report

Arrr! Beware, mateys! The year be 2024 and the scurvy government be aimin' to plunder yer small business with their data collection program!

2024-01-10

Arrr! The Corporate Transparency Act be after gatherin' "Beneficial Ownership Information" on them scallywags who own or be havin' "control" o'er small business entities. Aye, they be wantin' to know who's pullin' the strings, mateys!

A new invasive compliance rule, known as the Corporate Transparency Act, has been implemented in 2024. This rule primarily targets small businesses, but very few people are aware of its existence. The rule requires small business owners to provide information about their beneficial ownership, including personal and business details, through the U.S. Treasury bureau called FinCEN. However, the rule exempts certain types of businesses, such as publicly traded companies and those with more than 20 full-time employees and $5 million in sales. This rule is estimated to impact tens of millions of small businesses.

The stated purpose of this rule is to fight financial crimes like money laundering, but the author finds this explanation questionable. There are already other tools in place, such as suspicious activity reports, but they seem to be ignored in cases involving individuals like Hunter Biden and his associates. The author criticizes the fact that some entities are more equal than others when it comes to complying with these rules.

This compliance rule threatens the rights of small business owners, including their privacy and security. It also adds financial burdens, as businesses will have to spend $85 to prepare and submit their compliance forms. Additionally, it requires time and effort to keep the FinCEN updated if any information changes. Non-compliance can result in civil and criminal penalties.

The author argues that this rule does not help the backbone of America thrive, as it is a money-transferring, privacy-trashing scheme that targets entrepreneurs who play a significant role in the economy. The author urges small business owners to join the fight against this rule by contacting their representatives and asking for its repeal.

It is important to note that this rule was enacted as part of the Anti-Money Laundering Act of 2020, with broad bipartisan support in Congress. The author holds Congress responsible for this rule and calls for them to fix it.

Overall, the author emphasizes the negative impact of this compliance rule on small businesses and urges action to protect their rights and entrepreneurship.

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