New ‘Transparency’ Act Forces Small
Businesses To Register Personal Data With
Federal Law Enforcement
The Federalist,
by
Peter McIlvenna
Original Article
Posted By: JoElla Bee,
10/10/2024 7:45:36 PM
The Corporate Transparency Act (CTA) is an aggressive domestic program to federally register millions of unsuspecting small business owners under the guise of an “anti-money laundering initiative.” By the end of this year, Americans will be required to hand over their small businesses’ private data — such as owners’ names and home addresses — to the federal government’s law enforcement database, operated by the Financial Crimes Enforcement Network (FinCEN), housed under the Department of the Treasury. Such small businesses includelimited liability companies, corporations, “and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.”
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Reply 1 - Posted by:
MickTurn 10/10/2024 8:08:33 PM (No. 1811052)
Totally Unconstitutional...Now it will take years to sort out.
WHY doesn't the SCOTUS Make new Judicial Rules that they have to Review ALL LAWS for Constitutionality before they can go into effect?
Is that too much to ask??????????
42 people like this.
Reply 2 - Posted by:
Mizz Fixxit 10/10/2024 8:08:59 PM (No. 1811053)
“anti-money laundering initiative”
That is code for a crackdown on cash. CTA is a renamed and expanded Operation Choke Point.
28 people like this.
Reply 3 - Posted by:
padiva 10/10/2024 8:17:06 PM (No. 1811061)
All the better to lien you with, my dear. /s
17 people like this.
Reply 4 - Posted by:
padiva 10/10/2024 8:18:22 PM (No. 1811062)
Perhaps it should be done for non-citizens.
27 people like this.
Reply 5 - Posted by:
WV.Hillbilly 10/10/2024 9:09:04 PM (No. 1811091)
As usual with liberal terminology, it means the exact opposite thing in practice.
22 people like this.
Reply 6 - Posted by:
skacmar 10/10/2024 10:09:55 PM (No. 1811118)
They pass a law and 99% of small business owners have no clue that it exists. Of course, they will find out when they get their fines for non compliance. All this for something to entrap innocent small business owners who have done nothing wrong. Bureaucrats heaping unnecessary busy work on businesses.
29 people like this.
Reply 7 - Posted by:
ARKfamily 10/11/2024 6:00:29 AM (No. 1811244)
I guess I don't understand what the difference is with this and getting an EIN?
6 people like this.
Reply 8 - Posted by:
skacmar 10/11/2024 6:19:35 AM (No. 1811249)
They get most of the same information when I file my taxes each year. LLC owner taxes incluse both personal and business information. That is on top of all if the other quarterly financial (tax) information sent to the Feds and state. Some businesses must also post their annual financial audit online on the Federal Audit Clearinghouse which is available for public viewing. Now this? What information could this possibly give the Feds that they don't already force us to give them?
10 people like this.
This law is unbelievably intrusive.
I have several businesses. You have to submit drivers license, ssn, all sorts of stuff under threat of massive penalties.
It’s allegedly to combat money laundering, but presumes guilt, and actual money laundering entities (e.g., check cashing businesses) and the like are exempt.
IRS literally just a way for the feds to snoop and harass people.
14 people like this.
Reply 10 - Posted by:
5 handicap 10/11/2024 7:23:33 AM (No. 1811286)
The Dems keep forgetting that pesky Constitution and its prohibition against "unreasonable search and seizures".
13 people like this.
Don't let the name fool you. My small LLC partnership is required to register. I am waiting until the last day in hopes that they will overturn it.
8 people like this.
Reply 12 - Posted by:
czechlist 10/11/2024 9:22:11 AM (No. 1811359)
Typical government bureaucratic "Mission creep" - " we have to protect our phony baloney jobs!"
If the protected non-elected government bureaucrats did their jobs competently these measures would not be necessary.under any circumstance
6 people like this.
Reply 13 - Posted by:
cold porridge 10/11/2024 9:45:28 AM (No. 1811378)
I think the Federal government has it backward. THEY are the ones that need to be more transparent and honest with the American people. They need to learn that they work for us.
14 people like this.
Reply 14 - Posted by:
stablemoney 10/11/2024 10:15:55 AM (No. 1811395)
The government needs the information to further harass businesses with ATF, IRS, EPA, FBI, Dept of Labor, Dept of Commerce. It will be shared with local government so the Fire Dept, Police Dept, Building Code Dept can all show up for further harassment. Of course, state auditor and enforcement personnel will share the data, as will out of state government agencies. With geolocation information, they will know exactly where you are sitting.
4 people like this.
Reply 15 - Posted by:
JHHolliday 10/11/2024 11:20:19 AM (No. 1811440)
This will be used to harass legitimate small businesses while thousands of illegals and others work off the books..landscapers, dope dealers, workers paid in cash etc.
7 people like this.
Reply 16 - Posted by:
Dodge Boy 10/11/2024 12:17:28 PM (No. 1811477)
I am Finance Director for a 501 c (3) in my home town. This requirement may apply to our organization. We are assessing what actions if any will be required.
5 people like this.
Reply 17 - Posted by:
MickTurn 10/11/2024 1:33:39 PM (No. 1811528)
The Right to Be Secure: Protection of Persons, Papers, and Effects
The Fourth Amendment to the United States Constitution ensures that individuals are secure in their persons, houses, papers, and effects against unreasonable searches and seizures.
4 people like this.
Reply 18 - Posted by:
Hermit_Crab 10/11/2024 8:42:44 PM (No. 1811735)
As if we needed another reason to 'Go Galt".
2 people like this.
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Also requires personal data such as driver’s licenses, passports, marriage certificates, etc.