The law requires businesses to report information into an online Beneficial Ownership Secure System (BOSS), administered by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury. BOSS will go live on January 1, 2024.
(Article was not amended to show the one year delay)
12/4/24 Update: A federal court has halted the implementation of the Corporate Transparency Act’s beneficial ownership reporting requirements. This will remain in effect until the conclusion of legal proceedings. As of this update, businesses are not required to comply with the reporting requirements.
Imo this is another Rugpull test, a la the Covid mandates, and I know several people who have failed it.
Anyone want to start selling t-shirts that say
“A law repugnant to the Constitution is void.”
— Marburg v. Madison
“A mandate, statute, decree, or guideline is not a Law.”
I agree it’s a heavy-handed Covid operation. $500/day fines for noncompliance, paired with a deceptively deliberate lack of marketing for its implementation. My accountant didn’t know anything about it last year, and couldn’t care less. This year, on the first Monday of December, less than thirty days notice to react for all those small business owners who haven’t heard a thing about it, I finally received notice from my accountant that the IRS contacted them.
There have been several posts made on GAW but sadly none of them have received much attention.. this cta bullshit is an incredible overreach of pure government power.
Did it even pass Congress? Congress.gov doesn’t say the senate passed it.
https://www.govtrack.us/congress/votes/116-2019/h577
https://www.congress.gov/bill/116th-congress/house-bill/2513/text
Yes, it did, in 2021 over Trump’s veto.
https://news.mobar.org/the-corporate-transparency-act-a-new-federal-reporting-obligation-for-business-entities/
As of today (12/4/24), it’s held up in court.
(Article was not amended to show the one year delay)
https://www.uschamber.com/co/start/strategy/small-business-corporate-transparency-act
Imo this is another Rugpull test, a la the Covid mandates, and I know several people who have failed it.
Anyone want to start selling t-shirts that say
“A law repugnant to the Constitution is void.”
— Marburg v. Madison
“A mandate, statute, decree, or guideline is not a Law.”
I agree it’s a heavy-handed Covid operation. $500/day fines for noncompliance, paired with a deceptively deliberate lack of marketing for its implementation. My accountant didn’t know anything about it last year, and couldn’t care less. This year, on the first Monday of December, less than thirty days notice to react for all those small business owners who haven’t heard a thing about it, I finally received notice from my accountant that the IRS contacted them.
There have been several posts made on GAW but sadly none of them have received much attention.. this cta bullshit is an incredible overreach of pure government power.
And was passed as a rider to the NDAA.